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A spending coach has lifted the lid on four ways TikTok has distorted our view of what normal consumption looks like and made us waste money.
Paige Pritchard, 33, from Texas, has nearly 90,000 followers on the platform, where she teaches viewers how to stop overspending after overcoming her own struggles with impulse buying.
The creator of TikTok, who uses the handle @overcome_overspendshe’s been candid about how she once spent a salary of $60,000 a year while living at home with her parents after college.
After realizing she could barely afford her own place, she cut back on her spending, paid off her student loans and built a six-figure investment portfolio by the time she turned 29.
Spending adviser Paige Pritchard, 33, from Texas, went viral on TikTok after detailing how the app contributes to bad financial decisions in ways people may not realize.
Pritchard explained that the first overriding theme he sees throughout TikTok is that you should always have the “best” and “newest” items.
Pritchard went viral last week when he pointed out how TikTok contributes to bad financial decisions in ways people may not realize.
“The more time I spend on this app, the more I see these issues about what your spending habits should be like that aren’t really quite normal,” he explained.
“I want to flag them so that if you see them in this app, you can take all of this into account so you know that these themes aren’t really how you should be spending your money.”
Always in need of the newest item.
Pritchard explained that the first overriding theme he sees throughout TikTok is that you always need to have the “best” and “newest” items.
He noted that having this attitude will ensure that you “never get much use out of your products” because you’re always replacing them.
“As soon as you buy something and start using it, something better will come along,” he said of the consumer cycle.
Constantly updating your articles not only wastes money, but also guarantees that you’ll end up with more junk and clutter.
“You’re not going to extract any value from the products you buy,” he reiterated, “because you’re just going to be hopping from item to item trying to get the biggest, best, and newest.”
The expert shared that the app’s second main theme is the idea that “we should prioritize instant gratification over delayed gratification with our consumption habits.”
“My philosophy is that you always want to prioritize your future self and what’s best for her financially rather than doing what’s best in the moment,” she said.
Prioritize instant gratification
Pritchard shared that the app’s second main theme is the idea that “we should prioritize instant gratification over delayed gratification with our consumption habits.”
‘We see people buying every day. We see people going to Starbucks or going and getting little gifts throughout the day,” she said.
“The overarching theme of this app is ‘I’m going to treat myself and prioritize what I want most right now rather than what’s best for me in the long run.’
The spending coach stressed that there’s nothing wrong with going to Starbucks once in a while, saying she does, too.
However, he explained that sometimes those habits work against his overall goals.
“My philosophy is that you always want to prioritize your future self and what’s best for her financially rather than doing what’s best in the moment,” she said.
“And sometimes that will mean saying no to yourself in the present moment so that you can say yes to yourself in the future for what you want most.”
Pritchard noted that TikTok also promotes an all-or-nothing mentality when it comes to spending money.
The spending coach gave an example of moving into a new home and feeling like it has to be fully furnished. He stressed that there is nothing wrong with being in the middle phase.
Have an all or nothing mentality
The spending coach noted that another misconception she sees on TikTok is the idea that “things have to be complete.”
He gave examples of what he means, saying: ‘If you move into a new house, it has to be fully furnished. If you start a new hobby, you should have all the equipment for the hobby. If you’re having a baby, you should have all the baby gear. If you’re going to start a new job, you have to completely revamp your wardrobe.’
‘This app definitely promotes an all or nothing mentality when it comes to our spending habits, especially when we are entering a new phase of life. He it tells us that we can’t be okay with being somewhere in between.’
Pritchard stressed that there’s nothing wrong with getting the essentials and waiting to buy things until you’re sure you need them.
“It’s much healthier and it’s much more beneficial for your consumption habits,” he insisted.
The ultimate theme Pritchard sees on TikTok is the notion that “more is better” and will make you happier.
“We tend to think that there’s a linear relationship between how much we buy and how much we spend and how happy we’re going to be, and that’s just not the case,” he said.
thinking more will make you happier
The ultimate theme Pritchard sees on TikTok is the notion that “more is better.”
“There’s this general message that the more you have, the more you spend, the more you buy, the happier you’ll be, and that’s just not the case,” he said. ‘The truth is that there is a law of diminishing returns when it comes to our spending habits.’
The financial expert explained that spending money will make you happier at first, but only up to a point.
“Once you hit the point of enough and sufficiency, any spending and purchasing you do beyond that point, where you’re just buying junk, excess, and clutter, will actually start to lower your levels of happiness and satisfaction,” she said. viewers