🚀 Check out this awesome post from Investopedia | Expert Financial Advice and Markets News 📖
📂 Category: Budgeting & Savings,Personal Finance
💡 Here’s what you’ll learn:
Key takeaways
- Social media has turned impulse buying into a daily temptation, as one-click payments make it easy to spend without thinking.
- Some influencers are pushing back, urging people to resist shopping out of boredom.
- To combat overspending, try implementing a short waiting period before purchases, organize your social media feed, and exercise caution before taking out “buy now, pay later” loans.
Have you ever found yourself mindlessly scrolling through Instagram, tempted by an ad for a coat you definitely don’t need? You buy it only to receive it weeks later and discover you no longer want it.
Impulse shopping can be difficult, even if you’re smart about managing your money. On TikTok and Instagram, videos abound of influencers warning about the dangers of impulse buying and trying to discourage people from shopping for the latest sales and trends.
Instagram creator Katja Chesnock regularly posts videos of herself walking around outdoors as she encourages people to avoid shopping out of boredom or to take out loans to finance new purchases.
“This is a reminder that you don’t need anything from Home Goods today,” Chesnock said in a video earlier this year. “You don’t need anything from Marshall today. You don’t need anything from TJ Maxx today. You’re just bored, and you don’t need any more stuff. Go clean your kitchen, go clean your kitchen.”
With the rise of targeted advertising on social media channels and payment methods like Apple Pay fully integrated into online payments, you no longer need to leave your couch or pull out your credit card to make purchases. With Black Friday and the holiday season approaching, you may be attracted to upcoming sales that promise generous discounts.
If you’re having trouble controlling your spending or just want to cut down on unnecessary purchases, here are three tips to combat overspending:
- Implement a waiting period: Before pulling the trigger on certain purchases, consider waiting at least a day or two. Even though you may think you need that shirt from the TikTok store ASAP, you may end up feeling differently 48 hours later.
- Reduce social media use or organize your feed: If you’re a shopper who makes purchases on platforms like Instagram and TikTok, try setting limits on screen time on those sites or deleting apps from your phone. However, if you must keep apps, try to be more conscious about who you follow – if an influencer is constantly encouraging you to buy more, consider clicking ‘unfollow’.
- Beware of “buy now pay later” (BNPL) loans.: With BNPL loans, you can pay for the purchase over weeks or months, spreading the cost over equal instalments. Some BNPL providers offer interest-free loans, but some charge interest and many charge late fees. Although it may be tempting to use a BNPL loan to buy a product that you can’t afford outright, caution should be taken. Pay close attention to any late fees and due dates, avoid financing the loan with a credit card (to avoid additional interest), and refrain from taking out multiple BNPL loans at once.
⚡ What do you think?
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