TikTok trends help young Canadians save money and set a budget

A viral trend on TikTok is helping young Canadians find ways to budget and save money amid high inflation.

As the cost of living continues to rise, Robyn Thompson, president of Castlemark Wealth Management, told CTV News Edmonton that people are looking for creative ways to save money and budget.

This trend has people depositing cash into everyday items or wallets on a weekly basis to create separate physical accounts, and then using that money only for day-to-day transactions. Videos under the “cashstuffing” tab had more than 571 million views as of Thursday.

This trend aims to limit overspending and impulse purchases by creating a pre-determined budget and eliminating the convenience that comes with shopping with a credit card.

Cash top-ups aren’t a new trend, Thompson said, with their roots in the envelope approach to budgeting. In her opinion, what makes it so successful is that it helps people see money.

“If you don’t know where your money is going, then you can’t control how you manage it,” Thompson said. “So when you think about the money coming in, understand that you only have a few dollars to choose from.”

According to Thomspon, half of Canadians don’t have a budget and personal finances are the number one reason Canadians say they lose sleep.

“If that’s what you need to do to control spending, then this is what you need to do,” she said. “It’s important to understand that the whole goal of proper bankroll management is to have enough money to stay in the game. “

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“Money is a scary word for most people,” Thompson said. “It usually comes from lack or scarcity.”

The key to building savings is just the beginning, she added.

“We tap, swipe and tap all our money, so it’s time to sit back and see what you’re doing,” the financial expert said. “What you don’t want to do is ignore your money, ostrich, way in the sand. . . It will never work. It’s not a good strategy.”

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Thompson recommends starting with a monthly budget. This way, it’s easy to see how much money is flowing in and out.

“The more you focus on your money, the more your money will work for you,” she said. “Give your money a job…put it in a place that will work for you.”

“If you really look at your budget and see where your money is, chances are you’re spending it where you don’t even realize it because you’re not tracking it.”

The financial expert recommends at least three to six months of emergency savings. That way, no matter what happens, you’re ready.

“It’s by far the biggest thing,” she said. “There’s enough money to say that no matter what happens, I’ll be fine.”

“The key to building wealth is timing,” she added. “The longer your money in the investment market grows, the richer you will become.

“The first thing you should pay attention to is your savings rate. Not your consumption rate. Pay yourself first.”

File from Joe Scarpelli of CTV News Edmonton

@budgettor Reply to @shelleyshelley1969 Hope this helps 😉 #envelopesavingchallenge #envelopechallenge #moneytok #moneysavingtips #budget101 #cashenvelopesystem #moneytips #savingmoney #newyearsresolution ♬ OST – Budget Tor

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