Three ways to save money using social media

July 17, 2014 | Filed under: This is Money | Author: Editor

With the popularity of sites like Facebook, Twitter, and Instagram, social media has become an integral part of our daily lives. These sites are a great way for people to connect with others all over the world. Though social media has its downfalls, there are also numerous benefits, with one of the greatest being its ability to save you some cash.

Here are three ways that social media can save you money:

•Connections

I’m an avid baseball fan, and I recently started playing an online simulation game. I became borderline-obsessed with its functionality and realistic game play. After my first day playing the game, I sent a tweet to the company who makes it. They immediately responded, and we began to interact. Eventually, they offered me an early release of the newest game, as long as I wrote a review on one of my blogs.

You never know who you’ll encounter on social media, which is why I love it. Connecting with others can sometimes lead to opportunities, as well as money saved.

•Competitions

Competitions are a popular way for companies to promote their businesses through social media. Before our wedding, my wife searched for competitions to bring down our costs. She entered a Facebook contest for free hair/makeup and half-off a photo booth rental. The contestant with the most “likes” on their status would be the winner. She spread the word to friends and family and won the competition, which saved us hundreds of dollars on the final wedding bill.

Some competitions are more difficult to win, but it still costs nothing to give them a shot. My wife recently entered a dream home giveaway; though the chances of winning are low, the cost of entering is free.

Look for contests that yield a good product, don’t have a lot of entries, and can save you money. If you pay close attention on social media, you just might find the perfect contest.

• Articles

Most social media outlets are filled with users posting articles about personal finance. If you’re looking for money-saving advice, try following these users; it’s a great way to learn more about finances and discover new sources of information.

Social media can be a great way to save money if you use it correctly. My wife and I have used it a few times to help save money, and we’re constantly looking for more opportunities to do so. Whether it’s through connections, competitions, or sound financial advice, social media can definitely help your bottom line.

Culled from MoneyNing.