6 Ways to Use Social Media to Make Smart Financial Choices

The people and businesses on social media platforms focus on the here and now. The version of ourselves we see online is glamorous, driving us to overspend or impulse buy to keep up appearances. The fear of missing out also pushes us to make bad financial decisions. However, you can use social media to make better financial decisions in six ways.

1- Purge Your Financial Followers

Unfollow people dishing out bad advice and people who encourage you to spend money to recreate an unattainable lifestyle. Not everyone has a financial license to dish out advice. Start following your bank institution, certified financial planners, and vetted financial influencers. These people teach you to spend money wisely and use what you have to create something new. 

2- Exclusive Savings

The companies you follow usually post the latest sales, deals, and discounts on social media. They also have exclusive sales and coupon codes for people who click the link or respond to the post within a timeframe. For example, being proactive on retailers, restaurants, recreation, airlines, and hotels’ pages keeps you abreast of the latest happenings. Always check the company page of the store for savings before you buy.

3- Sell Your Goods and Buy New Goods

If you’re low on cash, selling things you don’t need will generate some funds. Facebook, Pinterest, Instagram, and TikTok have sections on social media where you can sell and buy used items. The accounts have a verification seal to confirm that the person or business behind them is legitimate. Some marketplaces include company products, offering the option to buy new items instead of used ones.

4- DIY Projects

Going the DIY route on anything is an automatic money-saver if you know where to look. YouTube and Pinterest are havens for DIY projects, but any social media site will do. A DIY project may mean spending money on materials or tools or using household items to complete the task. The results are unique and handmade.

5- Read Reviews 

People on social media are not afraid to be honest, so use this to your advantage when shopping online. Online reviews are also great for restaurants, hotels, home improvement, and the latest movies. Reading reviews, testimonials, referrals, and feedback is a money-saver because it encourages you to think before you buy. You trade the impulse-buying eagerness for thought-provoking decision-making. What you get are items worth buying.

6- Score a Job

You must make money to spend money, so use social media to find exclusive job postings. A freelance, side gig, or social media-related job can lure extra cash into your wallet. However, you must present yourself as a viable candidate on social media platforms like LinkedIn, Facebook, and X. Showcase your skills and work experience on your profile and network with like-minded people in group forums.

Everyone online hides the negatives and exaggerates the positives. Don’t fall for the fake imagery. We need to push through the noise to get the truth about finance. We need to lean on proven leaders who know their stuff. We must be cautious when we impulse buy and creative when we overspend. Only then will social media be beneficial for financial decisions.