By David Saunders, Health Editor | UPDATED: 08:28, 26 June 2020
New research conducted by Nutmeg, the UK’s largest digital wealth manager, found that Instagrammers could be spending up to £2,548.40 per month on items and activities inspired by their Instagram feeds
Nutmeg analysed some of the most popular hashtags on Instagram – the second most popular social media platform – and discovered that today’s highly-snapped trends come at a substantial price.
The most expensive hashtag category was #homeinspo, with items tagged within each post totalling an average of £1,131.10. Outfit of the day, also known as #ootd, came in as the second most expensive hashtag averaging £731.90 per post. With 173 million posts with #gym, this category ranked as the fourth most expensive to replicate, costing £271.38.
The following table includes a breakdown of popular Instagram hashtags and their average costs:
With a budget limit of £100, Nutmeg recreated Instagram posts in all five hashtag categories to showcase how easy it is to make savings without sacrificing your lifestyle or your Instagram grid.
When opting for cost-saving options – like taking a staycation over an overseas mini-break or choosing to host brunch with friends instead of eating at a trendy hotspot – the price for all five chosen hashtags decreased from around £2,548 to £79, making a total saving of £2,469.
This calculation was based on a person posting one picture per popular category per month. The combined average cost of the products/activities within these posts was added together and the total amount saved across the five categories was subtracted from this (see table below).
If this money was invested into a Nutmeg ISA, alongside monthly contributions of £350, you could see this amount grow to a potential portfolio value of over £100,000 by 2039, according to Nutmeg’s on-page ISA calculator.
Some top tips to help increase your savings while not giving up on the things you enjoy include:
Source clothing from charity and vintage stores, good for your bank balance and the environment!
Get outside and do self-guided exercise using the wealth of material available on YouTube
Opt for staycations and make the most of the beautiful places right on your doorstep
Take it in turns to cook brunch with your friends at home
Putting the savings away could reap rewards
Lisa Caplan, head of financial advice at Nutmeg, said: “Many younger people in the UK have been hit by a number of factors that make it harder than ever to put money aside for their futures.
“It’s reassuring to know that saving for the future doesn’t mean giving up your favourite hobbies or styles. With just a few small changes, it’s amazing how quickly people can save for that trip of a lifetime, their first home or their retirement.”
To view the full story, please go to: https://www.nutmeg.com/nutmegonomics/saving-money-with-instagram/