Tiktok’s de-influencing trend can actually help your finances

How to manage your money when you’re always being advertized things on TikTok

TikTok user @depressiondotgov reflects on influencers’ purchasing decisions through her content. From seasonal shopping hauls to re-stocking and refreshing the home, she uses her wit and wisdom to comically call out all the items that could be deemed garbage — like trays that attach to Stanley cups or containers to put products in that already come in containers.

And sure, this content is good for a laugh, but there's definitely a reason why these posts resonate. In the moment, it can be hard to decipher wants vs. needs and make sound financial choices. However, practicing some self-awareness is the first step to try and rid yourself of the need to spend foolishly just because an advertisement of influencer has captivated you.

Questions to ask yourself before buying

• Is this a want or a need? If it’s a want, that doesn’t necessarily mean you shouldn’t buy it. But it does mean you should think a little harder about its consequences. For example, how long do you think this item will last? How often will you use it? These questions can guide you in deciding whether spending is worth it.
• Is this item trendy? The thing about trends is that they are not built to stand the test of time. So, when purchasing a trendy item, consider if it will still be relevant next year, or even next month before adding it to your cart.
• Do you already own something(s) that could serve this purpose and reduce waste? Redundant purchases are popularly advertised as must-haves by influencers. So before buying a container for something that doesn’t need it or a set of holiday themed bed sheets when you have regular ones that work just fine, consider what you already own.

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Each time you get tempted, try these three alternatives

Each time you de-influence your life, you're helping your bank account. When a tempting purchase comes up, consider trying one of these tactics.

The 24 hour rule

This rule is simple: when you get the urge to purchase a non-necessity, wait 24 hours and see if you still want it. If you still really want it, buy it. But you’d probably be surprised by how the passage of time affects your urge to buy. You might just realize you don’t care if you own this item or not.

The repeat rule

The repeat rule is simple, too. All you need to do is not buy an item unless you can 100% confirm that the purchase is not a repeat of something you already have. Similarly you should confirm if the purchase serves the same purpose as something you already own, even if it’s a different product. For example, you don’t need to buy a mini colander for washing berries, when the larger one you own will suit the same purpose just fine.

Incentivize your savings

Another tactic to try to avoid wasting money is to incentivize your savings. When something comes on the market that you think you might want, don’t buy it and instead put the money into a high-interest savings account. You can then set your own timeline and at the end of it (let’s say, 6 months) you can spend 50% of the money on whatever you want and invest the other 50%.

For short term goals like this, you can put money into a TFSA. This is a motivating way to see just how far your savings can go, while still keeping your money accessible if needed. You can check out our guide to the best TFSAs in Canada for some more insight into what might be a good fit for you.

When it comes to investing some of the money you saved from not dropping cash on that irresistible new mug or life-changing moisturizer, you could use a robo-advisor like Wealthsimple to get you started.

You’re bound to shop, so plan ahead

When you do decide to make purchases, you can plan ahead and shop smart to make the most of it. After all, de-influencing isn’t about denying yourself treats, but rather it’s about being mindful of your consumption habits and not over-doing it.

Try taking advantage of rewards programs that help you earn some dollars back, whether through cash or store-specific rewards. You can also sign up for a rewards credit card so even spending on necessities can lead to earnings down the line.

Despite the inundation of advertisements on our social media feeds, there are moments of clarity, and de-influencers are trying to provide that. When you listen, you may just be able to see some positive results in your lifestyle and bank account.