If you’re looking to save some money, you may want to stay off social media.
A survey by Varo Money found 38% said they would be more likely to spend money after viewing social media.
Financial experts advise users to pause for at least 24 hours before making a purchase. This will help prevent any impulse purchases and overspending of your budget.
Why social media makes us spend more
It’s the old, “Keeping up with the Joneses.”
Researchers with the Columbia University and the University of Pittsburgh found that social media use inflates self-esteem and reduces self-control both online and offline.
“The results suggest that greater social network use is associated with a higher body–mass index, increased binge eating, a lower credit score, and higher levels of credit–card debt for individuals with strong ties to their social network,” the researchers wrote.
Wait, don’t delete your social accounts
This doesn’t mean you should delete your social media accounts.
While social media may be pushing you to spend, spend, spend, setup limitations and barriers that prevent from making impulse decisions.
You can also use social media’s networking capabilities to your advantage. Challenge your friends on saving money and creating budgets and healthy spending habits.
Do you find yourself spending more after going on social media?
Joe Gullo