India Markets closed

1 Minute Read: Is Social Media Draining Your Pocket?

Team BankBazaar
Photo: www.freepik.com

Social media is now a part of our daily lives, almost becoming an addiction to many. Not only have people become obsessed about their virtual world profiles, but also spend a substantial part of their time scrolling about the lives of others.

Most are enticed by the seemingly perfect lives of others. This can trigger jealousy pangs and even lead to feeling emotionally shattered when your modest lifestyle appears inferior. This is called the ‘Fear of Missing Out’ (FOMO).

It stems from the fear of social embarrassment, peer pressure, or need to keep up with people of one’s age and social group in order to be liked or respected by them.

The innumerable offerings by various online shopping websites then become a tool to drain your pockets to either match others or fulfil ownership desires.

This usually has a negative impact on budgets and behaviour, making young millennials spend more than their means. It can even push them towards debt.

Thus, one sneak peek under the surface would make you realise that social media tempts you to spend, and the cost is real! Here are a few tips to avoid giving in to FOMO:

–    Be honest: Be frank about your financial situation, there’s nothing wrong with being frugal or broke.

–    Plan your expenses: Make a budget and allocate some amount for lifestyle expenses

–    Avoid Debt: Split bills, avail discounts, coupons, etc.

–    Think before impulsive spending: give it a day or two and ponder if you really need what you are buying.

Also, unfollow those who give you lifestyle complex or FOMO and restrict your time on social media.