You probably already know that too much time on social media can affect your emotional wellness, but have you ever considered how it affects your financial wellness?
With features like saving your credit card information on your devices, express checkout with Apple Pay and Facebook Marketplace or Instagram’s shopping feature, you are overloaded with many easy ways to spend and make purchases. Couple the accessibility with personalized advertisements, social media influencers and Tiktok trends, it’s hard to avoid unnecessary spending.
With social media use and engagement only continuing to rise, it is important to understand how social media is affecting your spending and how you can make positive changes.
- Understand your current financial situation: Deleting social media isn’t the end goal, you just need to understand your current financial situation and how you are preparing for your financial future. Create a weekly or monthly budget to understand what you can and can’t spend and what you need. When looking to make a purchase from social media you can see if it aligns with your budget.
- Spend smarter: Try making a “wish list” for items you see on social media that you want to buy. Set a time frame, 48 hours or even a week. If you still want the item after your set time you can easily track it down on your wish list. This timeframe will allow you to think more critically about the purchase and create the habit of spending on things you genuinely want or need.
- Influence your feed: Follow accounts that encourage your financial goals. Follow trusted accounts or hashtags who promote financial well-being. These accounts will provide positive reinforcement when navigating advertising or your friends post on social media.
Looking to talk with a peer who can relate to the impact social media has on financial wellness? Schedule a free Financial Coaching session. Offered by the Student Life Student Wellness, trained peer financial coaches provide one-on-one coaching on the topics of budget creation and management, credit cards, student loans, and more. Learn more by visiting the Student Wellness Center website.