Money-Saving Trends to Follow in 2023: Tips from TikTok Experts
In 2023, the cost of living crisis is still ongoing, leading many families to search for creative solutions to cut their costs this year. TikTok has become a huge resource for budgeting and spending advice, with over 500 million users on the platform across every generation. Craft experts have investigated the most popular money-saving trends on TikTok to see if any of them are worth trying.
One way to save money is to re-use bath water through your outside hose. You can use it to water plants, wash your patio or even your car if the hose is able to reach. The hashtag #MoneyTok is thriving, with over 10 billion views on the app, while similar search terms including #MoneySavingTips and #Savings have 1.4 billion views each. TikTok has 7.9 billion views on the hashtag #PersonalFinance.
The ‘50-30-20’ budgeting rule can be useful for people looking for a basic budgeting formula. The rule states that 50% of income should go to necessities, 30% to discretionary spending, and 20% to savings.
The ‘1p saving challenge’ has been gaining traction on TikTok, with the aim of saving £667.95 in total by the end of the year. It starts by saving 1 penny on the initial day and adding another penny to the amount saved every day. The biggest challenge may come with remembering to put aside money each day – you can keep track of this on your phone and set daily reminders.
The ‘no spending challenge’ has gained over two million views on TikTok. This challenge sees people cut out unnecessary spending habits and only spend money on essentials such as bills.
The ‘savings ladder’ offers a new twist to saving for specific items. To save up for a certain item, multiply the cost by two, three, or four to set aside a larger amount of money. Reward yourself each time you achieve your goal without using your savings as a source of funds.
Saving money doesn't have to be a daunting task. With the right strategies, you can make sure that your money goes further and that you have enough saved for a rainy day.
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