Buzz
It hasn't been a full year since Instagram introduced its in-app purchasing option, making it simple to go from liking an image to buying whatever item you just admired. If you’ve found yourself spending more than your budget allows, you’re certainly not the only one.
In its 2019 Modern Wealth Survey, Charles Schwab revealed that respondents cited social media as the most significant 'bad influence' on their spending habits. This survey was published just two months after Instagram began offering in-app checkout, meaning... well, that negative influence has only intensified.
What should you do if you find yourself spending too much on Instagram? The simple solution might be to 'spend less time on Instagram,' but for many of us, that’s not a practical option. If Instagram helps you stay connected with friends and family, or is part of your work routine, you can't just delete the app. (Plus, some of us use Instagram as a way to unwind. There are so many beautiful photos to look at!)
Rather than swearing off Instagram forever, try adjusting your feed to feature more images and stories that reflect your personal and financial values.
At Grow, financial writer Aditi Shrikant recommends following accounts that motivate you to save money instead of spend it:
Find accounts that make you feel confident about your financial decisions. Many users share their debt-free journeys or offer advice on how to pay off loans and save money.
If you feel the urge to spend on Instagram, Lending Club financial officer Anuj Nayar advises adding the item to your cart and leaving it there for a few days. As Nayar shared with Mic:
Place the item in your cart and wait—preferably for 72 hours,” he suggests. “You’ll likely change your mind, realize you’re not as excited about the item as you were before, or forget about it entirely.
To make impulse purchases on Instagram even harder, financial advice columnist Charlotte Cowles suggests removing your credit card details from the app:
One way to create a barrier between Instagram and your bank account is to disconnect all payment methods from your phone. Having to manually enter your credit card information every time you want to buy something can be a hassle, and that’s exactly the point.
Remember, while Charles Schwab's survey respondents identified social media as the biggest 'bad influence' on their spending habits, they also recognized family and friends as the biggest 'good influence.' If you use social media for its original purpose—to stay connected with loved ones—you may find yourself spending more time with content from people you care about and less time feeding your Instagram shopping habit.
If Instagram is your shopping platform, how do you keep track of your spending—and avoid overspending? Have you reshaped your feed, removed your credit card details, or implemented other strategies to curb your Instagram spending?
