In this day and age, we can all admit to having been “influenced” into something based on advertisements and social media.
- New clothes for an upcoming special occasion
- A Helpful kitchen gadget as seen on TV
- Random accessory or decoration to add to the clutter of our home
But are these purchases really necessary? Or are we falling victim to the current culture of overspending and the overconsumption economy?
Consumption is natural. After all, we people are animals, and we have needs. But on the other hand, the hyper-consumption of our growing desires has too easily become the main pleasure we seek in our daily lives. The constant supply and demand cycle for consumer items that permeates our daily lives through the media we consume has led to a disaster of waste that impacts not only our personal financial wellness, but the wellness of our planet as well.
So how can we get this pattern of overconsumption under control? For that, we look to another current social media trend – one that could have lasting positive impacts on your bank account and your environmental footprint: Deinfluencing.
“Deinfluencing” puts a trendy name to the new wave of consumers who are urging others to stop buying products just because influencers have them. For over a year now, countless people have detailed how they’ve stopped making unnecessary purchases just because they were touted by an influencer online. Amid an online culture that can tempt you to overspend on clothing and other goods, deinfluencing can be a powerful way to stop overconsuming and spend more mindfully.
But deinfluencing doesn’t have to stop at your home and wardrobe. By adjusting your financial mindset, you can change your money habits, too, and find yourself one step closer to achieving your goals. These three steps can help you get started.
1. Reconsider your overall approach to spending
Have you looked at your checking account recently? If you’re spending more money than you’d like on things you don’t need, sacrificing your savings or going into debt, it may be time to consider cutting back on spending.
If you’re interested in deinfluencing your budget and meeting your goals, think of what you value most, and consider being choosier about where your money is going.
2. Prune your social media feeds
TikTok, Instagram and other social media platforms’ algorithms make it easy to be inundated with advertising from influencers. Influencers want to sell a lifestyle, and if you want that lifestyle, you’ll also want the products they’re showing. If you find yourself susceptible to buying things because you saw them on social media, prune your feed of accounts that make you feel like overspending. Block or unfollow influencers who tout tons of products or who show off their over-the-top vacations and shopping sprees. Eliminating that temptation is an easy step to avoid overspending.
3. Revamp your budget
Once you’ve reconsidered why you’re spending money and cleaned up your social media feeds, it may be a good idea to examine your budget. With a new, stricter budget, it’ll be easier to avoid falling back into the overspending trap. Not sure how much you should set aside for discretionary spending? To balance fun spending while also meeting your savings goals, consider "paying yourself first." That means setting aside savings before you spend money on other purchases.
Bottom line
If you spend a lot of time online, you know cutting down on overspending can be difficult — influencers are so, well, influential. It’s also not a habit that’s easy to quit overnight. But stick to your budget, and keep at it. Once you have a better understanding of where your money is going, use this opportunity to re-examine your long-term goals. If you have credit card debt, student loan debt or other high-interest debt, you should focus on paying that down as fast as possible.