Is social media wrecking your finances?

If you’re struggling with money, surprisingly, social media could be the culprit...

Chances are, most of us spend more time scrolling Facebook and Instagram than we’d care to admit. Facebook, Instagram and Snapchat do a good job of keeping us connected to our friends and the world. But there is a flip side– a false sense of reality.

A new car, an exotic family vacation or luxurious birthday parties – social media has made each of us a victim of social pressure to make our lives look better for the camera. But this is worse for your wallet.

Don’t spend every free second scrolling on Instagram and Facebook. You can even deliberately delete a few apps and log in occasionally to keep a tab on it. Make sure you spend quality time with people in your real life.

Social media makes you feel bad about what you don’t have every time you hit the refresh button on your timeline. The only honest way to stay clear of temptation is to make a list of your own needs and wants. Make a financial plan for what you want.

Some people are on social media ONLY because they want to flaunt their expensive vacays and their new limited-edition Ferrari. Plus, social media algorithms fuel impulsive buying while getting more eyeballs for products and ads.

If you have an iOS device, you can put a timer on social media apps to keep yourself from binge-watching and falling into a rabbit hole of sadness and inadequacy. Keep your hands off your phone for a couple of hours each day to detox.

You don’t need to stay away from social media altogether to develop a healthy (and debt-free) lifestyle. But staying focused on your own goals ensures you’re not derailed from managing your finances!

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