Overview
It seems there’s a new social media trend in personal finance every day. However, it’s important to look at these trends critically and evaluate whether they have a place in your life. Social media are filled with people’s opinions, but these are often not experts. In this article, we will consider nine social media trends in personal finance.
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Trend #1: Underconsumption Core
Description: Underconsumption core involves continuing to use or repurposing your old household items – rather than buying new ones.
Useful or Not? Generally useful, as it may result in additional savings long-term due to fewer unnecessary purchases.
Trend #2: Slow Fashion
Description: Slow fashion involves buying new clothing infrequently and only when necessary, emphasizing deliberate, durable, and socially and environmentally just fashion choices.
Useful or Not? Generally useful, as it allows for a potential reduction in excess spending.
Trend #3: Soft Saving
Description: Soft saving involves occasional pleasure spending as an overly strict budget can be hard to maintain.
Useful or Not? If it allows you to stick to a budget, it may be more beneficial than an overly restrictive budget that you abandon.
Trend #4: Minimalism
Description: Minimalism involves simplifying your life and getting rid of excess possessions.
Useful or Not? Insofar as it results in fewer unnecessary purchases, it is useful and may lead to savings.
Trend #5: Deinfluencing
Description: Deinfluencing involves influencers advocating against purchasing certain products.
Useful or Not? You should be able to make informed purchasing decisions without relying on social media influences alone, so the usefulness of deinfluencing depends on how susceptible you are to social media trends.
Trend #6: Sustainable Fashion
Description: Sustainable fashion involves minimizing the environmental impact of fashion and supporting fashion that promotes social and environmental justice.
Useful or Not? It may not have a direct impact on your wallet, but it may assuage your conscience due to its emphasis on social and environmental justice.
Trend #7: Revenge Spending
Description: Revenge spending involves increasing your spending after a hard or restricted period or even to get over your ex.
Useful or Not? This trend is not useful. You should base your spending decisions on rational considerations, not impulses or emotional confusion.
Trend #8: Intentional Living
Description: Intentional living refers to aligning your life choices with your values and beliefs.
Useful or Not? Insofar as it limits your impulsive spending, it can be useful and may benefit your wallet.
Trend #9: Loud Budgeting
Description: Loud budgeting involves being open about your budget and bringing honesty to discussions around money. First introduced on TikTok by comedian Lukas Battle in December 2023, the term “loud budgeting” was quickly taken up by millions of people and pushed out “quiet luxury” as the next popular TikTok trend.
Useful or Not? Its usefulness depends on several factors. Do you feel confident in your budgeting and spending decisions? Then you likely won’t need to announce and justify every spending decision you make or don’t make. For those who are more reliant on the opinions and approval of others, loud budgeting may be more useful as a way to flout what was previously popular i.e. quiet luxury.
Final Thoughts
In this article, we reviewed ten social media trends in personal finance. It’s important to evaluate social media trends critically, because anyone can post anything, without necessarily having qualifications to talk about the subject matter.
When all is said and done, social media gimmicks are just that. Sometimes, it’s the simplest solutions that make the most sense. If you need quick funds, you can simply apply for a personal loan via OntarioCASH. We don’t check your credit score or credit report during the simple and quick online application process.
