OVERSPENDING & SOCIAL MEDIA; THE REALITY / AD

The phenomenon of influencers, has exploded in the last couple of years and as a result, whether intentional or not, we have an impact on our followers.  What do we have influence over you ask? People spending money. In our ever-evolving world, we have become the online equivalent of a newspaper ad or those pesky leaflets you get through your letterbox that immediately go straight into the recycling.

In my last blog post, I spoke about the impact that social media is having on young people’s spending habits, and how detrimental this is to their financial futures.  Now, I’m all for people spending their own money, especially when they’re working hard to earn it, but I definitely think it’s important to always spend within your means, and consider how it might impact your savings.

It can be difficult, especially in the face of so much spendtation on social media, it is sometimes necessary to ask if you really need that one hundredth spotty dress that looks identical to the others hanging in your wardrobe? Or would you rather save for that something really special – like investing in your future home? If like me, you’d rather the latter, here are some tips n tricks which I’ve created in partnership with Barclays.

Sleep on it!

Almost 7 in 10 (68%) millennials admit to loving online shopping and a third (30%) said they regularly look at celebrity/ influencer accounts for shopping inspiration. However, instead of purchasing items on impulse, take a moment to consider whether you really need it. Whenever you feel the urge to buy something on social media, ask yourself, “Can I afford this right now?” Or, “Do I have other things that I need more?” If you really want something, sleep on it for a night. You may find it doesn’t seem as essential the next day!

Ditch the apps

If you want to steer clear of temptation, have you considered removing your shopping and social media apps from your phone? It’s amazing how much less attractive a ‘boredom browse’ becomes when you need to log-in through your browser.

Keep it real!

If you’re saving for something specific like a holiday with friends or a deposit for a house, why not put a photo of your goal as the backdrop on your phone. Having this visual reminder will help motivate you to stick to your saving goals and not splash out on non-essentials.

Work out your priorities

If you are struggling to make ends meet at the end of each month, go back to basics and look at what you have coming in each month, and then take away what you need to cover any vital expenses like rent or mortgage payments, mobile phone contracts etc. This will give you a clear picture of what you’ve got ‘left over’ each month for your enjoyment, but also to put towards your future. Even putting aside just £5 each month into an ISA will build up to give you a nice savings buffer.

Divvy it up

It can be easy to ‘dip into’ the money you need for bills, or what you wanted to save that month when it all sits in one place. So why not split it up? You can set up a monthly standing order to redirect anything as small as £1 straight from your current account into a savings account on payday, keeping that money safe from temptation.  

Set a timer

Social media has many positive benefits such as keeping in touch with friends, and we all enjoy a bit of lifestyle inspiration. But, if you know you are guilty of ‘boredom browsing’ (and then buying), why not set a timer to keep your social sessions short and sharp.  

Find another distraction

43% of millennials admit that they couldn’t live without social media. However, many of us turn to social media and online shopping as a default entertainment when we’re bored. When you have the urge to scroll, why not grab a book or go for a walk instead – your bank balance will thank you!

Check out what you’ve already got

It’s so easy to get enticed by items we see online, especially clothing items, when in fact we have a very similar - if not almost identical - item already hanging in our wardrobes. Fashion is so fast these days that it’s easy to forget about the hidden gems we already own.

Turn those notifications off

Turning those pesky notifications off should hopefully mean that you’re less likely to check social media, in turn saving you from being drawn into the cycle of scrolling and potentially buying.

Have a clear-out

If you’re guilty of regularly succumbing to the latest trend, soften the impact on the bank balance by having a clear-out at home and selling clothes you no longer wear or things around the house you don’t use – not only will it help clear space for your new purchases, you might also be surprised by the amount of money you make to pay for them. In turn, this means you’ll have more money left at the end of the month to put into your savings account.

Jasmine JonasComment