What is that one thing you saw on social media lately that you made you feel your life would be incomplete without it?
With most of us spending more time on social media than off it, it’s natural that we end up spending more online than offline. While admittedly it has become easier to compare prices, find real time bargains and read customer reviews online, social media is known to create a false sense of urgency.
Targeted ads showcasing personalised products based on your browsing history create a desire for instant gratification that is hard to shake off. Facebook, YouTube, Instagram and TikTok all peddle luxuries and experiences over necessities – food, travel, activities brands – all temptingly available through frictionless shopping experiences.
Scrolling through social media can seem like a harmless pastime, but it's easy to get caught in a web of impulsive spending.
Here are 3 easy ways to help safeguard against unnecessary spending on social media:
Be conscious of the temptations that lurk online whether they be influencers peddling luxury jewellery or that socially active friend posting images of fancy dishes from her nights out around town. If your feed is filled with people who seem to thrive on #FOMO and #YOLO vibes, maybe it’s time to pause and rethink your circle.
Actions you to consider taking:
We live in a highly impressionable world where we are heavily inspired by what people wear, eat and do. Understand that influencers are, in essence, marketers. You need to be especially wary of the street-smart expertise and recognise marketing techniques that can sway even the most sensible person.
When it comes to money, you need to prioritize your needs rather than someone else’s.
Social media spending, due to its 24/7 cycle, can deplete your resources faster than traditional purchase habits. The constant parade of tempting services and products and the ease with which payments can be made can be addictive. One way to guard against this is to follow a 48-hour rule when it comes to online purchases – never click on the payment link immediately; give yourself time to evaluate your choice. If all else fails, try removing your card details from your phone, this may just work when you try to make that next spontaneous purchase.
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