How Using Social Media Can Save You Money

It likely comes at no surprise that Americans spend a lot of time on social media. Engaging with social platforms represents close to 20 percent of all time spent online in the U.S., with Facebook taking an overwhelming share of our collective attention, according to a report from comScore, a company that measures audiences, brands and consumer behavior. In fact, digital consumer insight company GlobalWebIndex found the average adult spends nearly two hours each day on Facebook, Twitter, Instagram and social messaging platforms.

What was once a fun way to interact with friends and family has launched into a primary source of news, media and brand engagement for millions of Americans. Advertising has become a cornerstone of the revenue-building strategies for most social platforms, with Facebook reporting $6.24 billion in ad sales last quarter alone.

Since advertisements are customized to appeal to individual users, it seems more likely that social media can help you spend money rather than save it. However, the following strategies demonstrate how platforms, such as Facebook and Twitter, can actually help users spend less on everything from fashion to home furnishings.

[See: 6 Ways to Treat Yourself on a Budget.]

Search for coupons using hashtags. While your friends likely abuse them, hashtags are useful in curating content based on popular search terms. In pursuit of saving money, you can search for terms, such as #promocode or #couponcode, to find out which brands are promoting discounts on their profiles. For example, searching for #promocode on Twitter reveals a host of online coupons, including a free Lyft ride, up to $25 off a LivingSocial purchase, or 16 percent off a boutique hotel reservation. Many of these offers are time sensitive, so pay attention to the date of the tweet before you get too excited. It's possible that the coupon has expired.

Searching by hashtag also uncovers coupon codes featured in blog posts about products and companies. Bloggers who receive payment or affiliate income through promotions and reviews of specific products will often share exclusive coupons to readers. Searching social media by hashtags makes it easier to find these hidden savings gems.

It's important to use your best judgment when searching for deals on social media, as these platforms are popular targets for scammers. Earlier this year, a coupon for $100 off a Lowe's purchase and a free $200 gift card to Nordstrom circulated Facebook feeds across the country. Both of these offers were scams, yet many people shared them with their networks in hopes of receiving triple-digit savings. The old adage "if it's too good to be true, it probably is" definitely applies here, and these scams often result in malware on your computer or compromised personal information.

[See: 10 Money-Saving Websites to Check Before Shopping.]

Like, follow or review brand profiles for special offers. A popular piece of shopping advice is to follow brands on social media and get notified when they're offering exclusive deals or hosting an upcoming sale. This is an effective-yet-dangerous strategy for those lacking self-discipline. Follow brands thoughtfully and be ready to "unfollow" them when you find yourself shopping more frequently.

Otherwise, some stores don't require you to follow their brand pages for savings: Coupon codes are available for all to see. Montiel, a woman's athletic clothing retailer, featured promo codes in May and June of this year for anyone visiting their Facebook page. In fact, consumers are more likely to find promo codes on social media pages around holiday weekends. One of those Montiel coupons offered $20 off purchases of $100 or more ahead of Memorial Day.

Share for savings. Social media managers will be the first to tell you how challenging it is to reach their customer base without paying Facebook or Instagram for featured ads. To get their content seen by as many people as possible, brands offer incentives to their fans who share deals with friends. For example, World Market's "Give $10, Get $10" campaign provides a $10 off coupon to anyone who shares the special deal through email, Facebook or Instagram, and only when that deal is redeemed by someone in their network. Redeemers also receive $10 off their purchase, further encouraging friends to take advantage of the deal.

Sharing an image of a recent purchase can also yield money savings. Florists.com will issue you a $5 credit if you snap a photo of your arrangement and post it to Instagram with the tag #florists_com. To receive the "photo rebate," you must also contact their customer service team with your order number and Instagram username.

[See: 8 Hacks to Ease Your Financial Life.]

Find faux holidays and giveaways. Giveaways are another popular method for brands to reach potential customers while rewarding loyal followers with products. Some companies advertise formal campaigns encouraging followers to share images of their brand for the potential to win a prize, while others will surprise fans with products in response to a social share.

Brands often pair giveaways with "national day" holidays which seem to occur every single day of the year. For example, The Cheesecake Factory offered followers "an opportunity to win something sweet" if they shared how they planned to celebrate National Cheesecake Day on July 31 via Instagram, using the hashtag #CheesecakeContest.

While some of these tactics may seem like more work than they're worth, consider this: You're already spending two hours of your day on social media. Why not use that time save some money?

Kendal Perez is a spokeswoman for CouponSherpa.com, a popular source for online, in-store and mobile coupons. She also blogs at Hassle-Free Savings and enjoys yoga, decluttering, craft brew and obsessing over her dogs.