On August 7, 2024, I had the pleasure of joining Experian’s #CreditChat to discuss a topic that’s becoming increasingly relevant in today’s digital age: managing your finances in the era of social media. Here’s a recap of the key insights and advice shared during the chat.
Key Insights from the Chat:
Stay Informed and Critical
Q10: Any final tips for managing your finances well in the era of social media influence?
A10: Stay informed and be critical of the content you consume on social media. Use social media as a tool for learning, not as a guide for your lifestyle choices. Focus on your financial goals and set up a budget to navigate your spending effectively.
Involve Teens in Financial Planning
Q9: How can you help your teen(s) understand the difference between the glamorous lifestyles often portrayed on social media and the reality of maintaining a budget?
A9: Show real-life examples and involve them in learning about financial planning. Have open discussions about the differences between social media portrayals and reality. Transparency is key.
Utilize Trusted Resources
A8: Start right here with this #CreditChat panel, go to the CFPB website, and of course, follow me for more tips and insights.
100-Day Envelope Challenge
A7: I discovered the 100-day envelope challenge on social media, which is a fantastic way to save money. Surround yourself with people you enjoy following and who provide valuable financial tips, just like this #CreditChat.
Focus on Long-Term Goals
A6: You have to think about your long-term goals. It can be easy to spend money quickly, so remember what your goal is and stay focused.
The Shopping Cart 24-Hour Rule
A5: Keep your goals front and center. If you know you are saving for something, consider how much longer it will take if you purchase certain items. I love the shopping cart 24-hour rule—it has helped me hit DELETE the next day.
Research Before Spending
A4: Do your research. If someone you’ve never heard of makes a claim that sounds too good to be true, it probably is fake.
Follow Experts and Do Your Research
A3: It’s important to follow and learn from experts in the industry. Do your research before jumping into something you quickly see while scrolling. Podcasts, blogs, and reliable sources can offer great learning opportunities.
The 24-Hour Cart Rule
A2: I put things in my cart for 24 hours, which gives me time to decide and budget.
Think Before You Click “Purchase”
A1: You might click the “purchase now” button without really thinking if this is something you need.Joining Experian’s #CreditChat was a great experience, and I always look forward to these discussions. The insights shared help us all navigate our finances better, especially in an era where social media influence is so pervasive. Remember, taking control of your finances early and staying informed are key to achieving financial success.
Stay tuned for more tips and insights, and as always, feel free to reach out if you have any questions or need advice!
