Social media is a way of life for most of us, but did you know it could affect your spending? You may not even realize the direct connection, but we’ll show you ways that you might be spending more than you intended all because of your Instagram or Facebook feeds.
Comparing Yourself
How often do you watch someone’s feed and think poorly of yourself? Maybe they have something you don’t, or you want to be just like them. What do you do?
You go out and spend money you likely wouldn’t have spent before, just to make yourself look like them. It could be a material purchase or money you spend to go out and do what others are doing.
Retail Therapy
You might not even realize how social media makes you feel. Whether it’s FOMO (fear of missing out) or it just makes you feel bad about yourself based on what you see others have and do, you might go out and spend money to make yourself feel better.
Whether you’re going out for drinks, food, or shopping, you’re spending money that you wouldn’t have spent before.
Impulse Buys
If you follow influencers, you’re likely inundated with the chance to buy things immediately. They show it off and talk about it and you can even read reviews from people that have bought and love the product too.
Before you know it, you’re clicking on the influencer’s link and buying said product. Not only did you spend money you weren’t planning on spending, but you just lined the pocket of the influencer too.
How to Avoid Overspending due to Social Media
To avoid overspending just because you use social media, use these simple tips.
Don’t be on Social Media for the Likes
Social media should be a platform to converse with friends and stay in touch with people you don’t see often. It shouldn’t be somewhere you go for popularity or to get the ‘likes.’ If you spend just to make yourself look good on social media, you’re spending for the wrong reasons.
Don’t Follow Influencers
If you’re prone to impulse buys, don’t follow influencers. It’s too easy to hit the link and buy what they are advertising without thinking. If impulse buys are a source of your overspending, stop following them.
Set a Budget
If you need some freedom to spend money how you want, set a budget. In your budget, create a line item for ‘free money’ or money you can spend how you want. This way you don’t have to feel guilty if social media makes you spend some money because it’s in your budget.
Final Thoughts
Social media may affect your spending without you even realizing it. Try to be aware of why you’re spending and when to see if social media is the culprit. If you’re already in over your head in debt because of your social media spending, contact the credit counselors at Creditaid to get ahead of your debt and to put an end to impulse buys.