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Strategies for Saving Money Emerge on Social Media Amidst Rising Prices
In an era where household budgets are increasingly strained, particularly following recent tariff implementations that threaten to elevate the cost of goods, individuals are seeking innovative solutions to economize. Social media platforms have become a hub for sharing money-saving tips, and a recent viral TikTok video exemplifies this trend.
Viral TikTok Sparks Discussion on Frugal Living
A TikTok creator, @allisontalksmoney, initiated a conversation by requesting viewers to share their most unconventional money-saving tips. The prompt specifically encouraged responses beyond conventional budgeting advice, seeking “unhinged” approaches to restraining spending.
The TikTok’s call for extreme measures against overspending resonated with many users, evidenced by the video’s millions of views. Commenters responded with a range of personal finance strategies, some seemingly unorthodox yet proving remarkably effective for those seeking to save money.
Unconventional Money-Saving Tips Shared by Social Media Users
The comments section of the viral video became a treasure trove of unique budgeting techniques. Here are some of the money-saving tips that resonated with viewers:
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- The “Shirt Test”: One user described a mental exercise when considering a purchase: “If I see something I like… for $30. I ask myself: If someone offered me the shirt for free, or $30 cash, which one would I choose? I almost always choose the money.” This technique prioritizes cash value over material wants.
- Credit Card Payment as Impulse Control: Another commenter shared a preemptive measure against online shopping urges: “When I get the urge to buy something online — I make a credit card payment.” This action redirects the impulse to spend into a responsible financial behavior.
- “Buy Later” Photo Strategy for ADHD-Friendly Budgeting: Addressing impulse buying related to ADHD, one user suggested, “I take pictures of things I want so I can ‘buy it later’ but I have ADHD and never buy it later so it stops me from impulse buying!!!” This visual reminder tactic helps curb immediate purchases.
- Garage Sale Price Point Perspective: A forward-thinking approach to assessing value: “I ask myself ‘Will this $20 item turn up in a garage sale for $2 in the future?'” This considers the depreciated value over time.
- Delayed Gratification via “Next Paycheck” Rule: Practicing patience is another highlighted strategy: “I just say to myself ‘you don’t have enough money rn, get it when your next check comes in’ and if I want it that badly I’ll remember it.” This method allows time to reconsider non-essential purchases.
- Card Locking for Friction Against Impulsive Spending: Creating barriers to spending can be effective: “Lock all your cards, and then you have to unlock them before swiping, and sometimes that’s just too much work,” suggesting a deliberate obstacle to spontaneous purchases.
Gen Z and the Pressure of Personal Debt
These money-saving tips may be particularly relevant for younger generations. Gen Z, specifically those born between 1997 and 2012, are reportedly facing significant personal debt. Reports indicate an average debt burden of $94,101 for this demographic.
Parents Contribute to Gen Z and Millennial Support Amid Economic Pressures
Compounding the financial strain, a study by Savings.com indicated that parents are providing substantial financial assistance, allocating an average of $1,474 monthly to support their adult children. This breaks down to approximately $1,800 per month for Gen Z individuals and $900 for millennials, highlighting the economic challenges faced by these generations and the support systems often required.