Keeping up with the virtual Joneses may cost you

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LONGMEADOW, Mass. (WWLP) – Financial experts have a new warning for social media users: spending time on social network sites can be bad for your budget.

That is because some are comparing their own lives to those of their friends, and they are spending lots of money trying to keep up.

Some people that 22News spoke with Monday say that they can believe it.

“It’s actually probably costing them a lot of money they don’t even have, which is interesting right?  So, to keep up with Joneses could be more expensive then they realize, not just short term, but long term,” Vinnie Daboul of Longmeadow said.

In addition to the jealousy factor, there are other things on social media that entice you to spend, such as advertisements that target your age group.

Personal financial experts urge you to remember your friends that may bragging about their recent expensive shopping spree or vacation, are not likely to post about their level of debt or credit score.

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