Author: Camilla Cheung / Source: Wise Bread
When it comes to saving money, social media may not be your friend — especially if you’re a millennial. Research shows that a whopping 57 percent of millennials spent money they hadn’t planned to spend because of what they saw on social media. Here are some of the sneaky ways social media gets you to spend more, and what you can do to avoid it.
1. Impulse buys
Social media makes it easy for you to hand over your hard-earned (digital) cash with frictionless in-app purchases, like unlocking game levels, adding monthly subscriptions, and shopping for items recommended by people you follow. Within seconds, you can tap or swipe your way into an expensive, unplanned purchase.
Avoid this impulse by making it your policy to save the photo of the item or subscription and revisit it at a later date. Chances are, by the time you look at the saved photo later, you won’t want the item as badly, or at all. Another strategy that works for me is looking up the reviews of the item before buying. A lot of the time, items that are super trendy on social media get terrible reviews in real life. Find a mental trick that works for you, like telling yourself you’ll wait until the item is on sale, to delay purchasing until you’ve thought it through. (See also: 7 Effortless Ways to Prevent Budget-Busting Impulse Buys)
2. Suggested posts
Social media algorithms may not be helping you in your quest to save money. If you’ve shown interest in anything from fashion, to coffee, to beauty products, the algorithm on platforms like Instagram remembers what it thinks you like and shows you similar content and products. When you open up the app, the algorithm may then show you a barrage of things you should buy — and they’re usually tailored to your preferences, making it doubly hard to resist.
To avoid this influx of temptation, be sure to avoid the Explore page on Instagram or skip over suggested posts if you can. You might not be able to avoid all temptation, but you’ll definitely cut down on the sheer number of tempting photos you see. Also, avoid “liking” photos full of products, so the algorithm doesn’t push similar content into your feed. (See also: 5 Mental Biases That Are Keeping You Poor)
3. Those sneaky influencers
If you follow any influencers, your best bet is to unfollow them if you want to keep your hard-earned cash. Seeing someone else’s perfectly-curated and styled life is a surefire way to feel unsatisfied with what you currently have, especially if the influencer has (as most do) cultivated an approachable persona.
Remember, influencers are not just like us. That entire line of Tom Ford lipsticks, the stylish new watches, and the new clothing line at Nordstrom were probably all provided for free, as was the trip…
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