Social media sites like Facebook, Instagram and Twitter rely on revenue from advertisements to allow users access for free. However, it’s not just paid advertisements that may be influencing your likelihood to spend on social media.
Here are a few of the ways social media may be driving you into debt.
Have you ever been inspired to travel after seeing a friend post vacation photos on social media? If so, you’re not alone. Seeing people you know do fun things can often be its own unintentional advertisement.
Because you have seen them having so much fun, you think that you need to take a vacation too. This could prompt some unplanned spending — and vacations are not cheap!
Influencers can be a celebrity or anyone with a large following on social media. Many times, these influencers will make deals with companies to promote their products for a price. As a follower, your trust and adoration for the person makes you more likely to try a product or service they recommend you.
In some cases, this may lead you to a useful product. However, in some cases, the influencer may not actually use or enjoy the product they promote.
When many people post on social media, they show a happy picture or discuss something positive in their lives. This can create the illusion that if you also have or do the same things, you’ll be happier.
This subconscious idea can easily lead people to overspend on goods they don’t need, thinking it will make them happy. Similarly, people are also driven to purchasing goods so that they can make posts that will get positive feedback from the community.
All things in moderation
While using social media it’s a good idea to try to practice moderation if you see something that inspires you to spend. Remember that social media often glamorizes day-to-day life. It’s important to be careful not to overspend so that you can afford basic expenses that are necessary for your day-to-day life.
If you’ve already overspent to a point you aren’t sure you can come back with, filing for bankruptcy may be the best solution to get your expenses back on track.