Could social media save you money?

How groups and offers can save you cash

Facebook UK

Are you on Facebook and Twitter? If you are, what do you use it for? If you are just using it to update your friends on what you're doing or follow your favourite websites and celebrities, you could be missing out on a trick.

In fact, your social media could actually help you put pounds back into your pocket and get a bargain in the process.

Don't believe us? Here our social media manager, Vik Iyer, tells you how social can actually save you money.

Saving on social – two super simple ways

1. Facebook groups

I'm a relatively new father and the costs are bordering on the intimidating. But one thing that has helped us save money is a local Facebook group set up by mums.

Geeks love to talk about something called 'engagement' – they basically mean how interested people are in social channels or websites. Well this local group's engagement is off the scale.

Parents are only too happy to offer life hacks about all sorts of things that you simply don't know when you start parenthood. I think it has saved us hundreds of pounds.

People also share knowledge about the best-value local plumbers or electricians.

It's not just advice that the group shares. People are often offering baby stuff (and other things) that they don't need – with it being a local group, these exchanges can be arranged very easily.

Slightly bizarrely, people even put of pictures of things like lost teddy bears and leave them on walls for other mums to pick up!

So make sure you're aware of your online (or offline) community groups. If there isn't one you could always create a group on Facebook or start a Google Group.

2. Voucher offers

But that's not the only way you can save with social.

There are loads of voucher websites out there offering constantly updated offers which you sometimes need to see quite quickly to take advantage of.

Now of course some offers are better than others – but what Twitter does give you a way to follow them all very easily.

You could set up a Twitter account and follow the discount sites which you like (their Twitter handles should all be prominently displayed on their websites).

But many people already have Twitter accounts and are already following large numbers of people. In this case you might consider creating a specific Twitter list so you can easily follow these sites

You can easily check whether they put their latest offers on Twitter by having a look at their Twitter page and seeing how often it is updated. Not all websites have the resources to update their social channels.

We've focussed on the larger platforms that most people use in this blog. However it's always worth looking for forums and local websites for good money saving tips – although always be sure to check that any advice is trustworthy.

If you know of other ways that social media has helped save you money then tell us!

And while you're at it, make sure you're following us on Facebook and Twitter.

This article is provided by the Money Advice Service.


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