TikTok users will find a lot of content centered on personal finance and money-saving tips.
TikTok has reminded users “that all investments involve risks,” and advised viewers to “consider doing your own research” beneath the #PersonalFinance hashtag, which has 7.9 billion views.
TikTok ’50-30-20′ saving tip
Viewers appear to be engaging with the financial tips shared by TikTokers, as they ask creators to share follow-up videos and more information on how to save and make money.
Insider chatted with Erin Lowry, a personal finance expert who has written about financial literacy for the New York Times and Bloomberg, to get to the heart of these viral tips.
These are her professional opinions on some of TikTok’s most popular personal finance tips.
TikToker @tatlondono could be seen fanning themselves with cash beneath the on-screen phrase, “I’m going to show you the easiest way to save your money,” in a video that gained over 411,000 views.
They presented the “50-30-20” money-saving tip during the 31-second upload. They stated that 50% of your salary should be spent on necessities, such as “taxes, groceries, and monthly home payments,” 30% on wants, such as “clothes, purses, and watches,” and the remaining 20% on savings.
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The ‘1p Savings Challenge’
Spencer Andrews, a British TikToker, uploaded a chart titled “The 1p Savings Challenge” in a video that gained 2.2 million views. The chart was aimed to assist viewers put aside a number of pennies each day that corresponds to the number of days in the year. On day 147, for example, they would set away £1.47 (or $1.47 for US viewers).
If someone were to use this strategy, Lowry advised them to do so in the correct order, adding that in the video, Andrews appeared to drop loose pennies into a jar and then mark random days on his tracker based on how much he added.
A TikTok user with the handle @myfinancesscrapbook released a video with over 120,000 views that showed a sheet of paper with example numbers from a current account and a savings account.
The hack’s premise is that by simply transferring a few bucks each week, you may end up saving thousands of dollars without even realizing it.
TikTok’s Personal Finance Tips
A user known as @emlucin published a sticky note savings technique in a TikTok video that was viewed over 1.9 million times.
In the video, they suggested labeling a box with a savings goal, then writing different monetary amounts between $1 and $100 on a series of sticky notes, which should be folded and shuffled into a second box. The saver would then take “one sheet per day for 100 days” and save aside the amount indicated by the note.
Lowry told Insider that the box’s inclusion of a specific saving goal was beneficial, and she called it one of her “favorite pieces of savings advice.”
TikTok and comparable video forms, such as Instagram reels, do not allow for enough time to provide extensive savings advice, even if the suggestion is sound to begin with, according to Lowry.
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