Are Finance Social Media Trends Worth Following?
On this episode of Financially Naked: Stories from The Financial Gym, Kelly and Tina, two Certified Financial Trainers, dive into current popular finance trends on TikTok, sharing their thoughts on whether these viral challenges are worth following. The internet is vast and full of financial information, and just because something is trending now does not mean it is a new concept! From cash stuffing and the 100 Envelope Challenge to loud budgeting and no-spend days, Kelly and Tina explore the value of these techniques as practical tools for building financial mindfulness and reshaping spending habits.
Podcast Notes
Loud Budgeting
Loud budgeting is all about being open about financial goals and boundaries. The point is to be transparent, which makes it easier for friends and family to understand your spending decisions.
There can be a stigma attached to being frugal, but loud budgeting helps remove that stigma and encourages open, positive, and supportive conversations about finances.
Sharing your financial goals can create an opportunity for learning and inspire others to be more thoughtful and intentional with their own finances.
Practicing loud budgeting can be empowering! It helps you get clear about your financial goals, lead with intention, and hold yourself accountable.
Cash Based Budgeting & Savings Challenges
Cash stuffing is a budgeting method where you pull out a certain amount of cash and use envelopes to allocate it to different spending categories. This method works best for variable or discretionary spending.
This method has been around for a while but is becoming popular again. It can be a great way to be intentional and provide a visual for those who struggle with impulsive spending.
The 100 Envelope Challenge, a fun savings challenge, encourages daily contributions into labeled envelopes from 1 to 100. The number on the envelope is the amount of money you put in. This can help you build good saving habits and save money over time.
While these methods can be great for some people, there are some downsides, like the security risk of having a large amount of cash on hand. There are digital ways that you can use these cash-based methods so you can experience the benefits without the physical cash.
No-Spend Challenges
A no-spend challenge is a way to practice mindfulness around your spending by avoiding non-essential purchases for a specific period of time, like a day, week, month, or even whole year!
Trainers at The Financial Gym frequently recommend no-spend days to clients. You don’t need an entire no-spend month to reap the benefits a spending pause can bring. They give you space to be creative and mindful about what you actually need.
No-spend challenges can be completely customized for you! Instead of avoiding all spending, you can cut spending on specific items, like alcohol, coffee, or clothes. Doing this makes the experience simple and approachable, especially if you’re new to trying out a challenge like this.
When practicing a no-spend challenge, spending more before or after the challenge can be tempting, which defeats the purpose. Go into each challenge with mindfulness and intention rather than a restrictive mindset. The goal is sustainability.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
Resources
Meet The Trainers
Meet Kelly Medina, Certified Financial Trainer
Meet Tina Hang, Certified Financial Trainer