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Can Social Media Shape Your Finances?

July 13, 2018 | By Emma Frost

Just about every store you shop at and every brand of product you buy has a social media presence, from household cleaning essentials to fun fashion accessories. But did you know that following them on social media can help you stay in the loop about new product launches and money-saving promotions? It can be a double-edged sword to have so much constant temptation on your feed; social media can help you save more if you’re careful, or spend more if you’re not. Here are some ways social media can have an impact on your spending:

Exclusive Deals

If you don’t follow your favorite stores on social media already, you could be missing out on some great money-saving deals. You might also want to set up notifications to avoid missing out on special sales and promotions. It’s also worth checking out a store’s page before you make a purchase, even if you don’t use social media regularly. It never hurts to check – many stores offer coupons for in-store purchases as well, so you can save even if you’re not much of an online shopper.

Special Incentives

As online presences become more important, companies are offering more and more incentives to attract a robust social media following. Next time you’re out at a local restaurant or a salon, take a quick look around. Many local businesses invite customers to check in to their business on social media with their cell phones, use certain hashtags, or to begin following them. Incentives will usually include a percentage off your total, so if you don’t see any of these types of incentives advertised, you could always ask a sales clerk if there are any promotions going on.

Avoid Over Spending

While social media is a great way to stay on top of all the money-saving promotions going on, it can also cause us to give in to our impulses and spend more than we normally would. Make sure that you weigh your purchasing decisions carefully. Flash sales aren’t necessarily designed to save you money - many times they’re simply trying to entice shoppers like you to part with their hard-earned cash. Signature installment loans could help bridge the payday gap when you find a deal you just can pass up, but sometimes “saving” is just a nicer way of saying “spending.” Don’t get so caught up in taking advantage of those killer deals that those deals end up getting the best of you.

Beware of Ads

Even if you don’t follow any brands or companies on social media, you might still find yourself tempted by ads for your favorite products in the virtual world of cookie-enabled browsers. If you browse an actual online shopping site today, you may feel like you are being “stalked” with targeted ads for products you have previously searched for. These ads can start popping up all over the place and can start to invade your Twitter and Facebook feeds if you don’t have your privacy settings and ad-blockers on-guard. Constantly seeing the same product you were already on the fence about might wear you down, even if you know you shouldn’t be spending.

Career Opportunities

Many hiring managers these days will Google potential hires to get a feel for their candidates, and that means any public social media profiles registered to your real name will probably be under major scrutiny. With today’s web-facing world, your social media accounts can make or break many potential job opportunities, which can in turn affect your finances. However, if you’re constantly posting interesting, relevant content that reflects your passion and expertise in your field and you keep things professional, you could really stand out to potential employers in a positive way.