TikTok and your finances: beware of microtrends

On TikTok and other social media platforms, trends come and go at an incredible speed. Beauty products, restaurants, travel and concerts always appear irresistible. However, don’t forget that following these microtrends can quickly empty your wallet. Let’s look at how you can keep your finances in check.

In short

Microtrends on TikTok and other social media platforms can upend your finances, but there are simple ways to limit their impact on your wallet.

  • Take a step back: Think before you take out your credit card. You’ll avoid impulse purchases.
  • Set a spending limit: By allocating a small amount every month for impulse buys, you’ll have more control over your spending.
  • Determine whether your purchases are useful: Differentiate between wants and needs.
  • Change your social media feed: Follow content creators who discuss savings and money management. They can help you make better choices!

 

TikTok, Instagram and YouTube… Social media platforms bombard us with new content every day. A kitchen gadget presented as a “must-have,” a viral recipe, a fashion trend that’s all the rage… These microtrends are very tempting and appear harmless. However, they can impact your budget and quickly put you in the red.

Microtrends: small trends with a big impact

In order to fully understand, let’s pinpoint what a microtrend is. It’s a trend that suddenly appears on social media and disappears just as quickly. Such trends are far-reaching and can involve clothing, makeup, tech accessories or household items, for example. The problem is that we often feel pressured to purchase immediately due to fear of missing out.

How can microtrends take their toll on your personal finances?

The allure of novelty is tempting, but microtrends can have a concrete impact on your personal finances. There are three recurring traps.

  • Impulse buying: Your desire to purchase is due to social pressure rather than a real need.
  • Shrinking budget: These small purchases of $20 or $40 can put a strain on your budget at the end of the month.
  • Trends are quickly forgotten: When the trend is over, the item loses value, but you already paid the price!

 

A few tips for keeping your finances in check

  1. The 24-hour rule: Wait until the next day before buying. You’ll often find that the desire to purchase has disappeared.
  2. Allocate a “fun” budget: Set aside a specific amount every month for viral trends. Once you reach the limit, stop spending.
  3. Ask yourself the right question: Do I really need this? This will prevent you from giving in to temptation.
  4. Avoid using your credit card: Certain financial institutions offer virtual debit cards. Prepaid cards can also help you avoid going over budget.
  5. Follow financial influencers: Instead of focusing on new trends, follow TikTok and Instagram accounts that share tips for better managing your money. Once you view this kind of video, the algorithm will suggest others with the same theme. This allows you to discover financial tips and tricks.

 

In short, microtrends on TikTok and other social media platforms are alluring, but they can significantly damage your budget. When you become aware of their impact on your finances, you maintain control over your spending and avoid wasting your money on fleeting trends.

If you’re already worried about your debts, rest assured that you’re not alone. Don’t hesitate to make an appointment with a Raymond Chabot advisor to discuss solutions tailored to your situation.

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