If Kylie Jenner 'likes' something, at least 1 of her 115+ million fans will buy it — and it's putting us in debt.
Overall, 63 percent of millennials think social media has a negative influence on their financial well-being, according to a millennial money study by Fidelity, which polled more than 2,000 adults ages 22 to 27. And yet an even greater majority — 66 percent — said saving for the future is as gratifying as treating themselves today.
To get there, Fidelity's Lannan advises consumers to stay focused on longer-term goals, practice mindful spending and set boundaries. Going out to brunch on the weekend is fine, but limit it to either Saturday or Sunday, rather than both days, she said. Finally, to keep FOMO in check, talk to friends, a spouse or a parent "in real life," Lannan said. "They are probably living closer to the way you are living and understand the feeling."
Christopher Tracy, president of budgeting app Mvelopes, also recommends taking your credit card information offline to help slow down impulse spending, limiting your daily time on social media and unfollowing people or stores that tend to trigger purchases.
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