I recently read a Deloitte report that cited that 47 percent of millennials are influenced in their purchases by social media, compared to 19 percent for all other age groups. I admit I am one of many who go on social media and end up impulse buying, which doesn't help me or my bank account! As human beings, we tend to let emotions fuel our purchases. Further, 41 percent of consumers who purchase a product say they weren't planning on buying the item before they came across it online. Although social media is great for businesses to sell their products, it does put a dent in the consumers pocket- many times without them realizing it.
Social media has handily perpetuated a "Keeping up with the Jones" mentality. When we see someone with a new gadget, car, a vacation they went on, or any other luxury what we see is them showing it off and being happy and in that moment, we think ''that's exactly what I need to make me happy.'' However, in retrospect what we need to realize is that it doesn't benefit us in the long run financially. This happens to put a false impression of what our life is about. I have felt the pressures of not being in tune with everyone else unless I have those items or experiences to show that I'm up with society mandates. It doesn't improve your financial situation, it just creates another liability. We tend to allow these images to put pressure on us that we forget to think about our future- short term satisfaction, long term liability. There comes a point where you just need to decide if you want to be financially independent or sink yourself deeper into debt. It's time to take back control so we can build a better future for ourselves. Think before you spend: you may end up paying for it long after it's practical use.
