10 Surprising Ways To Use Social Media To Save Money (2024)

FAQs

How can social media influence you to spend money? ›

We see our friends posting pictures of their luxurious vacations, new cars, and expensive clothes, and we can't help but feel the urge to have what they have so that we don't feel less than them. This can lead us to make purchases that may not have been a priority.

Those will become part of your budget. The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

Use social shopping apps to snag low prices.

Retailers often announce their sales first through social media so their followers and fans get the early deals. Just make sure you're not oversharing – if you're making purchases you don't want the world to know about, then avoid sharing them on Facebook.

Benefits of Partnerships and Sponsored Content

Increased Revenue Potential – Partnerships and sponsored content allow social media influencers to monetize their platforms beyond traditional advertisem*nts. You can earn a significant income stream by collaborating with brands and promoting their products or services.

making $4,000 a month using the 75 10 15 method. 75% goes towards your needs, so use $3,000 towards housing bills, transport, and groceries. 10% goes towards want. So $400 to spend on dining out, entertainment, and hobbies.

Consider an individual who takes home $5,000 a month. Applying the 50/30/20 rule would give them a monthly budget of: 50% for mandatory expenses = $2,500. 20% to savings and debt repayment = $1,000.

Reviews, ratings, recommendations, and user-generated content online hugely influence people's buying decisions. With a large amount of information available online, more consumers are looking for social proof to learn about others' experiences and help guide their purchasing choices.

Spending behavior is influenced by a variety of factors - including personal factors such as income, wealth, and financial goals, as well as external factors such as the economy, cultural norms, and marketing.

The more time spent on social media can lead to cyberbullying, social anxiety, depression, and exposure to content that is not age appropriate. Social Media is addicting. When you're playing a game or accomplishing a task, you seek to do it as well as you can.

Researchers have long understood that social interactions can shape many aspects of social and economic activity, including migration, trade, job-seeking, investment behavior, product adoption decisions, and social mobility.