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Anything worth having is going to require some level of self-control. This is especially true when it comes to accomplishing long-term financial goals, such as purchasing real estate, paying off debt, or reaching a savings milestone. On the path to achieving a financial objective, there will be many distractions along the way — including the temptation to keep up with the Joneses.

As defined by The Cambridge Dictionary, to keep up with the Joneses is to “always want to own the same expensive objects and do the same things as your friends or neighbors, because you are worried about seeming less important socially than they are.” And while people of any age can be swayed by this urge to engage in these silent financial competitions, in the age of social media, millennials are especially vulnerable to falling victim to this vicious cycle of comparisonitis.

One study conducted by Keith Wilcox of Columbia University and Andrew T. Stephen of the University of Pittsburgh, which surveyed the financial profiles of 1,000 Facebook users, found that those who spent the most time on Facebook were more likely to have lower credit scores and more credit card debt than their counterparts. Further, increased time on social media was also linked to increased spending. So, how does remain steadfast in pursuit of financial wellness during a time when something as trivial as the great Birkin debate can hijack timelines for days on end? Here’s how:

Limit social media use

According to  Schwab’s 2019 Modern Wealth survey, half of millennials reported spending money that they didn’t have as a result of their time spent on social media.

“Millennials are feeling a lot of stress, and one of the things that are causing that is the influence of social media,” Terri Kallsen, Schwab’s executive vice president of investor services, told CNBC Make It. “Spending is not the enemy, but when we allow social pressure or other forces to lure us into spending beyond our means, it can impact long-term financial stability and become a larger problem.”

Recognize that not everything is as it appears

The thing with social media is that it only gives you a glimpse into the parts of people’s lives that they choose to share. Oftentimes, people are surprised to learn that the Joneses are actually in debt and can barely keep up with the lifestyles that they portray on social media. According to The Motley Fool,  80.9% of baby boomers, 79.9% of Gen Xers, and 81.5% of millennials have some form of debt.

Set tangible goals

Whether you want to save up enough money to move out of your parent’s home, purchase a vehicle in cash, or pay down your student loan debt, your goals need to be tangible. Simply saying things like “I want to save more” is not going to cut it. How much do you want to save? When would you like to execute this goal? Next, write it down. By writing down a number and giving yourself a deadline, you give yourself a better chance of making this dream a reality.

“We start every financial planning relationship with a written plan. It’s important to understand the power a written document can hold. It helps keep you focused on the goal, it helps provide you with benchmarks and check-in points along the way, and it lays out how to get there in a logical and progressive order. We see that most clients fail to hit their goals when they don’t write them down, Matthew Cuplin of Midwest Financial Group told Forbes.

Reward yourself

While in pursuit of your personal goals, don’t forget to reward yourself. As you continue to save, don’t be afraid to set aside money for the things that bring you joy.

“When you’re living on a budget, it can seem as though you never get to do anything fun with your cash,” explains Christy Bieber in an essay for The Motley Fool. “You don’t want to live in a state of constant deprivation, so it’s important to reward yourself with some little treats now and then. The key is to splurge responsibly and make sure you get the most value from your fun money.”

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