I think most of us have seen something on social media that made us stop and think, “Maybe I should be doing that too.”

It might be a budgeting tip, a way someone paid off debt, a credit card trick, a side hustle, or a new way to save money. Some of those ideas can be helpful, and I have definitely seen some good ones.

But the important thing to remember is that just because something worked for someone online does not mean it will work the same way for you.

An influencer may share how they paid off thousands of dollars in debt in a short amount of time. What we may not see is the whole picture. Maybe they have a larger income, received a bonus, had help from family, or simply have very different monthly expenses.

The same goes for budgeting advice. You may see someone say you should save a certain percentage of every paycheck, use a certain budgeting method, or pay off debt in a specific order. That might work great for them, but it may not be realistic for you and your family.

I think social media is a great place to get ideas. I just would not treat every financial tip you see as something you have to follow.

Before You Follow Financial Advice Online

Before making a financial decision based on something you saw online, take a minute and ask yourself:

• Does this really fit my budget?
• Do I understand the costs or risks?
• Is this person giving general advice, or do they actually understand situations like mine?
• Is there more to the story that I am not seeing?
• Does this make sense for my goals and my financial situation?

Another thing to keep in mind is that financial advice online is often very general. Your income, expenses, debt, interest rates, credit history, and goals all matter. What looks like the “best” option in a short video may not be the best option once you look at the full picture.

That is why I think it is important to use social media as a starting point, not the final answer.

If you hear about a financial tip, debt payoff method, or credit strategy that sounds great, do a little homework before jumping in. Ask questions, look at your own numbers, and make sure you understand how it could affect you.

And if you are struggling with credit card debt or just are not sure what your best next step is, it can help to talk with someone who can look at your whole financial picture.

Written by

Lisa Ohnemus

Director and Certified Credit Counselor
Consumer Credit of Des Moines