Thought Bubble

The Connection You Don’t See – Social Media & Your Finances

April 27, 2015, 5:03am posted by  |  0 comments

Posted in: Financial Literacy Month, CK Authors, Rebecca Pineiro,

The Connection You Don’t See – Social Media & Your Finances

This post is part of our celebration of Financial Literacy Month this April.

Social media is likely costing you money. Don’t believe me?

Have you ever found yourself purchasing an item or booking a trip, and then boasting of your recent purchases across your social media channels? Have you ever bought something from a brand that you follow online? From trying to keep up with your friends sharing their latest purchases, to caving in when you see a great deal on a targeted social ad, social media can wage an endless war on your finances.

Here are four ways that social media can help you find financial success.

1. Announce your goals to the world

The first step in financial redemption is admitting that you may have a problem. Share your commitment to financial discipline publicly, and you may be surprised at the support, personal accountability and suggestions that result.

2. Follow personal finance institutions and professionals online

Diversify who you follow – add financial professionals and brands to the mix. Working with a personal finance professional can be costly, but you can find endless insight for free across social media. Not only is there access to finance mavens like Carl Icahn and Kunal Desi but also big institutions like Vanguard and Charles Schwab. Plus, there are hundreds of personal finance media outlets such as MarketWatch and Money magazine. It’s billions of dollars of resources for free; you can even have direct access to them by engaging with them on social channels.

3. Join online communities for constant support and encouragement

Would you surround yourself with junk food lovers if you were trying to eat healthy? Probably not. It makes sense to surround yourself with financial savvy people online. Join a few smart-finance groups on LinkedIn, download financial mobile apps like Mint and develop a list of go-to personal finance blogs. Great minds think alike!

4. Make money

Why not put those hours spent on social media to good use? There are many ways to make money on social media, including managing people or organizations’ social media channels, selling homemade goods through Pinterest and Instagram or even conducting market research to develop a business based on people’s needs. Check out this Lifehack article for more thought starters – 15 Easy Ways for Everyone To Make Money With Social Media.

Rome wasn’t built in a day, so it is best to start out slowly. Use social media less frequently. Set some guidelines for yourself. Find out what works for you, and then stick to it. Before you know it, you’ll be able to update your status and share that you’ve accomplished your financial goals!

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