How Social Media is a One-Way Ticket to Credit Card Debt
Welcome to Twenty Something. This column- written by Caitlyn Garrity– explores the uncharted territory called your 20s. It’s funny, it’s witty, it’s honest.
When I first moved to Charleston in 2023, right after college, I settled into my pricey apartment and got ready for my first day of work. I had about $100 in my checking account to work with, and I was nervous to see how far it would stretch.
As I was trying to make friends, the people I met wanted to eat at nice restaurants and go out, which included multiple Uber rides, shots for others, and expensive cocktails. I was worried about how to keep my budget while still making friends and enjoying my early twenties. Am I not making as much as I should? Should I have a side hustle? What in the world was I doing wrong that others could have a fun, out-on-the-town lifestyle, but seemingly the same, if not lesser-paying, job?
News flash–they’re (mostly all) in credit card debt, or their parents are still footing their bills.
I’m not saying this is shameful for either type of person, especially if you’re someone whose parents still slip you some cash. But I say this because it’s the truth, and what you see is not always what you get. This rings true in social media and my experience, which plays a massive role in how people in their early twenties determine how well they’re doing in life.
If reading the part where I say that people with lavish lifestyles after graduation are usually in credit card debt made a lightbulb go off on how you’re going to fund your new lifestyle... please reconsider.
I’m not a personal finance expert, so take what I say with a grain of salt and please consult a real expert on managing your finances. However, I do know that credit card debt is not a debt you want to have. It’s very predatory, especially to those who are unfamiliar with how credit cards work. They have incredibly high APRs, and it’s kind of a slippery slope. It starts with thinking that you can put something on your card because you’ll pay it off once you get paid, but next thing you know, you’re like, “Well, what’s $1,000 to throw on there, I’ll pay it off eventually.” Nine times out of ten, you’re not paying that off.
Example of said luxurious lifestyle.
Anyway, this is to remind you that the spending you see with influencers and even some of your close friends or coworkers is NOT NORMAL and a lot of the times NOT AT ALL WHAT IT SEEMS.
Social media does a fantastic job of manipulating reality. If you like my column, I talk in lengths, despite acknowledging that social media does great things–about how damaging social media is to your mental health, particularly for post-grads. If you think that social media doesn’t affect how and where you spend your money, humor me. Think about some things you want, a new sweatshirt or a specific piece of artwork… how did you find it? I’d bet you only know that sweatshirt exists because of social media or smart digital advertising. It is literally why cookies exist, to taunt you and target the vulnerable to buy things when they don’t have the means to.
Now apply the same logic to lifestyles. Unless you’re routinely exposed to a lavish lifestyle in your day-to-day, would you really care about where you ate and how you went out if you didn’t see peers doing those things on IG stories or TikTok? Odds are, you’d be much more focused on what you like to do rather than trying to match up with the lifestyles you’re exposed to via social media.
If you feel inadequate when you scroll through social media, imagining what your life would be like if you had a solid, outgoing group of friends, the newest Parke sweatshirt or had PTO (and cash) to take all the fancy vacations, you’re not alone. It’s natural to want to match up with our peers, and some people do so by using a credit card to compensate for what they want. It’s a gateway drug that leads to deep credit card debt that can put you in a lot worse situation than just being broke.
So we get it: credit card debt = bad. However, you’re probably wondering, “But Caitlyn, how can I still enjoy my life and meet new people if I'm on a tight budget?” The answer is, it depends on you.
What kind of friends do you want to have? Are you someone who chases clout, wants friends that spend a shit ton of money on tables at clubs, boat charters, expensive dinners, etc., then my friend, you either need to make a lot more money or join the credit card debt club (I’m joking… obviously).
However, if you’re looking for genuine friendships and a sustainable way to enjoy life, there are many ways to do this without blowing your savings and ruining your financial future.
First off, start with a budget. See what you CAN do. I believe in moderation, and I don’t believe in the idea of saving every penny and never spending it. Money is meant to be spent, and in our twenties, when we are working for a much lower salary than we’d like, we deserve to treat ourselves. So put together a budget on how much you make, your needs (rent, utilities, et.c) your savings (super important, please do not ignore this especially with the markets and economic uncertainty, anything can happen and it could very well happen to you if you’re on the bottom of the totem pole at your company) and then finally, allocate your wants. A great budget influencer I’ve found is Erin Confortinti, she has an AMAZING budget spreadsheet that I’d recommend if you’re really into finance, but for me, I struggled to be honest with what I was spending. So I resorted to Rocket Money, which is cheap and pretty accurate, to see what’s coming in and out.
As someone with admittedly expensive tastes, I’ve realized that there are some aspects of my life I’m not okay with compromising. I like going out and getting dinner. So, what you need to decide is what you're going to spend and what you need to save, at least for now.
For instance, if you decide that you like going out to expensive dinners and trying new foods, that’s great! But you might need to compromise on the monthly $70 acrylic sets and the costly gym membership. It’s all about give and take when you're first starting, but I’m here to tell you, as someone who lives in an insanely expensive city with a very average income, it is possible to make friends, have fun and stay on a budget.
Now, I gave you a lot of advice on what I do and recommend to live on a budget, without it being boring. But let’s not forget that the best things in life can be free! A friend worth befriending would be just fine with going on a walk, a beach day, a coffee date or working date, movie night, or game night-in, and more. Nature is beautiful and rich in things to do, but it’s also free (for now lol). Be creative with how you get out there and find new friends because you’d be surprised at how much fun life can be outside of the glitz and glamour of social media.
Also, be easy on yourself. Just because you can’t afford something now, doesn't mean you will never be able to. If jetting off to countries every month is something you truly desire, work toward it. Create a goal and set smaller goals that allow you to achieve some of that desire at your price point and within your current constraints. If it’s something you’d want, it’s worth waiting for and working for.
Here’s some average American statistics to calm you down and make you realize that social media is showing a very small percentage of how real Americans live, and while there’s nothing wrong with that, it’s not how we need to be comparing how well we are doing.
American Stats:
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