From high-end sports cars to lux handbags, social media influencers are constantly showing off their extravagant lifestyles and trying to convince us that anyone can live the celebrity life. But if you looked at an influencer’s bank account, you’d probably see they often aren’t spending their own money for those things — they get them for free as brand ambassadors.
Brand marketers have figured out that FOMO and social media braggarts driving expensive sports cars and flashing designer labels can influence people to buy products — and to spend beyond their means to do it. Trying to live a celebrity lifestyle on an average paycheck can take you down a bad path that leaves you drowning in debt and short on savings. Get on a path toward better financial health — and personal wellness — with a few small steps.
Remember What’s Important to You
Keep some perspective – you don’t know how much debt a Porsche owner took on to afford that flashy car, or whether a beachfront condo featured in someone’s feed is facing foreclosure. If you do fall in love with that car, at least give yourself a waiting period before jumping in and buying it. Consider if this is something that will really make you happy in the long term, and what other things you’d have to sacrifice to make that purchase affordable.
Change Your Outlook
Do a self-check in on your social media consumption — is content that’s all flash and no substance leading you to believe that everyone who’s anyone wears Prada? Look for more positive things to scroll, or things that make you laugh. Unfollow “triggering” accounts that make you feel like you need to buy your way to happiness. Or try putting down the social altogether and doing something else that doesn’t revolve around spending — hiking a local trail, reading a book or volunteering can be a lot more satisfying in the long run than a $200 eyeliner.
Know Your Limits
Maintain a monthly budget so you’ll know for sure if a purchase you’re considering would be beyond your means. Get some backup from a healthy social circle of friends with good financial habits who can help support your goals, making it easier to resist impulsive spending.
Make a Plan to Meet Your Goals
Big-ticket spending isn’t necessarily bad if it doesn’t derail your financial plans. Consult with a Financial Professional to understand both your buying power and your savings needs. Come up with a sensible plan for debt reduction, and both long- and short-term savings, so you can save up for the things you really want without putting your financial health in jeopardy,
And don’t forget to celebrate financial wins! Use social media to do some flexing yourself — about the milestones you’ve achieved in your personal financial wellness journey.