What does social media have to do with spending?
Social media is a powerful networking tool that has become a platform for companies to easily advertise their products. If you follow certain celebrities or influencers on social media, they often mention products that make their life easier.
“Swipe up to shop my look!” “Use my code for a great discount!”
Just a few clicks, and that “must-have,” “life-changing” item is on its way to you. This seamless shopping experience makes it convenient to give in to impulse social media shopping.
3 Ways to Stop Splurging
Here’s what you can do to resist temptation and avoid over spending.
1.Make a Budget and Allow Yourself to Spend
Creating a budget not only makes us prioritize where our money goes, but it pushes us to be more conscious of our spending. Use our free Money Management budgeting tool found in the LAPFCU app* and PATROL Online Banking.
Unsubscribe from email lists or unfollow influencers. When you see “FLASH SALE!” “TODAY ONLY!” the sense of urgency is intentionally there to speak to our FOMO (fear of missing out). These “sales” may be too tempting for us, so clicking that unsubscribe or unfollow button might be necessary. Bonus: your inbox will be less cluttered.
3.Don’t Compare Your Life to Everyone Else’s Highlight Reel
People tend to put their highlights on social media: the carefully curated, literally filtered snippets of their lives. We are consumers of that content, and we end up telling ourselves stories that we must be better. Be kind to yourself and focus on YOU and your goals. Take a break from social media if needed.
*Standard text messaging and data usage charge may apply by carrier. BALANCE 2021