As we grow up we realize that money is important and we become more aware of our finances and the choices we make about saving and spending them. TikTok, through a challenge that we are doing on social networks, helps us save more and take a closer look at how and why we pay so much money every month.
@themontaqueclarkes I can't believe the no spend January challenge is coming to an end. So rather than jumping straight into spending I thought it best to transfer over to a couple of low spending months before setting a strict monthly budget. #nospendmonth #nospendtips #financialfreedom #financialliteracy #financialreset #lowspendmonth #lowspendchallenge #savingschallenge2024 #familybudget ? original sound - The Montaque Clarkes
Through the "no spend challenge", which is an individual strategy for expenses, we can have a clearer picture of expenses and savings. The ultimate goal of this challenge is to save money and be more mindful of our habits, finding or creating more interesting and less budget-friendly ways to indulge ourselves.
@chrissie.milan My #nospendchallenge is all about mindful spending ? It's so easy to spend a little here and splurge there just ?because? but when you realize how much it adds up - it can be haunting ? so here's to a year of intentional spending (attempting it anyway)? #nospendchallenge #nospendfebuary #budgetingtiktok #howmuchispendinaday #dailyvlog #dayinmylife #personalfinance #loudbudgeting #lifeinyour20s #minimalistlifestyle ? original sound - Chrissie
How can you do this challenge, step by step?
To succeed in this challenge, consider these tips:
Set clear goals: Define the reasons why you are participating in this challenge: You are doing it to save money; to pay a debt/loan; to change the way you spend?
Create a budget: This is a very important step. Set a clear and realistic budget for the month's expenses, starting from food, bills and other necessities. Try to stick to the budget as strictly as possible.
Separate needs from wants: When it comes to a shampoo, it's a need; If it's a new bag, it's a wish. Set priorities and be careful with identifying needs and wants. Plan: Make a plan for the expenses you will make. If you are going out for a drink, calculate how much you can spend. Also, engage in activities that do not spend money, such as reading a book, or watching a movie on your laptop/PC. Avoid temptation: Of course, temptation is strong, especially when you're saving, so stay away from exposing yourself to discounts, offers and looking for things you don't need. Share your goal with others: This way, family and friends will know that you are saving and won't put the typical "pressure" on you to go on similar trips or adventures. Follow like-minded people online: On TikTok and Instagram you will find many people who have joined the challenge, so follow them for valuable tips.
Monitor the process: This is also an important step, as it shows you the progress of the challenge.
Reflect and learn: This will help you experience your savings and shopping habits.
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