5 money saving tips for 2023, according to TikTok
With “how to save money in 2023” increasing in Google searches by 300% globally in the last month, we look to social media for inspiration.
Does your downtime now consist of frantically searching the web for the best ways to save money?
We feel ya. It’s sad but true that the cost-of-living crisis is hitting us all hard.
And while our hearts are with those struggling most, we’re saving a little sympathy for everyone who’s had to tighten their belts to get by.
Luxuries like summer holidays, nights out or new shoes are exactly that – luxuries. But they’re also life’s little perks that can help brighten up some of the darkest days.
Which is why we hope these five money saving tips we’ve found on TikTok help you to save money towards them – because, whether you can afford them right now or not, you sure as heck deserve them.
THE “CASH STUFFING” METHOD
@stephtalksmoney, 10.1m views
According to @stephtalksmoney, the best way to save money is by buying yourself a cash wallet and labelling all the sleeves with all the mini-budgets you’d like to start saving money towards.
This can range from bills and short-term goals to holiday money and luxuries like clothes or shoes.
When you get paid or receive any money, take some out as cash and split as much as you can afford to between each category – it’s guaranteed to make you feel ahead of the game across the board.WATCH TIKTOK
THE SAVINGS “LADDER”
@jandralee, 3.6m views
Instead of saving a certain amount each month and putting it away somewhere safe, @jandralee has discovered how to save more money – and it’s simply by adding a twist:
Choose a reward for yourself and multiply the price of it by 2, 3 or 4.
For example, if you want to buy yourself some Apple Airpods for £119, saving three times that amount (£357) means you can buy yourself those Airpods guilt-free, as you’ve still got a cool £238 in your savings pot.
Climb the savings ladder by starting small and building your cash up over time.WATCH TIKTOK
THE 100 ENVELOPE CHALLENGE
@amoochlife, 2.7m views
When it comes to tips on how to save money, this challenge – which promises to help you save £5,050 in just 100 days – stands out from the crowd.
First, get yourself 100 envelopes and mark them 1 to 100. Place all the envelopes into a box and, each day, pick out one at random.
Simple put the same amount of cash inside the envelope as the number written on it (eg. for number 10, put a tenner inside), and you’ll break through the £5,000 barrier in no time.
And if it’s too ambitious to save money across 100 consecutive days, simple stretch out the challenge over the entire year to maximise your savings.WATCH TIKTOK
THE PENNY CHALLENGE
@moneymum, 98.8k views
This simple challenge is one of our new favourite ways to save money – and could leave you with an extra £650 to play with by the end of the year… ideal timing for Christmas presents, party dresses and fizz.
All you need to do? Put 1p away every day and add an extra penny as you go.
So, for example, your first day you’ll stash 1p only. On your second day, it’ll be 2p, on your third it’ll be 3p, and so on.WATCH TIKTOK
THE 50, 30 AND 20 BUDGET RULE
@kaseyhgammons, 81.5k views
This method is a great way for getting to grips with your monthly budget – meaning you can really know how and what you’re spending and saving month on month.
At the start of a new month, simply split your total budget into three distinct categories:
- 50% – this is for your essentials, such as rent/mortgage, bills and food.
- 30% – this is for your “wants”, such as eating out, your hobbies, travel, entertainment, etc.
- 20% – this is for your savings and investments.
One of the best ways to save money realistically alongside your other financial responsibilities.WATCH TIKTOK
With thanks to Online Casinos for the research quoted in this article.