A new online challenge, “no-spend January,” has gone viral on TikTok and gives advice on how to start the year off right and save money.
The hashtag “nospend” has over 53 million views on TikTok and features videos of users giving financial advice like making coffee at home, eating out less and not going out to expensive entertainment events.
27-year-old TikTok user Libby Brooks told Business Insider in an interview that she has learned to resist eating out to save money.
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“I was really tempted to just, on my way home, grab some food,” Brooks told Business Insider. “I don’t have to cook at home. I can save some time.”
“I think that’s a perfect example of some instance where convenience totally could have taken over in a regular month where I might not be so attentive to these rules,” she said.
“I’ve just noticed a lot of people are kind of sick and tired of having a lot of stuff,” Brooks continued. “Challenges like this can help limit the amount of consumption that you’re doing on a monthly, a weekly, a daily basis.”
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Another TikTok user, 29-year-old Ashlee White, told the outlet that she believes it is important to set realistic boundaries on finances in order to increase the likelihood of actually following through on the “no-spend” January trend.
“I think not cutting out all ‘fun’ spending is what is making it go better for me this time and can be something I’m realistically able to implement into my spending habits moving forward,” White said.
“You can do ‘no spend for 30 days’ and just see the effects that has on your bank account or on your spending habits,” she told Business Insider.
Brooks also recommended that people interested in saving money to start out the new year should examine their spending categories in a systematic way.
“Clothes and eating out are two” categories that Brooks told the outlet she spends heavily on, “but for someone else that might not be a thing that they care to spend their money on at all.”
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