Why Are We so Obsessed With How Other People Spend Their Money?
If youve ever found yourself in a Venmo news feed rabbit hole or checking (and rechecking) the Zillow price of every home for sale in your neighborhood  youre not alone. Were all a bit curious about how other people spend their money, and with an abundance of apps and websites designed to help peek behind the curtain, its never been easier to indulge. With social media, the opportunity for the comparison complex is more frequent, says Preston Cherry, a certified financial planner (CFP) and incoming president of the Financial Therapy Association. Its at our fingertips every day and every second.  This rings even truer these days thanks to payment apps like Venmo, and its controversial public feed that lets people see detailed payment information for any user that hasnt turned their settings to private. Sites like Refinery29 have also piggybacked off our collective curiosities with user-submitted money diaries chronicle every dollar a person spends over a set period of time. (The Refinery29 series has been so well-received since launching in 2016 that the site has since published an anthology of the most popular submissions.) Its hard to tell whether this type of content was born out of demand, or if it just amplified it. Regardless, it could be changing the way people think about money, experts say. Most people present idealized versions of their lives on social media, which makes it easy to get caught up in the idea that if you dont fit into a certain mold, youre doing something wrong. For users who are trying hard to design lives that fit a certain budget, or pick up the pieces of a difficult year marked by cutbacks, breaking out of that mentality can be especially difficult. Megan McCoy, a financial therapist and secretary of the Financial Therapy Association, says that COVID-19 has made Americas wealth divide even greater  in that some families have suffered devastating job losses while others bulked up their savings accounts due to a lack of travel and other leisure activities. For those at the top of the curve, McCoy explains, that extra padding has made it easier to justify superfluous spending  on payment apps and otherwise. On the plus side, the more comfortable people get with talking about money, and sharing intimate details about how they spend it, the less taboo the subject becomes. Alicia McElhaney, founder of She Spends, a site that provides stories and tools to help get people out of debt, runs her own version of money diaries in a weekly email newsletter to readers. McCoy collects these diaries through a survey on her site, which she recently updated to reveal the privilege and background of peoples money stories with new sections that ask people to list out their bills, including whether or not they split them with a partner or parent, as well as their investments and debts. McElhaney has a front-row seat to the financial obstacles many people face. Most people, regardless of means, lament that they dont feel like theyre doing enough when it comes to budgeting, saving and investing, she says. There are a lot of people who feel embarrassed by their financial situation, McElhaney says. Ive seen people who make very little and people who make a lot of money share the same concerns and scripts like: Im not good with money and I have no clue what Im doing.  Ads by Money. We may be compensated if you click this ad. Ad Online Financial Advisors can guide you toward smart investments and sound economic planning. We can all benefit from the help of experts, especially when it comes to finances. Reach out to an Online Financial Advisor by clicking below. Get Started  McCoy agrees. Many of us dont think about how our values line up to our purchases, McCoy says. If we took the time to be mindful and ensure we are buying in accordance to our values then wed all be happier.  Resources Download Moneys 21 Smartest Money Moves for 2021 Fine tune your financial life this year with Moneys expert advice on investing, retirement, building credit, and more. It even comes with a handy checklist. It costs you nothing. Get Moneys Toolkit Download Moneys 21 Smartest Money Moves for 2021 Fine tune your financial life this year with Moneys expert advice on investing, retirement, building credit, and more. It even comes with a handy checklist. It costs you nothing. Get Moneys Toolkit By clicking "Get Money's Toolkit," I would like to receive relevant marketing communications from Money and selected partners. I understand I can opt-out by clicking unsubscribe in any email. I have read Money's Privacy Notice and consent to the processing of my personal information. Success! Check your inbox or begin downloading your 2021 Toolkit now be selecting the button below. Download now  More from Money:  This Two-Minute Viral Video Proves Its Impossible to Time the Stock Market  Beyond Pride: Inside the Movement to Make Money More Inclusive of LGBTQ+ Americans  How to Repair Bad Credit