Money-Saving Trends to Follow in 2023: Tips from TikTok Experts
By In 2023, the cost of living crisis is still ongoing, leading many families to search for creative solutions to cut their costs this year.[0] TikTok has become a huge resource for budgeting and spending advice, with over 500 million users on the platform across every generation.[1] Craft experts have investigated the most popular money-saving trends on TikTok to see if any of them are worth trying.[2]
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.[3] 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.[4] TikTok has 7.9 billion views on the hashtag #PersonalFinance.[4]
The ‘50-30-20’ budgeting rule can be useful for people looking for a basic budgeting formula.[4] 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.[2] 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.[2]
The ‘no spending challenge’ has gained over two million views on TikTok.[2] This challenge sees people cut out unnecessary spending habits and only spend money on essentials such as bills.[2]
The ‘savings ladder’ offers a new twist to saving for specific items.[2] To save up for a certain item, multiply the cost by two, three, or four to set aside a larger amount of money.[5] Reward yourself each time you achieve your goal without using your savings as a source of funds.[5]
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.
0. “TikTok's five best hacks to save money on your water bill before price rise in April” BristolWorld, 24 Feb. 2023, https://www.bristolworld.com/read-this/cost-of-living-five-best-hacks-for-saving-money-on-your-water-bill-according-to-tiktok-4036157
1. “Top 6 TikTok Microsaving Hacks” Shiny Shiny, 17 Feb. 2023, https://www.shinyshiny.tv/2023/02/top-6-tiktok-microsaving-hacks.html
2. “‘Extreme' savings tip will ‘definitely' help save money – could it help you?” Express, 24 Feb. 2023, https://www.express.co.uk/finance/personalfinance/1739034/money-saving-tips-cash-stuffing-no-spend-1p-challenge
3. “Viral TikTok life hacks for lowering your water bill revealed | York Press” York Press, 17 Feb. 2023, https://www.yorkpress.co.uk/news/national/uk-today/23324911.viral-tiktok-life-hacks-lowering-water-bill-revealed/
4. “A personal finance expert weighs in on TikTok's most viral money-saving hacks, from sticky notes to investment funds” Business Insider India, 25 Feb. 2023, https://www.businessinsider.in/thelife/news/a-personal-finance-expert-weighs-in-on-tiktokaposs-most-viral-money-saving-hacks-from-sticky-notes-to-investment-funds/slidelist/98236693.cms
5. “Money Experts Share Whether Those TikTok Saving Hacks Actually Work” HuffPost UK, 23 Feb. 2023, https://www.huffingtonpost.co.uk/entry/money-experts-share-whether-those-tiktok-saving-hacks-actually-work_uk_63f73e33e4b0a209e82bf1a0
