If you've spent any time using social media apps like TikTok and Instagram, you're probably familiar with the endless stream of viral products that appear in your “feed.”
And while there was such a thing as a cup Stanley Quincher A $45 or $25 bottle of COSRX Snail Mucin Skin Care Essence probably won't break the bank, as regular, reckless spending can seriously damage your finances if you're not careful.
Americans spend hundreds on social media-driven impulse purchases
Americans spend about $754 annually on spontaneous purchases made through social media platforms, according to a report September survey From Bankrate, the latest data available.
This number is higher for younger generations of consumers.
Members of Generation Z, ages 18 to 26, spent an average of $844 on spur-of-the-moment purchases, and Millennials, ages 27 to 42, spent an average of $1,016, according to the survey.
Although you shouldn't feel bad about treating yourself once in a while, you should be aware of how these purchases affect your financial stability in the long run. A budget of about $1,000 may not seem like a lot, but it's more than most Americans have to cover their expenses. Emergency expensesaccording to Bankrate.
How to control impulsive spending
Fortunately, the first way to control impulsive buying is relatively simple, says Keith Barron, personal finance expert and chief marketing officer at Genius Bank.
“One of the most important things you can do is set aside some time. Don't press that button right this minute. Maybe wait until the next day or a few days,” he told CNBC Make It.
This may be easier said than done, especially as retailers make shopping for their products more convenient than ever since you already spend your time online.
“Your favorite retailer isn't entirely altruistic,” Baron says. “They spend millions of dollars to get great insights from consumers on how to sell their product or service.”
That's why it's important to find ways to help yourself if you find you're spending more than you'd like on impulse purchases.
Before using a phone to make purchases, Barron remembers hearing stories about people literally freezing their credit cards in a block of ice to avoid impulsive spending.
“If they wanted something, they had to wait for it to melt before they could use it,” he says.
Although you may not need to use such an extreme strategy, there are other actions you can take to help you resist the temptation to spend your hard-earned money on passing social media trends.
Let's say you're browsing your favorite social media site and see a product that interests you. Instead of buying it right away, consider adding it to your wish list that you can come back to later. After a while, you may not be interested in purchasing the product and may redirect the money you would have spent elsewhere.
It can also be helpful to give yourself a strong reason not to spend impulsively, so you don't feel like you're depriving yourself. Baron says it may be easier to resist small, impulsive purchases when you've set aside money for a vacation or other big purchase.
“The most important thing when setting goals is to determine what is really important to you in the long term,” he says. “That way it's not always about sacrifice, sacrifice, sacrifice in the short term.”
this condition Originally published in English by Cheyenne Devon For our sister series CNBC.com. For more from CNBC enter here.
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