There have been many new finance trends circling the internet through Instagram, Facebook, and TikTok – many of them about budgeting! Each one is a little different, and some look at the different aspects of budgeting, including saving and analyzing what you currently spend money on.
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100 Envelope Challenge
This challenge requires you to have 100 envelopes labeled 1 through 100 and save the corresponding amount every day. In day 1, you put $1 in the envelope, all the way to 100. By the end of 100 days, you will have saved $5,050. This challenge is a great way to give you a reason to save money for 100 days. There are booklets you can buy online on Etsy and Amazon for this challenge! An example of a booklet you could purchase if you were interested in this challenge you can find it HERE.
52-Week Money Challenge
This challenge is like the 100 Envelope Challenge, but operates weekly for 52 weeks, saving the same amount as the envelope. The first week, you’d save $,1 and the last would leave you at $52 in the envelope. At the end of one year, you would have saved $1,378. This is a slower way to save money over time and could be a good option if money is tight! Booklets for this challenge can be found on Etsy and Amazon.
No Spend Calendar
One of the most popular challenges has been the “No Spend Calendar.” For this challenge, you pick a length of time and commit to not spending money on anything that is not essential. This would include things such as eating out, shopping for clothing, or any sort of impulse purchase. It makes you look at what you normally would spend it on and evaluate after the challenge on if you want to be spending your money on it. Some people also do this on a different level, having no spend days scattered throughout the year.
The $5 Savings Challenge
This is the simplest challenge, but still a fun challenge. You must save every $5 bill you come across. For example, every time you find one in your wallet or receive change for a larger bill, you must save it. This is a great challenge to show how much you can save over time without even knowing it, $5 at a time.
The “Skip a Coffee Challenge”
This challenge is for the coffee drinkers! It is more of a minimalist finance trend where people try to avoid the small and frequent purchases like coffee. This would make you save money, and over time, this money will start to add up!
Influencers Aren’t Advisors: Seek Professional Guidance for Your Finances
Social media platforms like TikTok, Instagram, and YouTube are filled with budgeting tips and savings challenges. While these can be fun and motivating, it’s important to remember that many people sharing this advice aren’t financial experts. They might have catchy content and lots of followers, but that doesn’t mean they have the knowledge to guide your personal financial decisions.
Often, these influencers share what has worked for them. But personal finance isn’t the same for everyone. Your financial situation, goals, and challenges are unique, so strategies that work for someone else might not be right for you. Additionally, some influencers promote products or services because they’re paid to do so, not because they’re the best option for you. They’re not required to act in your best interest, so their recommendations might not align with your needs.
While online trends can be enjoyable and even helpful as a starting point for saving or budgeting, it’s crucial to approach them with a critical eye. For advice tailored to your specific circumstances, consulting with a certified financial planner or advisor is always the best course of action.
For more personalized financial guidance, tune into the Women’s Money Wisdom podcast hosted by Melissa Joy, CFP®, or schedule a meeting with us.
Remember, while social media can provide general tips, professional advice tailored to your unique situation is invaluable.
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