Social media is influencing you more than you think. From TikTok to Instagram to Twitter, people are constantly told what they should buy without realizing it. Nowadays, a whole career path is made to influence you to buy things you do not need.
It happens to the best of us. We see something new, and with the convenience of our phones, we can buy it with the touch of a button. This makes spending too easy and raises our credit card bill before we know it. Social media is not just there to entertain us anymore; it is another way to burn a hole through our wallets.
The Era of the Influencer
Our screens are constantly being lit up with the newest, must-have items. As we scroll through our feeds, we see that it is just one thing after another. Clothes, accessories, experiences, and lifestyles are shown to us on a silver platter, making it hard to say no. We are now in the ‘era of the influencer’ where people are getting paid to influence us to spend money. These influencers do an excellent job of personalizing products to fit your needs, which makes us more inclined to spend money.
Because social media is so accessible, we see hundreds of influencers daily. Their main goal is to promote their lifestyle, highlighting products and things we need to achieve said lifestyle. The more time we spend following these influencers, the more we trust them and their opinions. This makes us feel more comfortable spending money because we believe that our favorite influencers will not steer us in the wrong direction.
Algorithms Catered to Users
Not only are the people on social media influencing us to spend money, but TikTok algorithms are now catering ads and specific videos to burn a hole in our wallets. These algorithms take data from what you have liked, pushing more of that same content your way. For example, if you have been interacting with fashion or gaming videos, TikTok will put more of that type of content on your feed. If you have been influenced in the past to buy certain products, the chances of that happening again are very likely because you will see content that fits your interests.
Fitting in With Friends
Because so many of our friends are on social media, it’s hard not to get sucked in by the trends. You don’t want to be the odd one out, so many times, people shop as a way to stay connected. Influencing does not just happen online; it happens in the real world. A recent study shows that ⅓ of people admit they overspend to keep up with the people around them. 40% of Gen Z say they are willing to spend more on experiences and lifestyles than things they need. This shows that finances are not always at the forefront of people’s minds. Instead, fitting in and having the hot, newest item is. Often, the lifestyles people show off on the internet do not directly reflect their financial status. Many people spend above their means so that they can belong.
Saving vs Spending
There are ways you can still achieve the lifestyle you are looking for while making sure you are on track financially. It might seem obvious, but budgeting and having a financial plan is critical to having both. With things like groceries and car payments being costly and with rent being exorbitant, it’s crucial to have a plan and guide showing what you have and your main expenses on an average month. Depending on your monthly income, you can set aside a specific amount for shopping or activities. Balance is important because you do not want to deprive yourself of fun things or your desired lifestyle, but you should also consider the necessities to avoid falling behind.
The power of social media is enormous in more ways than one, but when it comes to your finances, it has a massive impact on how much you spend. Influencers and algorithms are there to get you to spend when you may not need to. Are you shopping for yourself or others?
Published by: Nelly Chavez
