ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

#nospend: How Gen Z And Millennials Are Making Finances Fun In 2024

This trend has gained a of traction with #nospend garnering over 56.5 million views on TikTok.
PUBLISHED FEB 1, 2024
Cover Image Source: TikTok | Photo by Maitree Rimthong
Cover Image Source: TikTok | Photo by Maitree Rimthong

Millennials and Gen Z are making finances fun for 2024 amid inflation, stagnating wages, and a high cost of living. In 2024, the younger group, which is often intimidated by finances, is trying to cope better by using fun ways of budgeting, saving, and developing financial habits. Further, social media apps like TikTok have come to the aid of millennials and Gen Z, with trends that encourage a personalized, active approach to finance. People are talking about budgets, participating in no-spend challenges, and practicing several other good financial habits.

Here’s a look at ways how Gen Z and Millennials are making finances fun in 2024.

Early in 2024, the popular trend of the no-spend challenge gained traction across TikTok. The challenge encourages participants on TikTok to not spend money on anything but the absolute essentials, for a set period. Most people start with doing the challenge for a month, like No-Spend January, while others attempt to avoid spending for months at a time.

This trend has gained a of traction with #nospend garnering over 56.5 million views on TikTok. The challenge has inspired creators to share their ideas on how to reduce the overall cost of living. The challenge does not aim to reduce the joy of living but rather find a way to make things work by consuming less.


@jodie.melissa Honest thoughts & feels around mindful shopping, being intentional, overwhelm and stuff… This year I've realised there's a correlation between how overwhelmed I feel and how much choice I have in my life, whether that's choice of things to buy because "it will bring me happiness" or the things I own. The overwhelm was hiding in the small things. The drawers full of skincare, the one swimsuit I'd wear hidden amongst 4 others, the 13 mugs but 3 favourites I rotate between. The two things I mentioned here are helping, but I haven't figured this out fully... I think maybe we're all different when it comes to the optimal amount of stuff to own that feels supportive and not chaotic. I'm still learning to spot the things I truly want to buy because it will bring me joy or enhance my life in some way, or the things I'm simply being persuaded to buy that will just collect dust. This really could have been 10+ minutes long, but I'd love to know your thoughts! #mindfulshopping #capitalism #blackfridayshopping ♬ original sound - jodie.melissa

 

Another social media theory that is encouraging people to spend less is the mindful shopping trend. In this, people have all sorts of reasons for why they consume some of the items that are not essential. These reasons range from simple things like a dopamine hit to saving time at work. Further in the trend, several creators are using these platforms to encourage mindful spending by sharing habits of spending a week or a month thinking about a purchase rather than making it impulsively. Further, mindful and disciplined shopping allows people to enjoy the items that they buy without any regrets.


@h3ycharlie Middlechild always saves more💰👧🏻🙍🏻‍♂️👩🏻 #fyp #mylife #middlechild #piggybank #savings #parenting #wow ♬ Jiggle Jiggle - Duke & Jones & Louis Theroux

 

As per trend reports, like Pinterest Predicts, search trends for credit card stickers were up by 140%, while searches for ceramic piggy banks were up by 95%. These aesthetic and nostalgic approaches to money management are significant. A custom, physical reminder in the form of a credit card sticker can help a person take pride in their financial journey and stay motivated. Further, the habit of loose change saving may not save a lot of money but it helps encourage the habit of saving in general.

TikTok content creators are sharing unique aesthetic options for colorful digital and physical financial planners for people. These planners offer easy and interactive means to manage money and include healthy financial habits in life. Creators share customized spreadsheets for people with specific goals, breaking down their spending into categories along with savings trackers. Unlike a regular planner, these are specialized planners dedicated to money management. This helps people introduce some structure in their financial management and helps those who struggle to stick with a particular budget.

MORE ON MARKET REALIST
Apart from the discounts, Walmart also announced changes to delivery timings and updates on an AI assistant.
2 days ago
People will receive a share of the massive settlement based on the number of bars that they bought between the given dates.
2 days ago
The expert that Harrison consulted gave valuations that were closer to what the seller was asking for.
2 days ago
O'Leary's comments are backed by data showing how a vast majority of Americans need coffee to kick-start their day.
3 days ago
The man's wife refused to believe him since she was used to him playing pranks on her.
6 days ago
When told that his profit margins were low, the innovator said that he was selling the product to farmers.
6 days ago
The overlay text of the video reads, "Pov: you and your boyfriend accidentally make 20k+ profit reselling SALT on Amazon."
7 days ago
Although he does plan to take some me time, Richer has no intentions of retiring anytime soon even at 60.
7 days ago
While Rubush had guessed the word within 10 seconds, the 4-5 second pause she took before saying "WORD" cost her dearly.
Oct 28, 2024
Although the co-founder did walk away with an investment, O'Leary had some harsh words for him.
Oct 27, 2024
The woman says that she went to the store and was treated dismissively by the staff.
Oct 27, 2024
The woman tested the limits of the retail club's return policy and came out successful.
Oct 27, 2024
The crypto expert held thousands of Bitcoins and was among the first ones to advocate cryptocurrencies.
Oct 26, 2024
The expert asked the seller to explain the story behind the memorabilia before making a rare decision.
Oct 25, 2024
His girlfriend grew concerned about the amount of money he was spending.
Oct 25, 2024
Hiring of college grads has also gone down by 6% and is set to drop further according to surveys.
Oct 24, 2024
There's also an ideal time to visit for those who want to try out the maximum number of samples.
Oct 24, 2024
The creator explains that cracking product codes is the key to understanding the value of items.
Oct 23, 2024
Adam Cohen has made a name for himself in the world of tech and advertising, proving that age is no barrier to innovation.
Oct 22, 2024
The family had to spend hours sharing pictures of the gift cards to resolve the issue with Disney.
Oct 22, 2024