For several years now we’ve been told that this is the ‘social age’ – the age in which our attentions turn to social media over any other technology.

Many of us are already using social media for a variety purposes. For some it may be a business communications tool, whilst other simply use it to keep in touch with friends or even create new friendships.

What you may not have realised is that power that social media can have on your finances.

We’ve come up with 3 ways you can use your social platform to save you money, both directly and indirectly.

Social Saver

1. Sharing Your Goals

Often as humans we are more successful when we connect. One thing that social media has done very well is prove that no matter what you’re going through, hundreds of people are going through it too.

If you have a particular financial goal, such as paying of your student debt or saving for a mortgage deposit – share it with your network. This will have several knock-on effects.

Firstly, you may find that others get in contact with you that have a similar goal. By networking with them you may discover some helpful tips that you wouldn’t have otherwise thought of.

In addition, if your friends or family are aware of your financial goal, they may be able to indirectly help. So rather than asking you to join them for an expensive meal out, they may invite you round for food or offer a cheaper alternative.

2. Get Better Customer Service

In today’s world, call centres are notoriously tough to get through to, and there are probably 2 main reasons for this.

  • They are simply understaffed
  • They want you to contact them using another method

Often a customer query can be answered in just a few words via email or on social media. Subsequently, large companies are employing representatives to solely answer social media related complaints or queries.

Banks are building societies are also becoming increasingly active on social media. Another benefit of this is that they’ll often use it as the first outlet for exclusive products or deals. Following your chosen financial institution(s) on Twitter or Facebook will help to keep you in the loop.

The result of all this us that you can get a much more efficient service, often saving you time and money. So, before you pick up the phone, send a tweet or Facebook message – you’ll be surprised how effective it can be.

3. Getter better prices using apps

We always preach on this blog of the dangers of impulse spending. Purchasing a product the first time you see it can not only lead to overspending, but it can mean you’re mean you’re paying over the odds.

Social shopping is a relatively new term. It is a methodology that allows users to share shopping experiences with their social network.

Apps like Wish allow you to browse products, get exclusive deals and share your reviews with friends and connections. Much like banks, retailers often announce their deals to social media followers and fans first. So rather than making that impulse buy, get on social media and search for deals.

These are just 3 of the ways you can use social media to save money.

In our next post, we’re going to discuss how you can make money and boost your income using platforms like Facebook, Twitter, Instagram and LinkedIn – stay tuned.