4 Influencers Who Want You to Spend Less: Christina Mychaskiw

This is the second installment of a four-part series in which NerdWallet Canada profiles social media influencers who use their clout to help people spend less.

Toronto-based influencer and pharmacist Christina Mychaskiw (@christina_mychas on both IG and Tiktok) has a personal finance story that might sound familiar: she was carrying a pile of student debt — more than $120,000 — but because shopping quelled the anxiety of adulting, it became a dopamine hit she couldn’t live without.

“I used shopping as kind of an emotional crutch,” Mychaskiw said by video. “I would shop when I was happy, shop when I was sad, shop when I was bored.”

Mychaskiw was conscious of — and stressed by — her spending habits, but awareness alone wasn’t enough to spark a course correction. Her emotionally-driven shopping continued, leading to increasingly risky purchases.

Her wake-up call came in the form of a pair of boots that cost more than her rent.

“And, uh, yeah, I kept them anyway.”

Becoming minimalist-ish

Mychaskiw began viewing her shopping habit as self-sabotage and started looking for ways to overhaul her behaviour.

In addition to teaching herself about budgeting and general personal finance, she dove headlong into the no-buy movement, which encourages limited consumption for a specified period of time.

As with her shopping habit, Mychaskiw took the no-buy ethos to its limit.

“I naturally fell into minimalism, but I kind of took it to an extreme, where it wasn’t really about clarity and finding less, it was more about ‘the least’ and ‘nothing’, and almost denying myself from purchasing things that I actually wanted because I thought it was a waste of money, or that it wouldn’t be minimalist enough,” she said.

Extremism is exhausting, though, and rarely healthy. Mychaskiw eventually found a balance between desire and discipline and settled into what she calls a “minimalist-ish” lifestyle.

“Minimalist-ish is my take on…living a more curated life, where you definitely spend on the things that bring you value and joy, but just cut out the things that don’t,” she said.

Minimalist-ish purchases are often evaluated on their long-term value. A new piece of clothing, for example, might only be a buy if its cost-per-wear makes sense.

“It’s not really about having the least, or trying to declutter your way down to nothing, or to be the most frugal,” Mychaskiw said. “It’s just more of my approach to intentional spending when it comes to clutter and the things that you buy.”

Now? Or never?

Mychaskiw feels young consumers often struggle to balance their present desires with the demands of an uncertain future.

“There’s this paradoxical thing where it’s like, ‘The future is bleak, so I’m going to spend all my money today.’ But my thought is always, ‘Well, what if the world doesn’t melt by the time you turn 65?’”

Taking a long view can be difficult for someone who spends much of their free time on social media, where garnering the most attention often means promoting the latest styles and hottest trends (and not necessarily indicating how these products or experiences were paid for).

Because of this lack of transparency, Mychaskiw feels that social media should be viewed as a highlight reel, not a reflection of an influencer’s happiness or financial well-being.

“For a long time, I was doing mostly fashion on Instagram. I’d be buying all the new clothes, but on the other side I was completely broke and chronically shopping,” she said.

With those days behind her, Mychaskiw can share with her followers a more nuanced, authentic version of herself: A thriving young professional who learned the hard way that time well spent doesn’t require spending all your cash.

Christina Mychaskiw’s tips for replacing a shopping habit

Join a new community based on shared interests. Engaging in fun activities with others can help supplant shopping as a source of emotional fulfillment
Get outside. There’s less time to shop if you’re strolling rather than scrolling.
Find a low-cost hobby. Creative or physical activities can provide the same dopamine hit as shopping — without the buyer’s remorse.

How much sway do influencers have?

When it comes to getting Canadians to spend money, quite a lot.

Influencer posts were chosen as the advertising strategy most likely to get Canadians aged 18 to 44 to try a new product, according to Izea Insights’ 2024 Trust In Influencer Marketing Canada report. Among Canadians aged 45 and up, influencer posts were second only to television ads.

But there’s less data available to explain the impact influencers have on people hoping to become more prudent with their money.

That’s what Errol Osecki, an accounting professor at the University of Ottawa’s Telfer School of Management, is currently studying.

Osecki’s research is still in progress, but he feels that influencers promoting economical lifestyles have at least some effect on their followers.

“Minimalist, frugal living, buy nothing — these things have existed in the past, and I know that they have some influence on people,” he says. “It’ll help some people for sure, but I don’t know if it’ll have a widespread impact.”

Sabrina Pare, a Detroit-based influencer profiled in part one of this series, doesn’t follow financial influencers. But she has had her behaviour changed by those promoting a more sustainable, affordable lifestyle.

“Their insights have helped me rethink my approach to spending, waste, and long-term value,” she said by email.

“I’m incredibly grateful for the creators who share their knowledge and experiences. It’s inspiring to see how small, mindful choices can add up to make a big difference for both our wallets and the planet.”