There is no doubt that January is the month that most people struggle with their finances. This is after the costly festive season.
It is not surprising that the phrase or question “how to save money in 2023?” had a 300% increase in searches globally over the past month, according to research done by OnlineCasinos.co.uk.
Experts at the site have curated 4 money-saving hacks on TikTok to help you save in 2023.
1. The ‘Cash Stuffing’ Method – 10.1m views
TikTok – @stephtalksmoney
With over 230 million views for the term #cashstuffing, simply purchase a cash wallet and label all the sleeves with your budgeting categories. This can range from bills, goals and holidays to luxuries you may want such as clothes and shoes. When you get paid or receive any type of money, split this between each category. It’s a simple and fun hack, making you feel ahead of the game and organised!
2. The Savings ‘Ladder’ – 3.5m views
TikTok – @jandralee
Instead of saving a certain amount and putting it away each month, @jandralee adds a twist: choose a reward for yourself, and multiply the price of it by 2, 3 or 4 (depending on how much you want to save). For example, if you want to purchase Apple Airpods 3rd generation (R4 000), multiply that amount by three, giving you R12 000, this way, you purchase the Airpods and have an impressive R8 000 saved. Climb the savings ladder by starting small and build it up over time!
3. The 100 Envelope Challenge – 2.7m views
TikTok – @amoochlife
The ‘100 Envelope Challenge’ can save you R5 050 in just 100 days, or can be stretched out over the entire year to maximise savings. Firstly, you’ll need 100 envelopes, each marked 1 to 100. Place all envelopes into a box, and each day – pick one out and put money inside, based on the number written on it. For example, if the envelope is marked with 10, you place R10 in it. Stick with the challenge for the full 100 days and easily save up an impressive R5 050!
4. The 50, 30 and 20 budget rule – 81.5K views
TikTok – @kaseyhgammons
A great and simple way to get your budget in order! All you need to do is split your budget into three distinct categories. 50% – this is for your needs such as rent/mortgage, bills and food. Next is the 30% category – this is for your ‘wants’ such as eating out, hobbies, entertainment and travel. Finally the 20% category is for your savings and investments.
HAVE YOUR SAY
Would you use a Tik Tok trend to help you save money?
BUSINESS REPORT