SOCIAL MEDIA AND GAMES

With the stresses of day-to-day life, Social Media, simple card or board games or role-playing games to save the Princess can be a great way to immerse yourself in something away from the daily grind, zone-out and relax for a while. At Hills Accountants in Hobart we are to here to remind you that there are sharks in them there waters.

It is important to realise that, in today’s digital world, social media and online games are more than just entertainment—they can have a surprising impact on your finances.

From the temptations of online shopping to in-game purchases, these modern distractions can derail even the best-planned budgets. By understanding these risks and making mindful choices, you can keep your finances on track.

What Is FOMO?

Social media platforms are designed specifically to keep you engaged, and with that engagement comes advertising. Tik-Tok, FB Reels and their ilk are designed to keep you scrolling, and laughing (or crying) to keep you in a place where targeted ads and influencer promotions can entice you to buy something.

They create FOMO or 'fear of missing out', making impulse buying feel irresistible. And they are very good at it.

One-click purchases and “limited time only” deals can quickly deplete your weekly budget. They are the biggest trap in Social Media.

Tip:
Pause before buying anything online. Ask yourself: “Do I really need this?” and give yourself 24 hours to answer the question.

In-Game Purchases

Online games, especially mobile ones, often rely on in-game purchases for revenue. While spending a few dollars on an upgrade might seem harmless, these microtransactions can add up fast. Subscriptions, loot boxes, and seasonal passes can chip away at your finances without you even realising it.

The trouble is that the people that build these games have one driving intent. To make you spend your money!

The games they build are designed to take you down a buying funnel to get you to do just that and if you are not careful, you can spend a lot more than want to, or worse, than you can afford. After all, what is $2.99 when compared to your weekly budget?

Tip:
Set limits on in-game spending and consider free alternatives for entertainment.

Budgeting in a Digital Age

Here are some simple tips on hos to keep this under control

• Track Your Spending
  Use budgeting apps to categorise and monitor your expenses.
• Turn Off Notifications
  Limit exposure to social media ads and game-related prompts by disabling notifications.
• Set Entertainment Limits
  Allocate a specific amount of your budget for online entertainment and stick to it.

What to Do If You’re Overwhelmed

If your budget is slipping due to social media and gaming expenses, it’s not too late to regain control:

• Review Your Bank Statements Regularly
  Identify patterns in spending and pinpoint areas to cut back.
• Set Boundaries
  Limit screen time or uninstall apps that trigger impulsive behaviour.
• Get Professional Guidance
  Hills Accountants in Hobart can help you identify financial leaks and design a realistic budget tailored to your needs.

Take Control of Your Finances Today

If social media and online gaming are affecting your budget, we can help. At Hills Accountants in Hobart, we offer personalised strategies to keep your finances on track.

Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.

Talk to Kathy and the team today and stay ahead with Hills insights.
Call Now! 03) 6273 7800, or email info@hillsaccounting.com.au.