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5 Ways to Use Social Media to Save Money

If you spend time on social media platforms like Facebook and Instagram each day, why not save a little money while you’re at it? These sites and apps are designed to deliver all kinds of information, from the latest news to updates about people in your social circle. However, you can also use social media to your advantage if you’re looking to be more frugal on a daily basis. Use the following tips to save money by using social media.

1. Follow Your Favorite Businesses

In recent years, more businesses have started using their social media profiles to offer deals and exclusive offers to their customers. Instead of spreading this information through their business website or an email newsletter, many companies have found that the best way to reach their customers is through social media. When you follow a company on Facebook, Instagram or Twitter, you may get access to discount codes for online shopping, opportunities to sign up for giveaways and other special offers that your might have missed otherwise. Following businesses you like on social media platforms is a great way to save money on the products you planned to buy anyways.

2. Get Targeted Ads

If you’re a frugal shopper, then it’s likely that you’re always on the look out for deals on great products. Using social media has become one of the best ways to come across products like these since targeted ads are typically based on which accounts you follow and what types of products you’re interested in. For example, if you have been searching online for affordable kitchen appliances, you’re likely to see ads for appliance discounts popping up in your Facebook or Instagram feeds. This can be very helpful for people who are trying to compare prices to find the best deals. Don’t just scroll past these ads when they pop up. Instead, take a moment to check out whether it’s something that could help save you money on a necessary purchase.

3. Ask for Recommendations

Do you like to make purchasing decisions based on actual feedback from people that you know? Social media makes it much easier to facilitate word-of-mouth when it comes to finding the best deals. Facebook has one of the best features for this since users can create posts where they request recommendations for a certain product or service. If you need a handyman to come make a few repairs in your home, for example, you could put the word out on Facebook and ask local friends and family who they recommend. You could do the same thing for finding the best deals on oil changes, takeout food, clothing alterations and other purchases you might be planning to make. The recommendations feature can also help you find affordable things to do in your area. Consider asking about cheap activities to enjoy with kids, affordable date night options or scenic areas to explore.

4. Use Hashtags

Hashtags are a feature used across many social media platforms. When you search for specific keywords in these hashtags, you can easily discover posts that help you to find money-saving opportunities. Consider using hashtags in situations where you need to make a purchase but want to compare all your price and product options carefully so you can make the most frugal decision. For instance, if you need a new couch for your living room, you could search for hashtags like #furniture, #discountfurniture and #furnituresale. These hashtags are likely to lead you to some options that you may not have found otherwise so you can make an informed purchase.

5. Buy or Sell Used Items

Social media can be a great place to buy used items at a significant discount. Check out Facebook Marketplace to find local residents who are looking to sell things online. Think of this feature as a convenient alternative to garage sales since items are available year-round rather than just on specific days. It’s also a safer alternative to Craigslist since all items listed must be linked to a real person’s account. When you’re ready to sell items of your own to make a little extra cash, you’ll find that options like Facebook Marketplace make it much easier. Just snap a photo of the item you want to sell, put it up online and you’re likely to get responses from potential buyers very quickly.

One Thing to Watch Out For

While social media platforms like Instagram and Facebook can help you to save money, some people find that using these sites and apps actually makes them more likely to overspend. If you struggle to resist making impulse purchases or buying unnecessary items online, you might find that social media actually encourages you to spend more instead of helping you discover deals. If that happens to you, consider cutting back your time spent on social media and limit your online connections to friends and family instead.

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