Social media has become a part of our everyday lives. As social butterflies, we often visit platforms such as Facebook, Instagram, Twitter e.t.c.
While this might seem harmless, have you stopped to consider how social media might be affecting your financial health?
Although many social platforms are mostly free to use, using them may be expensive in both direct and indirect ways.
Social media plays a big role in sharpening your spending habits.
Facebook, Twitter, and Instagram target you based on the things you show interest in and would most likely buy. The psychology behind it is that the more you as a consumer sees the things that you like, the easier it would be for the seller to close the deal. This eventually causes you to increase your spending.
A common scenario is how social platforms are influencing users’ purchasing habits is by showcasing the things their friends are spending money on. Many individuals use social platforms to share the milestones of their lives. Scrolling through these postings might make you feel insecure or jealous. You might feel driven to spend more money to make yourself feel better.
Finding the balance between social media and your financial health
While social media has its cons with our financial wellness, it can also be used to improve your personal finances.
1. You can follow pages such as Reaprite to get credible information about best money management practices that would help you achieve your financial goals easier.
2. Set specific saving goals: This keeps you on your toes and allows you to resist impulse buying more efficiently.
3. Use social platforms for longer durations but less frequently: Instead of signing in for two minutes every 10 minutes, log in for 20 minutes, 4 times a day. Your overall time spent on social media will decrease with time.