Even casual social media users are all too familiar with the endless stream of viral products infiltrating their feeds.
We are constantly encouraged to buy more – to buy faster.
According to a recent Bankrate survey “Americans spend around $754 a year on spur-of-the-moment purchases made on social media platforms”. Yikes! While that may not seem like an overwhelming amount of money at first glance, remember one very important thing: that money was spent on unplanned (and often unnecessary), impulse purchases. Stack this number against another Bankrate survey which found that the average American has less than $1,000 in an emergency fund, and it’s not hard to see how detrimental this unplanned spending can be.