-by Jaya Pathak
5 social media tips that can help you spend less money
Social media comprises interactive technologies enabling content creation, sharing, and aggregation within virtual communities and networks. It embodies innovative media forms encouraging interactive engagement. Users express ideas, interests, and emotions through text, images, and videos across platforms like Facebook, Twitter, and Instagram. These platforms redefine communication, fostering connectivity and cultural exchange worldwide.
From personal updates to viral trends, social media reflects diverse voices and perspectives, shaping digital dialogues and societal discourse. Its interactive nature encourages participation, amplifying voices, and influencing global conversations. Social media’s evolution continues to redefine how individuals connect, share, and engage in the digital era, embodying dynamic forms of expression and community building.
Importance of social media for business
Social media is essential for businesses for various reasons. Firstly, it provides access to a vast global audience of over 3.6 billion users worldwide, a number projected to rise to 4.41 billion by 2025. Companies like Netflix, Apple, and Starbucks utilize social media to engage their audience effectively, building brand recognition and staying top-of-mind. Engaging in social media marketing helps businesses reach potential customers, understand their preferences, and expand their reach. With over 81% of Americans and billions globally using social networks, it’s a crucial platform for modern marketing strategies.
Businesses benefit from social media by attracting qualified leads. By engaging with followers, companies foster online communities that share their content, spreading brand awareness through word-of-mouth. Connecting with clients becomes more accessible through social media, allowing businesses to provide customer support, conduct market research, and showcase their brand personality. With advanced audience targeting, companies can tailor advertisements to specific demographics, maximizing conversion rates.
Social media also improves brand reputation by allowing businesses to respond to feedback and manage crises effectively. By building relationships with influencers, companies can leverage social word-of-mouth to increase sales and visibility. Moreover, social media platforms provide valuable market insights through surveys and polls, helping businesses stay competitive and adapt to emerging trends. By monitoring competitors’ activities, businesses can learn from their successes and mistakes, staying ahead of the curve.
Tips to spend less money through social media
In a survey by Bankrate in 2023, almost half of the people using social media said they bought things impulsively because of what they saw on these platforms. Surprisingly, 64% of these buyers later regretted their purchases.
Even if you want to save more money in 2024, it’s tough to resist scrolling through social media. By 2023, Forbes Advisor found that about 4.9 billion people worldwide use social media, making it even harder to break free from its grip. But there are few changes you can make in your daily social media habits to help you spend less and save more this year.
01. Mute 5 Social Media Accounts Prompting Impulse Buys:-
A study by researchers at the MIT Sloan School of Management showed that using Facebook a lot can led to more feelings of anxiety and depression. If you’re not ready to completely stop using social media, muting five accounts could make a big difference in how you feel about your finances.
Here’s a simple step you can take: Open your social media app and find at least five accounts you follow that make you want to spend money. It could be because they promote products you don’t need, show experiences you can’t afford, or make you feel unhappy with what you have. Muting these accounts could help you feel better about your money situation.
Before, if you wanted to stop seeing posts from an account on social media, you had to unfollow them, which could be awkward if you knew the person in real life. Now, there’s a mute option on social media platforms. It lets you keep following those accounts, but their posts won’t appear in your feed. If you want to see what they’re posting, you have to go to their page yourself.
Choosing carefully who you follow can help you spend less money impulsively. It also helps you stay focused on your financial goals without feeling pressured by what others are doing or buying.
02. Swap Consumerism for Financial Literacy: Fill Your Feed with Money Wisdom:-
A study in the Journal of Behavioral Finance suggests that comparing ourselves to others on social media can inspire us to save more for retirement or increase our current savings. To make better financial decisions, you can change what you see online. By carefully selecting what you follow, you can reduce exposure to ads and influences that encourage spending on materialistic things. Instead, you can embrace content that promotes financial responsibility.
For example, I stopped following ads from companies and influencers that promote buying things. Instead, I started following content creators who talk about personal finance, real estate, and starting businesses. This shift in my online environment helps me focus on learning about managing money wisely and making smart financial choices. Surrounding yourself with content that teaches about saving, investing, and entrepreneurship can motivate you to take control of your finances and work towards your financial goals. It’s about curating a space online that supports your financial well-being and encourages responsible money management.
When choosing who to follow on social media, aim for at least five accounts that resonate with you and reflect your values and life stage. Regularly check the accounts you follow by asking yourself:
Is this content still relevant to me?
Do I feel drawn to engage with this content?
Am I gaining practical tips that I can use now, not just later?
The intention of this change is to motivate you to engage with content that encourages the development of habits for building wealth, rather than merely showcasing a lavish lifestyle compared to others.
03. Bringing Online Inspiration to Real Life: Taking Your Interests Offline:-
The Meta-Gallup survey in 2023 revealed that about 24% of people worldwide feel lonely. Transitioning your online interests into real-life activities can greatly impact your financial situation and sense of belonging. Instead of fitting my social life into the schedules of friends focused on work and family, I now prioritize my online passions like music, comedy, travel, and minimalism as opportunities for meaningful connections.
For instance, rather than solely watching music videos online, I saved money to attend a live concert with my closest friend. Instead of just browsing funny clips on Instagram, I enrolled in a live improv class for some laughter-filled moments. It’s essential to begin online, drawing inspiration, but taking the initiative to plan real-life experiences with friends who share similar interests can make it even more fulfilling. And if there aren’t any friends available, don’t hesitate to go alone and make an effort to connect with new people who share your passions.
Taking your online interests offline can relieve the pressure of going to social events you’re not excited about. This shift has expanded my social circle, introducing me to many different people. It can also help you save money by focusing on activities you enjoy instead of buying more things.
04. Share your goals and a good customer service:-
Sharing goals with friends on social media platforms like Facebook or Twitter can provide accountability and support without revealing overly personal details. For instance, if your goal is to pay off student loan debt, informing your friends can help them understand your financial priorities. They may offer encouragement and avoid suggesting costly outings that could derail your progress. Sharing savings goals publicly can create a supportive environment where friends can help keep you on track without judgment. It fosters transparency and fosters a community that understands and respects your financial objectives.
For faster customer service, try reaching out on social media instead of waiting on hold during a phone call. Lots of companies, like retailers and banks, have customer service teams on platforms like Twitter. They’re ready to help and respond quickly. They might send you a direct message or ask to chat privately to keep your personal details, like account numbers, safe from public view.
05. Keep your account safe:-
Ensuring the security of your online accounts, like Facebook, is crucial in preventing potential fraud or unauthorized access. If someone gains illegitimate access to your Facebook account, they could obtain personal information and exploit it to deceive your friends or gain access to sensitive accounts, such as your bank account.
To mitigate these risks, prioritize using strong, unique passwords for your accounts, incorporating a mix of letters, numbers, and symbols. Additionally, enable two-step authentication whenever available, which adds an extra layer of security by requiring a verification code sent to your mobile device or email during login attempts. These measures significantly enhance the protection of your accounts and personal information, reducing the likelihood of falling victim to cyber threats and safeguarding your digital presence from unauthorized access and potential exploitation.