The top TikTok trends that could save you €100s in 2024

Many people turn to social media for guidance on saving money, retiring early, and getting on the property ladder. Searching for "savings tips" on TikTok brings up thousands of videos, from How to Save Your First €10k to Money Saving for Students.

TikTok launched its #savingmoney hub at the beginning of last year to help users, with finance-related hashtags like #MoneyTok and #PersonalFinance increasing in popularity, racking up over 27.2 billion and 9.9 billion views, respectively.

Monica Pina Alzugaray, a Personal Finance expert from Raisin Bank, has analysed some of the most viral money-saving trends on the platform to provide much-needed financial inspiration:

#CashStuffing – 1.5 billion views

"Cash stuffing" is a popular budgeting technique on TikTok that has caught the attention of social media users worldwide.

It involves allocating monthly budgets for various expenses, such as rent payments, car finance, insurance, gifts, and travel, and then putting the corresponding amount of cash into separate envelopes.

All the envelopes are kept together in a large binder, making it easy to access the funds when it's time to pay bills or make purchases. It's a great way to encourage responsible financial behaviour and reduce impulsive spending.

If you enjoy planning out your monthly expenses, this could be a perfect strategy to stay on top of your finances.

A TikToker named @budgetswithbeth has posted a detailed video demonstrating how to use this technique.

Her November 2023 version of Cash Stuffing has received over 370,000 views and 14,000 likes, with many users admiring her organisational skills and wanting to follow her lead.

#100EnvelopeChallenge – 330 million views

The #100envelopechallenge hashtag on TikTok has received more than 330 million views, meaning it's a sought-after topic in people's home feeds and search bars.

Using envelopes labelled 1 to 100, this strategy relies on setting aside a certain amount of money inside each envelope, allowing you to save a reasonable sum in 100 days. 

Some TikTokers suggest that the number on the envelope you pick determines the amount of money you place inside it. For example, if you chose the one featuring the number 50, you would have to stick a €50 note in it.

The reality is that, especially during the current cost-of-living crisis, this trick could be too difficult. The challenge's default design is only feasible for some needs or pockets. However, if you like the '100 Envelope Challenge' concept, you can always tweak it to suit your needs.

You should consider half the money you place inside the envelopes or put a fiver away daily.

#NoSpendChallenge – 157 million views

If you're on a tight budget, the "No-Spend Challenge" could be a simple way to avoid splashing out more cash than you can afford.

This is particularly true if you have an expensive season coming up or are dealing with pricier bills and costlier food shops. Of course, cutting off non-priority spending can be difficult, but turning it into a game can help you reframe your habits with a different, more positive mindset.

@thesavvysagittarius has shared her #nospendchallenge goal on TikTok, showing how she plans to keep her bank account healthy by reducing non-necessary purchases. Inspired by the hack, followers are also taking a leaf out of her book, with comments saying 'doing this too!' and 'just started – no money spent so far.' 

A No-Spend Challenge can help you accelerate your savings and reorder your budget. But don't forget to reward yourself occasionally – if you hit your monthly goal, treat yourself to something you enjoy.

#503020Rule – 27 million views

The "50/30/20 Rule" deserves a special mention, too, as it's been catching the eye of millions of TikTokers in Ireland and worldwide.

This money-saving strategy offers an easy and effective method to split your after-tax income into three spending sections. 50% of your earnings will go towards your needs, including things you must pay for survival - rent and mortgage payments, utility bills, car finance, and grocery shopping. 

30% of your after-tax income will be for all the non-essential stuff you want. Whether you fancy a meal at your favourite restaurant or a road trip in the countryside, setting aside 30% of your earnings can help you tick treats and extras off the list. 

The remaining 20% of your after-tax income should be allocated to savings and investments. In an emergency, you will always have money in your back pocket.

Remember that the 50/30/20 ratio is merely a rule of thumb. So, if your bills are expected to creep up next month, or you have more leeway to shove aside additional savings, you can amend the rule accordingly.

Developing good and realistic saving habits is the key to significant saving. You can achieve this by trying TikTok hacks that fit your needs well.

To ensure success, adopt a more mindful approach towards your savings goals. Once you have saved enough, deposit your money into a high-interest paying savings account like an easy-access one. In the long run, you'll earn interest on your hard-earned savings and free cash in your pocket.