When people think about tightening their budget, they usually think about cutting out trips to the café or dropping cable.
What many do not realize is that social media may be influencing your spending habits more than you may think:
The draw of influencers and celebrities
People see celebrities or influencers talking about a great new product, beauty routine or invention and want to try it.
If someone follows a lot of celebrities and influencers, these products can pile up. These figures often have dozens of reviews or featured products. They get paid to get their audiences interested in them.
All these products may seem like small purchases, but they can quickly add up.
Fear of missing out (FOMO)
We’ve all scrolled past someone’s Hawaii vacation photos with a twinge of envy. As unlikely as it may seem, even seeing vacation photos may make you consider planning your own trip.
Fear of missing out is big online, especially via social media. If you’re seeing a lot of people getting drinks at happy hour or getting a hair coloring, even these small events can trigger the desire to treat yourself.
This can make sticking to a budget difficult, as these seemingly-harmless spontaneous purchases can quickly add up to big spending.
Advertising at work
Social media is great at targeting ads towards people. Sometimes all it takes is the right sale or the right advertisement to make you pull the trigger on a purchase you had no need for.
This is especially true around seasons with built-in shopping days like Black Friday or Cyber Monday. Targeted advertising can make you want something you didn’t know existed a few minutes earlier.
Sticking to a budget
When creating a budget, it’s important to be mindful of the effect social media has on our resolve and impulse control.
Buying something is easy. Paying it off is where many of us struggle. If you’re trying to tackle debt, talking to a bankruptcy attorney can be a great first step.