Have you ever heard of 'Big Budgeting' or 'No Spending Month'? These are just some of the new money trends that are helping young Australians save hundreds of dollars each month.
Australians under 30 are saving more than $450 a month by adopting TikTok's budgeting trends and spending less on non-essentials, new NAB research has found.
This includes not eating out ($124), small treats such as coffee, snacks, and eating out lunches ($73), entertainment ($64), car trips to save on gas ($70), Includes food delivery service ($96) and streaming service ($30). ).
Have you ever taken a money-saving challenge like “no spending”? Share your story with tamika.seeto@yahooinc.com
Maya McIntyre, 23, said she cut back on discretionary spending and saved $250 a month, which she stashed in a high-interest savings account.
“I've definitely changed the way I spend my money, cutting back on streaming subscriptions and things like that,” McIntyre said. “I eat out less and choose cheaper or free things with friends over expensive meals or going to the pub.
“Most of my friends think about money a little differently. Some people are more willing to say no to things if they want to save money.”
related
“Major budgeting” and “not spending for months”
NAB personal banking executive Paul Reilly said young Australians were embracing “cash-oriented” trends, including “budgeting out loud”.
“Budgeting out loud means unapologetically prioritizing your financial goals, setting sensible boundaries around spending, and feeling comfortable talking about it openly and honestly,” Riley says. explained.
“Rather than going out for an expensive dinner with friends, young Australians are confidently choosing to stay home and put that money into high-interest savings accounts or pay down debt. ”
Another trend gaining traction on TikTok is the 'no-spend or low-spend month', with many Australians enjoying a 'no-spend January' or buying nothing new from their existing wardrobe. He is taking on the “75 Hardstyle Challenge'' to style clothes.
“[‘No or low spending months’] During that month, I stopped drinking alcohol, took out food, stopped buying clothes and beauty products, stopped making holiday reservations, prepared meals, brought lunches to work, and This includes asking a friend to repay outstanding cash,'' Riley said.
Follow Yahoo Finance Facebook, linkedin, Instagram and twittersubscribe for free daily newsletter.
