A spending coach has lifted the lid on the 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 struggle with impulse buying.
The creator of TikTok, who uses the handle @overcoming_overspendinghas been candid about how she once broke through a $60,000 a year salary while living at home with her parents after college.
After realizing she could barely afford to get her own place, she curbed her spending, paid off her student loans, and built a six-figure investment portfolio by the time she was 29.
Texas spending coach Paige Pritchard, 33, has gone viral on TikTok after describing how the app contributes to bad financial decisions in ways people may not realize
Pritchard explained that the first overriding theme she sees all over TikTok is that you should always have the “best” and “latest” items
Pritchard went viral last week when she 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 themes come through about what your consumption habits should look like that aren’t actually very normal,” she explained.
“I want to point it out so that when you see them in this app, you can keep all this in mind to know that these themes aren’t really the way you should be spending your money.”
Always need the latest item
Pritchard explained that the first overriding theme she sees all over TikTok is that you should always have the “best” and “newest” items.
She noted that having this attitude ensures that you “will never get much use out of your products” because you’re always replacing them.
“As soon as you buy something, and you start using it, something better comes along,” she said of bicycle consumption.
Constantly upgrading your items not only wastes money, but it also causes you to get more clutter and clutter.
“You don’t get any value out of the products you buy,” she repeated, “because you’re just jumping from item to item to get the biggest, best, latest.”
The expert said 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 right now,” 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 shopping every day. We see people going to Starbucks or getting little treats throughout the day,” she said.
“The overarching theme of this app is, ‘I’m going to treat myself, and I’m going to 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 and said she does too.
However, she explained that sometimes those habits work against your 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 right now,” she said.
“And sometimes that means saying no to yourself in the present moment so that in the future you can say yes to yourself 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 that it should be fully furnished. She emphasized that there is nothing wrong with being in an in-between 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.”
She gave examples of what she means: “When you move into a new house, it should be fully furnished. When you start a new hobby, you should have all the equipment for the hobby. When you have a baby, you have to have all the baby stuff. When you start a new job, you have to completely renew your wardrobe.’
“This app definitely promotes an all-or-nothing mindset when it comes to our consumption habits, especially as we enter a new season of life. It tells us we can’t be okay with being in the middle.”
Pritchard emphasized that there’s nothing wrong with buying the essentials and waiting to buy things until you’re sure you need them.
“It’s so much healthier, and it’s so much better for your spending habits,” she insisted.
The last theme Pritchard sees on TikTok is the idea that ‘more is better’ and will make you happier
“We tend to think 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,” she said.
Thinking more makes you happier
The final theme Pritchard sees on TikTok is the idea that “more is better.”
“There’s just this overarching message that the more you have, the more you spend, the more you gain, the happier you’ll be, and that’s just not the case,” she said. “The truth is 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 get to the point of enough and sufficient, any spending and purchases you make past that point where you’re just buying junk and excess and clutter will actually start to lower your levels of happiness and fulfillment,” she shared. she. viewers.
