Article content continued
Surprising Ways Social Media Can Affect Your Credit Card Balance
However, while businesses are watching out for their bottom lines, you need to watch out for yours. The trick is to still keep using social media for the social part, but keep it separate from the financial. Here are some ways to do that.
Avoid buying into fast-paced decision making
Before social media became mainstream, we used to make our purchasing decisions at a much slower pace. We took our time to comparison shop, gather information from a variety of sources, and ask friends or neighbours for their opinions. It used to take days or hours to make a spending decision. Now, in the middle of making our spending decisions, we have instant reviews from strangers, opinions from friends, and comparison shopping opportunities at our fingertips. It takes mere moments, followed by a click or a tap, and the deed is done.
While the fast-paced ways of receiving information on the fly might be convenient if we were buying everything at auction, that’s not how we typically do our shopping. Being bombarded with all of this information leads to information overload, which decreases our ability to make wise choices. It causes a heightened sense of urgency where none exists — there will always be another good deal. Amazon Prime Day will be followed by Black Friday, Cyber Monday, holiday shopping specials, Boxing Day deals and more.
How to Save Up for Any Big Purchase
Take control of online shopping
Rather than give in to this urgency and pressure, take a step back and force yourself to slow down your decision-making process and regain control of your online shopping. Start by setting up a separate email address for promotional emails or, better yet, unsubscribe entirely from any type of marketing that doesn’t fit within your budget or align with your goals. You want to do your research on your terms, not be tempted by a slick email marketing campaign, flash sale or free shipping.