How to Stop Spending Money on Instagram
Less than a year ago, Instagram launched an in-app shopping feature that allows us to go from the image we like to buying the one we just liked. If you find yourself buying a little more than your budget can afford, you are not alone.
When Charles Schwab conducted his 2019 Wealth Modern Survey, respondents identified social media as the biggest “negative impact” on their spending habits. This poll was posted just two months after Instagram started offering in-app payments, which means … well, let’s just say the bad influence got worse.
What can you do if you find yourself spending too much on Instagram? The obvious answer is “spend less time on Instagram,” but for some of us this is not always realistic. If you use Instagram to connect with friends and family, or if it’s part of your professional life, you can’t just uninstall the app. (Plus, some of us scroll through Instagram to relax. There are a lot of pretty pictures on this thing!)
Thus, instead of telling yourself that you will never be able to use Instagram again when – or, to start rebuilding your feed so that it includes a few images and stories that align with-you guessed it-your personal and financial values.
Grow finance writer Aditi Shrikant offers the following accounts to encourage you to save money, not spend it:
Look for accounts that make you feel good and reinforce your financial choices. Many users have accounts to help them document their debt-free trip or share tips on how to pay off large loans or save money.
If you’re tempted to spend money on Instagram, Lending Club CFO Anuj Nayar suggests putting an item in your shopping cart and then leaving it there for a couple of days. As Nayer Meek said:
“Put an item in your shopping cart online and wait – ideally at least 72 hours,” he advises. “You’ll likely change your mind about buying, find that you don’t like this item as much as you did a few days ago, or forget about it altogether.”
If you want to further complicate impulse buying on Instagram, financial advice columnist Charlotte Coles advises you to remove your credit card information from the app:
One way to create a buffer between Instagram and your bank account is to disconnect all payment methods from your phone. Having to manually enter your credit card number every time you buy something is annoying, and that’s the point.
Finally, keep in mind that while respondents to the Charles Schwab survey identified social media as the biggest “bad influence” on their spending habits, they also listed family and friends as the biggest “good influence”. If you use social media as it was originally intended – to keep in touch with people you care about – then you can spend more time with images and stories created by people you love and less time to fuel yours. the habit of shopping on Instagram.
If you use Instagram to shop, how do you keep track of your spending, and how do you avoid spending “too much”? Have you deliberately changed your feed, deleted your credit card information, or introduced other rules or hacks to prevent too many Instagram purchases?