We all know that social media can be negative for our mental health but have you ever considered how it might be affecting your financial health?
Spending online has never been easier, and shopping through Instagram, Facebook and Twitter can be done in a few simple clicks. When seeing other people showing off their newest purchases, holidays to exotic places or extravagant meals out, it can be easy to feel like constant spending is both desirable and normal.
So how can we make sure we’re using social media for good and not letting it negatively influence our bank balance?
When you are working towards something it can help you resist the urge to splurge. It won’t make you immune to impulse shopping but it may help you think twice before clicking ‘buy now’. Are you saving to buy a house? Or working towards paying off debt? Once you have a clear goal in place, you’re much more likely to stick to it.
If you have a hard time controlling your spending when on social media, you’re not alone. However there are positive habits you can build to keep those impulses in check. When you feel the urge to shop, evaluate it against your budget and ask yourself - is this adding value to my long term goals? Easier said than done? There are online tools you can use to help build positive spending habits. Platforms like Karma allow you to create wishlists and alert you when items in your wishlist go on sale. That way you can be intentional with your spending and save money at the same time.
For most of us, giving up social media for good just isn’t an option. Instead, why not find ways you can use it to support your financial goals? Curate your social feed so it’s packed with content about financial wellbeing and look for inspiration and communities online that align with your goals. For example, if you’re working towards getting out of debt, follow accounts and hashtags like #financialfreedom #debtfree or #gettingoutofdebt to receive daily encouragement to keep you on track. To get started, why not check out a few of our favourite personal finance bloggers.