If you've spent any time on social media apps like TikTok and Instagram, you're probably familiar with the endless viral productions that pop up in your feed.
While something like a $45 Stanley Quencher Cup or a $25 bottle of COSRX Snail Mucin Skin Care Essence probably won't break the bank, regular, impulsive spending can seriously damage your finances if you're not careful.
According to Bankrate, Americans spend about $754 a year on spur-of-the-moment purchases made on social media platforms. September censusLatest available data.
That number is even higher for younger generations of consumers.
Gen Zers, defined as those between the ages of 18 and 26, spent an average of $844 and Millennials, defined as those between the ages of 27 and 42, spent an average of $1,016, according to one survey.
While you shouldn't regret treating yourself every time, you should be aware of how those purchases can affect your long-term financial stability. A budget of $1,000 or more may not seem like much, but according to Bankrate, it's more than most Americans have on hand to cover an emergency expense.
Fortunately, the No. 1 way to keep impulse buying in check is relatively simple, says Keith Barron, personal finance expert and head of marketing at Genius Bank.
„One of the biggest things you can do is pick up a beat,” he tells CNBC's Make It. „Don't push that button this time. Maybe wait until the next day or two.”
That's easier said than done, especially since retailers are more comfortable than ever with buying their products where you already spend your time online.
„Your favorite retailer isn't exactly philanthropic,” Barron says. „They spend millions of dollars to get better consumer insights on how to sell more of the product or service they're offering.”
That's why it's important to find ways to help yourself if you find yourself spending more on impulse buys than you'd like.
Before the days of using your phone to make purchases, Barron recalls stories of how some people would freeze their credit cards to prevent impulse spending.
„If they want something, they have to wait for it to dissolve before using it,” he says.
While you don't necessarily need to use a drastic strategy, there are other steps you can take to resist the urge to spend your hard-earned dollars on social media trends.
Say you're scrolling through your favorite social media site and see a product of your choice. Instead of buying it right away, consider adding it to a wishlist that you can revisit later. After some time, you may find that you are not interested in buying the product and you may redirect the money you spent elsewhere.
It's also helpful to give yourself a solid reason not to spend impulsively. It can be easier to resist small impulse purchases when you're setting aside money for a vacation or other big purchase, Baron says.
„The big thing about goal setting is deciding what's most important to you in the long term,” she says. „So it's not always about sacrifice, sacrifice, sacrifice in the short term.”
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