Why it works: It’s basically just putting yourself on a budget, but doing so in a competitive atmosphere with peers. Users have been cutting buying clothes, getting haircuts and eating out, for example. The challenge is about abstaining from spending money on anything but bills and essentials such as groceries and fuel, and seeing how many days you can go without budging. How it works: With over 420 million views, the #nospendchallenge is one of the latest trends taking over TikTok. Here are five of the best and why they work. While anything on social media should be taken with a grain of salt - if not also fact checked for accuracy - even financial planners agree there are some good tips to be taken from a number of these now viral money posts.
Reddit, YouTube and TikTok are the top three platforms, respectively.ĭo You Have a Money Question? Ask an Expertĭiscover: 3 Signs You’re Serious About Raising Your Credit Score Nearly 80% of Americans between 18 and 41 have gotten financial advice from social media, according to a survey commissioned by Forbes Advisor. In the case of financial advice, that net has recently been widened to include all of social media. Sometimes the best advice comes from your inner circle.
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