Comparing Yourself To Others On Social Media Can Affect Your Finances

Comparing Yourself To Others On Social Media Can Affect Your Finances

Social Pic

Looking at social media

If you find yourself spending a lot of time looking at your friends’ adventures on Facebook, Instagram, and Snapchat, then try not to let the green eyed monster affect your bank balance.

This new era of instant gratification may be fun, but the long-term financial consequences are not so exciting.

Friends and family consistently post pictures of their new homes, fancy cars, and holidays abroad, while you sit in your rented apartment wondering where you can make changes in your life.

Life starts to feel a little unfair and you start to wonder if you’d be happier in someone else’s “nicer” shoes. They say a picture paints a 1000 words, but don’t allow yourself to spend a €1000 to upload that picture on social media.

Trying to “keep up with the Joneses” can cause major financial stress. However, we have listed 3 tips to curtail your impulse purchases:

1. Remember that real life is very different to the lives we see on Social Media.

I think we often forget that social media shows a snippet of someone’s day, but behind those heavily edited/filtered shots could be a completely different story. We need to look at the bigger picture in life, instead of the one’s we see on our phone’s and our laptops. For example, a lot of these Instagram stars get paid very well to sell the latest products, and holidays to the public. They paint a very inviting picture, full of smiles and intrigue. Fortunately for them, they do not have to fork out a hefty fee to acquire the item. Sometimes we need to help ourselves by cutting out the source of our envy. So, if that means unfollowing some beauty bloggers on social media, then so be it. Your finances will thank you for it later.

2. Stop thinking that your age defines the goals you should have accomplished in your life.

Each time we see an acquaintance celebrating their new home or a new milestone, we start to worry about the stage we are at in our own lives. It is important to realise that there is no standard timeline of what you “should” or “should not” be doing by any given age. Every individual has a timeline that is unique to them.  It is so easy to get caught up in the mindset of what people think is the norm for adults in their 30’s, 40’s and 50’s. But everyone has different goals and values. Once you focus on your life and what financial goals are appropriate for you, the rest will fall into place naturally.

3. Think about what you can afford.
Sometimes we feel like we are missing out if we do not have what everyone else has. However, when we define our own goals, we soon realise that family, friends, and health is much more important than any possession or holiday. No one expects you to stay in and do nothing all the time, but just be realistic about what you can and can’t afford. If you need a holiday to unwind, look at off peak seasons. Little changes can allow for maximum savings.
Can We Help You
Murray & Spelman (Financial Services) Ltd would be happy to take some financial stress out of your day. We specialise in areas such as Life & Serious Illness Cover, Mortgages, Mortgage Protection, Income Protection, Inheritance Planning, Pension & Retirement Planning, and Investments & Savings.

Request a Callback today and let us help you make a realistic savings plan for your future.