4 Ways To Escape Social Media Hype and Save Money

It’s a known fact that social media is a time suck. Not only that, but it also can wreak havoc on finances.

Contents

Identify Your Money Values Create a Personalized Budget Curate Your Feed With Intention Follow the 24-Hour Rule

“People who are deeply influenced by social media or experience FOMO (fear of missing out) may experience an increase in impulse purchases, especially following exposure to influencer content, trending products or viral challenges,” explained Julie Guntrip, head of financial wellness at Jenius Bank. “While it may start as a few small purchases, impulse spending has the potential to wreak havoc on your bank account and impact your short and long-term financial goals.”

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A spending habit that’s fueled by seemingly “must-have” products and the urging of influencers can be difficult to curtail. Here are four strategies that may help.

Also see four ways to avoid bad financial advice on social media.

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Identify Your Money Values

If you want to make smarter financial decisions, it helps to understand your money values. Your money values are the beliefs and priorities you have about how money should be saved, invested and spent. Money values come from your personal experiences, including family values and cultural influences.

“By redirecting your attention to your unique money values and avoiding comparisons, it may help you remain focused on your personal goals and potentially relieve the stress of keeping up with your peers,” Guntrip explained.

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Create a Personalized Budget

Tracking your expenses shows you where your money is going. It helps you catch patterns, spot unnecessary spending and make better decisions. Tracking even small purchases matters because it can shed light on habits you might not notice otherwise.

It also makes you pause before you spend. When you record every purchase, you’re more likely to think about whether you really need it.

You can track spending by writing it down, creating a simple spreadsheet or using an app that connects to your bank account. Once you have a clear picture of your spending, you can create a budget that works for your lifestyle.

Guntrip said that this process may lead to mindset shifts that encourage intentional spending and increased saving.

Keep in mind, however, that budgeting doesn’t have to be all work and no play. “A helpful tactic is creating a ‘splurge fund’ that allows for impulsive purchases within a set limit, offering the thrill of spontaneity without derailing financial goals,” Guntrip said.

Curate Your Feed With Intention

Social media shapes how you spend by tracking what you search for, click on and show interest in. In turn, brands use that information to place targeted ads right in your feed. For example, if you’ve looked something up online, you’ll probably start seeing ads for it.

This steady exposure can influence you to buy something you were already thinking about or push you to spend impulsively. Do what you can to curate your feed with intention.

“Unfollow accounts that push constant consumption, and instead follow voices that promote financial transparency, well-being and conscious living,” Guntrip said.

Follow the 24-Hour Rule

It’s so easy to tap or click to purchase something online. Make it more difficult by removing your payment information from stores where you frequently shop and from Google or Apple Pay. You can also implement Guntrip’s strategy of waiting 24 hours.

“If you see something online you want to buy, give it a day,” she recommended. “Most impulse purchases lose their appeal once you’ve had a little space to think. Ask yourself: ‘Would I still want this if no one else saw it?’”

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