Is Instagram bad for your bank balance?

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The 30th June is Social Media Day! What's that, you may ask? It’s a day that’s been created to recognise the way that social media helps to connect us all across the world.

While social media is great for helping us keep in touch with loved ones during this crisis and is helping us all fill our social calendars from the comfort of our living room, it’s important to remember that social media has a dark side as well - one that we may not even consciously be aware of.

Spending online has never been easier, and shopping through Instagram, Facebook and Twitter can be done in a few simple clicks. When you’re seeing other people showing off their newest purchases, holidays to exotic places or extravagant food, it can be easy to feel like you’re missing out and find emotional comfort in shopping or spending money you don’t have.

According to Forbes, 78% of consumers’ purchases are impacted by companies’ social media posts and an infographic by Invesp reveals that 41% of shoppers shop impulsively for an item after seeing it on social networks. So how can we make sure that we’re using social media for good and not letting it negatively influence our bank balance?

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  1. Do a digital detox: if you find you’re tempted to spend when you’re on social media, could you reduce how much time you spend on your trigger apps?
  2. Set concrete savings and money goals: when you are working towards something it can help you to resist the urge to splurge. It won’t make you immune to impulse shopping, but it may help you to think twice before clicking ‘buy now’.
  3. Talk about it: as with many habits, people can feel shame linked to being addicted to social media or being easily influenced into purchases. If you think that could be you, you’re definitely not alone. Studies show that 47% of adults miss out on sleep due to internet usage and the average user spends 2.15 hours a day on social media.

If you want to learn more or read further tips on how to be better with money - that don’t involve going on Instagram or Twitter, read some of our articles on learning better financial habits.

Important: This is an option, not a recommendation.Your employer does not benefit from offering this service and all your communications will be with Salary Finance Limited trading as Neyber. Finwell hub content is for guidance and educational purposes only and is generic in nature. Salary Finance Limited trading as Neyber does not offer regulated financial advice. Please seek independent financial advice.