Does Social Media Influence Your Financial Decisions?

Money isn’t everything, but it is important. It might not buy happiness, but it will pay for a roof over your head and dinner on the table. It’s not the most important thing in the world, but it is important. That’s why it’s important to remember that your finances are heavily affected by things as simple as perusing social media. Be honest, how often do you scroll through your Instagram feed and end up clicking on someone’s profile so that you can find out where she got that amazing top or that gorgeous bag? I do it all the time.

I used to think I wasn’t worried about keeping up with the Joneses; it wasn’t a problem for me. Our friends are all successful and we are all in the same boat as far as finances are concerned (like minds, right?) and we enjoy doing things like traveling and going to amazing restaurants together. We feel no need to ‘keep up’ with them or them us; and we appreciate that. However, I did not realize until recently when my husband said to me that he thinks Instagram is the worst thing to ever happen to me that it actually is the worst thing that ever happened to me.

I spend a great deal of time on Instagram, and I always want to find things that other people have that I love. I realized that one particular style blogger and I have very similar taste and I usually order at least three of the things she’s wearing on a weekly basis – and all from Nordstrom because that’s also my favorite store. It might not be the same thing as keeping up with the Joneses, per say, but it’s not too different.

Keeping your finances in order can be difficult when you spend time on social media seeing what everyone else has and how they live. That’s why we want to remind you that there is a very important lesson in this; social media can ruin your finances if you are not careful with your money and your thought processes. Here are a few very simple things to remember when you peruse social media and allow yourself to consider making a purchase or a splurge without first considering the consequences.

What You See is A Highlight Reel 

When was the last time you posted a photo of yourself looking less than ideal, your house looking like a mess and your kids acting like jerks? Um, never? We all post our best of our best, and we all like to show off the good in our lives. There is nothing wrong with the that, but we do need to remember that other people are not happier than us, and they might not live the glamorous lifestyles that people seem to think they do based on their highlight reels.

People Don’t Always Have What They State They Have

Let’s just say this; I know a woman in real life who once told me she borrowed toilet paper from her parents because they had less than $20 in the bank for the rest of the week. The next day, she had a brand new car on her Facebook feed and was bragging to people about how much she paid for it. Um? Can we say debt? Sometimes people have great things and can afford it, and other times they cannot. Remember that if you cannot afford to have the same lifestyle as other people that it’s not a bad thing; it might mean you’re a bit more well off than they.

Focus on the Future

The problem with social media influencing the finances of so many people in our country is that we focus on now rather than later. We don’t think about how a purchase now might affect us later when we cannot really afford it. It’s important to remember that what you see on social media might make you feel you have to up your game, but you don’t. Trust me; most of us are too focused on ourselves to care what other people are doing in their own lives.

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