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Social media can help you save more money if you intentionally design your scrolling routine.
According to a 2023 Bankrate survey, 49% of social media users reported platforms led them to make an impulse purchase, and 64% of those buyers regretted their decisions.
While social media often leads to impulsive spending, it’s hard to stop the scrolling, even if one of your 2024 goals is to save more money. As of 2023, Forbes Advisor estimated 4.9 billion people globally, making healthier social media habits harder to do. Here are three shifts to consider in your daily social media routine to decrease your spending and increase your motivation to save in 2024.
Researchers at the MIT Sloan School of Management “found a significant link” between Facebook access leading to more anxiety and depression. If you’re not prepared to shut down total access, deciding to mute five social media accounts is a small step that can be a game-changer for your financial well-being. Open your social media app, identify at least five accounts your follow that often trigger impulses to spend money, whether it’s to buy sponsored products, promote experiences that are not in your budget, or make you feel less satisfied with what you already have.
Previously, you had to purposefully unfollow an account, risking a potentially awkward interaction if you know the person in real life. Now, you can use mute options on social media platforms to still follow those accounts, but not have them show up in your feed. If you want to see what these people are up to, you’ll have to make a conscious effort to visit their pages.
Consciously curating the accounts you follow can not only curb unnecessary spending, but also foster a greater focus on financial goals and priorities without the distractions of consumer pressures.
Results from a study published in the Journal of Behavioral Finance highlight the potential of a social comparison approach to motivate individuals to start saving for retirement or increase their current savings.
By curating your online environment, you can minimize exposure to materialistic influences and instead embraced content that encourages financial responsibility. I replaced branded ads from companies and influencers with content creators who focus on teaching personal finance, real estate, and entrepreneurship.
This shift aims to encourage you to consume content that inspires the development of wealth-building habits rather than simply portraying a wealthy lifestyle in comparison to peers.
Specifically, consider following at least five accounts featuring individuals who feel relatable and honest, reflecting values important to your cultural heritage and current life stage. Regularly review the accounts you follow by asking yourself these questions:

As a female professional who spent a significant portion of my early career in male-dominated industries, I intentionally follow social media accounts that depict women as investors, entrepreneurs, and thought leaders—an aspect I didn’t see reflected in my real-life experiences until recently. Notable accounts run by women who excel in simplifying complex financial concepts include Farnoosh Torabi, Jannese Torres and Mandi Woodruff.
A 2023 Meta-Gallup survey found that 24% of people across the world have reported feeling very or fairly lonely. Shifting your online interests into real-life social priorities can be transformative for your finances and your sense of belonging. Instead of aligning my social life with my friends’ schedules focused on careers and family, I now prioritize my online interests—music, comedy, travel, and minimalism— as experiences that can translate into new meaningful connections.
Instead of just watching music videos on YouTube, I prioritized saving up for a live concert with my best friend. I opted to take a live improv class rather than watch funny clips on Instagram. You can start online with inspiration, but take the extra step to plan those new in-person experiences with friends who share similar interests. But if none are available, you can go alone and make an effort to connect with new people.
Importantly, taking your online interests offline can help you no longer feel pressured to attend social events you’re not enthusiastic about. This change has significantly broadened my social circle, introducing me to a diverse range of individuals. It can help you save money by focusing on activities you enjoy, rather than collecting more things to buy.

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allinoneseo

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