Connect with us

Living

Ways to chill social media’s strain on your wallet

Reuters

Published

on

Reuters

By Andrea Januta

Jessica Jones, 26, jokes that when she wants to spend more money, she goes on Instagram.

Jones, an at-home care provider in California, often gets the urge to buy the same shoes or makeup she sees people wearing when she scrolls through Instagram’s stream of carefully curated images. Last week, she bought a pair of Dolls Kill high heels embroidered with pink roses after seeing them on the app.

Those Instagram-inspired purchases put Jones in good company. A recent study found that 57 percent of U.S. millennials shell out money they had not planned to spend because of what they see on social media.

“Social media can be very aspirational, because people often post things that are an idealized version of what they’re living,” said Kimberly Palmer, a personal finance expert at NerdWallet. “You might get good ideas for a vacation or an outfit or jewelry, and there’s nothing wrong with that, but it might not fit into your budget.”

Nearly 90 percent of millennials (ages 20 to 36) surveyed by Allianz Life Insurance Co of North America said social media pushes people to compare their wealth and lifestyle to others’. Only 71 percent of Generation X (ages 37 to 51), and just 54 percent of baby boomers (52 to 70) feel the same way.

Enviable images of other peoples’ lives used to come mostly from glossy magazines and TV, but now we are constantly getting a peek via social media.

“It can be an overwhelming influence on how you see the world,” said Paul Kelash, vice president of consumer insights at Allianz Life. “If you pay too much attention, then you might start making decisions you otherwise wouldn’t in your spending.”

DO I REALLY NEED IT?

To avoid getting into financial trouble, be honest about what is most important to you.

“Ask: Do I really need that, or do I just want it?” Kelash said.

Once that line is clearly differentiated, keep track of your budget and set goals. For the short term, that could be a vacation. A medium-term goal might be a house, while a long-term goal for most of us is retirement, he added.

The temptation to spend is partly why Joanna Zheng, a 24-year-old equity analyst in New York, recently cut back on her social media use.

“Seeing a friend (on Facebook or Instagram) who is particularly well-dressed or has a cute purse makes me wonder how I can enhance my own wardrobe,” Zheng said.

When Zheng shops, however, she rarely regrets it and makes sure to compensate in other ways. Recently, Zheng bought a pair of merino wool Allbirds sneakers for around $100 that a friend recommended after later seeing several ads on Facebook. For the next few weeks, she avoided shopping areas to stem temptation.

Advertising companies understand how powerful social media ads can be. In 2017, Facebook alone brought in $39.9 billion of revenue from ads. Companies will pay hundreds or even thousands of dollars to have their product mentioned in social media posts by an influencer with a large following.

Instagram, which is owned by Facebook, recently rolled out Instagram Shopping, which allows people to view product descriptions and pricing without ever leaving the app

Spending is also driven by posts from friends and family. In the Allianz Life survey, more than half of millennials report a “fear or missing out,” also known as FOMO. In fact, 61 percent said they feel inadequate about their own life and what they have because of social media.

To curb impulse purchases, decide ahead of time whether you are going online to shop or if you are just browsing, Palmer advises. Close out other shopping tabs to limit spending.

And rather than buying things immediately, Palmer suggests putting things in your basket to save and then revisit in a day or two. That makes it easier to take a step back and ask if the purchase fits your goals and budget.

An added bonus: Sometimes retailers will send a discount code to entice you to buy.

“It’s about separating that initial impulse to buy,” Palmer said.

(Editing by Lauren Young and Leslie Adler)

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Living

15 Works of ART that will motivate you to get your life together PRONTO!

Published

on

Ikonick.com

The internet is filled with motivational quotes aimed to inspire people to get off their phone and live their best life! If only double-tapping an inspirational quote on Insta would actually prompt due action to get the success you know you deserve, then everyone would be as rich and happy as Bob Saget.

Graphic design king Jeff Cole realized inspirational memes won’t do shit for your success unless their design is dope and their message doesn’t disappear after looking away from your phone. The vision needs to be a reminder in constant view. Right in front of your face. On your wall. Cole’s online canvas art company, Ikonick, has a collection of unique images that will likely give you the push you need to stop wanting a better life and commence action.(Better than the Weekend has three pieces hanging in the office.)

Here’s some that you may want to add to your wall.

You Can’t Deposit Excuses ATM

Stop Watching 

Talent

Level Up

Forbes List

Ingredient For Success & Success Marks The Spot

Money Hungry

No Risk. No Reward.

Mind Of A Hustler. Heart Of A King. 

Remember Why You Started

Chance

Nobody Cares

Leave Your Excuses At The Door

The entire collection can be viewed on ikonick.com or Instagram @ikonick.

Now go follow us on Instagram @betterthantheweekend. And then go call your mom and tell her you love her.

 

Continue Reading

Living

Vintage Frat Is the Life of the Party on Instagram Right Now, Possibly Forever

Published

on

Gone are the days of moms and dads knocking on wood that social media didn’t exist when they were young, dumb and figuring out the world. Remnants of debauchery from past generations are resurfacing on @vintagefrat, an Instagram account paying homage to legendary fraternity throwbacks.

Here’s some of the of the most lit pics from Vintage Fraternity. (Warning: You may see your mom or dad.)

“Hello Ladies, welcome to pledgeship. I’ll be your guide.”

Saturday’s are for the Brothers. 

Take a moment to respect the most legendary composite of all time. 

Daytona Beach ’89 was wild. #AskYourDad

There was always that one Brother who understood the meaning of life. 

Here’s why your dad’s friends call him Superman. 

And here’s when your dad met your mom. 

Reminding the children of the future that House Hounds need to be the focus of every fraternity house.

And here’s a reminder that Benny the Beaver was probably with your girl. 

Tribute to the Brother who didn’t even attend one class all semester.

Classic Spring Break transportation. 

Sure, Greek Life has it’s fair share of wild times.  

But @vintagefrat is a solid reminder that Greek Life is also a resume builder, putting students in positions that prepare them for the future. 

Mainly, Greek Life is about togetherness. #NeverForget #AskYourDad

Go follow @vintagefrat on Instagram and then follow @betterthantheweekend.

Continue Reading

Living

Why University of Scranton Is the Perfect Place to Find a Husband

Published

on

Adobe Stock Image

I’m a senior at The University of Scranton in Scranton, Pennsylvania. I’m here to tell you why my school is the perfect place to find a husband.

From the day I arrived as a freshman in search of a degree and a good time, I was told I should also search for a husband here by upperclassmen who were taking courses toward their ‘MRS’ degree. (That’s Mrs., a.k.a. a master’s degree in finding a man.) Oh, they exist. If they haven’t landed a man by the fall semester of their senior year, they’re adding extra credit hours in getting a ring by spring.

giphy-81

It’s not like I can blame them. I acknowledge that there’s certainly some good looking guys at this school — it’s hard not to.

giphy-83

But I couldn’t see myself spending the rest of my life with one. You see, there’s a distinct type of guy that typically goes to this school. They’re the epitome of a rich, preppy white guy.

giphy-77

They tuck in their pastel button-down shirts and sport a pair of loafers to hit the bar scene on a Friday night. Their idea of dressing down is wearing a $42 plain-white Vineyard Vine T-Shirt. They dress like a middle-aged, balding, career-crazed father of three.

giphy-79

Oh, and they drink like one, too. They basically look and act like a stereotypical man in their 40s who is unhappy with his wife, life, and needs to binge-drink, binge-smoke and binge-fuck his way out of jumping out of the top floor of the Wall Street skyscraper he works in.

Meanwhile, all I want is a cute guy who takes his schoolwork seriously, has a little height on me and wants to eat chicken wings off my curvy bottom.

giphy-84

But my options seem to be limited to college boys who look like they’re trying to impersonate their fathers.

I guess the girls who told me The University of Scranton is the perfect place to find a husband were right. I just didn’t know they looked like a 42-year-old alumni’s husband.

I guess my only chance at getting a ring by spring is if one of them saves the dad-look for when they actually work on Wall Street. But I’m cool enjoying my senior year with my friends. My philosophy in life is that everything happens for a reason and plans are a waste of time.

Continue Reading

Most Popular