Save yourself from Social Media-Driven Spending
A friend has just posted a nice Instagram photo of her recent holiday in Europe and you, suddenly feeling the green-eyed monster breathing down your neck, impulsively book a similar trip without thinking about your finances because you just can’t be outdone!
Don’t worry, you are not alone in this frequent pursuit to keep up with the Joneses. Studies have shown that social media—which has made us more aware of what others are up to—are tempting people especially the younger generation to spend money they don’t have and are driving them deeper into debt.
According to a recent study by US-based insurance firm, Allianz Life, more than 50 percent of millennials made unplanned purchases because of what they saw on social media. Finance experts are giving a caveat: such habit can impact one’s long-term financial stability.
Recently, GCash launched #PlsSaveMe and #LetsSaveTogether campaigns, which inspired many Filipinos to come clean about their financial struggles, which in part are caused by impulsive buying and instant gratification.
This doesn’t come as a surprise because Filipinos are the world’s top social media users, spending an average of over 4 hours on Facebook, Youtube and Instagram, among other popular social media platforms, and about 10 hours on the internet in general.
If you are one who makes a lot of purchases after scrolling through your Facebook or Instagram feed, here are some easy ways to break free from online temptations and save your financial house.
Control social media use.
To stay away from the lures of social media, change your notification settings to lessen the “noise” coming from your mobile phone. Stop using your phone as an alarm clock. Place it as far away from you as possible during bedtime so you won’t be tempted to pick it up in the middle of the night.
Mute and Unfollow.
Mute or unfollow accounts that make you want to splurge or make you think that your life doesn’t measure up. We are bombarded daily by deals, sales and discounts scrolling through our feed on Facebook and Instagram that lures us into tapping “add to cart.” On the other hand, you can follow accounts or hashtags that will help you make wiser financial decisions such as #financialeducation #financialindependence and #savemoney.
Keep in touch with reality.
Always remember that people are not always what they portray on social media. Some may be having anxiety or a difficult time but are posting seemingly happy and glamorous selfies. Behind a snapshot of a lively and luxurious vacation could be a horror story of bankruptcy. So, the next time that you feel like you’re missing out, remind yourself that social media posts are not entirely accurate and doesn’t reflect reality.
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