As we near the third decade of the 21st century, social media is a central force in many of our lives. 49% of millennials say that social media has influenced them to spend money on experiences. Furthermore, 48% say they’ve overspent when sharing these experiences with friends. Don’t be a statistic. Here’s how to avoid breaking your budget while engaging with social media.
The first thing to keep in mind is that social media posts are more of a “greatest hits compilation” of someone’s life. In most cases, you’re only going to see the good moments. While you may see that breath-taking vacation your friend just took to an exotic island, you’re not going to see the fact that they now only have $10 in their checking account because of overindulging on that trip. The key thing to remember is to keep your eyes on your goals and save for them.
Lastly, be mindful of the types of accounts you expose yourself to on social media. Mute accounts and friends whose posts make you feel less-than or self-conscious. Instead, follow hashtags and accounts that will help you get closer to your financial and life goals.
Social media is a great way to stay in touch with friends, but don’t let it undermine your savings goals.
This information in the Financial Tips section is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.