From everyday household essentials to fun purchases, just about every store you buy things from or brand you purchase will have a social media page. Following these social media pages can be a great way to be kept in the loop about company news and changes, but did you know they can also affect your finances? While social media can help you save money, it can also help you spend money if you aren’t careful. The following are some ways social media can have an influence over your spending:
Exclusive offers, coupons, and discounts
It used to be that email newsletters were one of the main ways that online retailers would announce promotions to customers. While this is still a good way to receive exclusive offers, more and more brands are simply turning to social media to announce upcoming scales, promotions, and provide coupons that are exclusive to followers. If you don’t follow some of your favorite stores on social media, you could easily miss out on some great money-saving deals. In addition to following them, you may also want to sign up to receive notifications whenever there are updates, so this way you never miss out on a sale or promotion. Even if you don’t use social media much, it can certainly be worth checking out a particular store’s page before you make a purchase. Many stores also upload coupons for in-store purchases as well, so even if you’re not much of an online shopper, it certainly doesn’t hurt to check.
In addition to continuously posting coupons and news about upcoming sales, more and more companies are offering incentives to get more followers on social media. For example, next time you’re out—at a local restaurant or a salon, for example—look around closely. More local businesses are inviting customers to check in to their business on social media on their cell phones, use certain hash tags, 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 if there are any types of these promotions going on.
Spending money you wouldn’t have otherwise
Social media can also cost you a lot of money if you end up spending money you wouldn’t have spent otherwise. If you find yourself on social media websites pretty frequently, you might come across products and other advertisements that entice you into making unnecessary purchases. You might also find that you’re taking advantage of sales far too often, and that you’re constantly going over your shopping budget because of all the great discounted products you keep seeing on your feed.
Because of cookie-enabled browsers, you might still be tempted with ads of your favorite products, even if you don’t follow any brands or companies you shop from on social media. If you were browsing an actual online shopping site, for example, some of the products you viewed might follow you everywhere else you go on the web (assuming they have paid ads, and you’re visiting websites that enable paid ads). These ads can pop up where you least expect them to, and you guessed it—can certainly fill up your social media feed. After continuously seeing the same ad for a product you were already on the fence about, you might be eventually convinced to purchase it—even if it’s something you know you shouldn’t be spending money on.
So many people these days use computers and the Internet as part for their jobs. But unless you’re actually working in marketing or social media, you might find that you tend to wander a bit during work hours and surf through social media websites. Maybe you planned on just scrolling through your newsfeed for a minute or two, and before you know it, you wasted half the day. Being unproductive can cause you to fall behind on work assignments, which can cost you money, especially if you’re a freelancer who gets paid by the project and if you work at home, where you don’t have someone looking over your shoulder and holding you accountable. If you’re frequently caught using social media for personal reasons during work hours at an office, it could end up costing you way more than just a little bit of money—it could potentially cost you your job and that steady paycheck.
Future job opportunities
These days, many hiring managers will search the web for potential hires to see what turns up. This means that if you have any public social media profiles registered under your real name, they’ll likely be under some major scrutiny. What you post on social media can make or break potential job opportunities, and can affect your finances accordingly. For example, if you keep things professional and you’re constantly posting interesting and relevant information that shows you’re passionate and knowledgeable about the industry you work in, you could stand out (and in a good way) to potential employers.
Could you use some extra cash to take care of bills and expenses, or to make a large purchase? Peachtree Financial Solutions may be able to help. If you’re receiving long-term payments from an annuity or structured settlement, contact Peachtree Financial Solutions today. We may be able to purchase some or all of your future payments and provide you with a lump sum of cash.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.