SOCIAL MEDIA IS PICKING YOUR POCKET 

The ever-present social media monster is making a dent in the average Americans wallet.  We are going to cover three ways social media is picking your pocket and give you a few tips on how to avoid the urge to splurge when you are browsing on social media. 

First, let’s start by saying that social media is wicked smart. The algorithm knows what you like, what you don’t like and what thinks you will stay and watch just a little longer.  This is how advertisers find you! And trust me, they are looking. We as consumers are at a disadvantage because there is so much to buy and so little time. Social media has made that so much simpler. 

Social Media Money Trap # 1 - Shopping made easy (a little too easy)

Everywhere you turn on social networks there is a new ad for something you probably have an interest in and would potentially buy. Are you getting sucked into the click-and-ship mentality? 

As we said, advertisers are targeting your likes and it is so easy to find things you want to buy right away.  If you find it hard to resist the click and shop on social media, here are a couple of tips to help you slow down and make a good financial choice:

Tip #1 - 5 day rule! Do you really need it? Wait 5 days, if you are still thinking about the item in 5 days, then go back and consider buying it. Do not let the instant gratification of hitting the buy button get the best of you. 

Social Media Money Trap #2 -  Highlight Reel Syndrome

The compare mentality. Many of us compare what we are doing to everyone else’s“highlight reel”, also known as their social media accounts. Buy buy buy, spend, spend, spend, the need to compete for the latest and greatest is ever present on social channels.

This has changed the way many of us shop, how we choose to spend money, and how often we spend. The Highlight Reel is a powerful tool for getting people to buy the latest and greatest. Do not fall into the trap, focus on your true needs and wants. Avoid worrying about what other people are doing, it could impact your pocketbook if you try to keep up with everyone around you. 

Tip #2 - Make it a point to research the companies and ads you are interested in buying something from. Wait until they have a sale and take advantage of a discounted purchase. Chances are you don’t need that item RIGHT NOW. It can wait, be strategic, shop the sales and make sure you are buying from a credible source. 

Social Media Money Trap #3 - Lack of knowledge (knowledge is power)

We as a consumer base, spend money faster and more frequently than ever before but with less financial know-how. Now it is more important than ever to learn the basic personal financial skills needed to manage your pocketbook. As ease of spending increases, we need more education to combat the swipe and go mentality. This is where we harness the phrase, knowledge is power! 

Tip #3 - If it is not in your budget, don't buy it!

Knowing what you want and need out of YOUR personal financial picture is key. By sticking to your plan and your budget, you are ahead of the game and using what you know to improve your life. 

Avoid the Social Media spending trap and manage your finances so you do not feel the impact of the social media machine on your pocketbook. 

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ADDITIONAL RESOURCES WE LOVE!

• Nerdwallet – All things personal finance website
• The BURN Podcast – Ben Newman | Performance Development Coach 
• Increase your impact Podcast – Justin Su’a | Leadership Coach
• Micro-Empires Podcast – Jennifer Grimson | Entrepreneur
• Good (Yves)ning Podcast – Yves Batoba Personal | Development Mentor