If you have disposable income, saving some of that money is always a good thing to do. Your personal savings can become a fallback for sudden emergency expenses. However, this abstract cost that might never come probably isn't enough to convince you to keep saving consistently. Instead of making the reason negative, turn it into a positive personal goal. This will keep you on top of regularly saving and looking forward to the day that you can spend that money.
Look, I get it. We live in a social media-driven world, where millions of people log into their multiple accounts daily — even hourly! — to promote the illusion of their ideal life. They share snapshots of the highlights of their days: trips to the cafe, lush travels to islands, shopping trips at luxury fashion houses.
We follow celebrities like Kylie Jenner and Hailey Bieber just so we can catch a glimpse of their lavish lifestyles…and if we’re really lucky, we’ll replicate their favorite smoothie recipe or buy the identical Amazon sweatshirt they’re wearing.
We all do it: you show your happiest moments, your biggest accomplishments, and never those low or embarrassing moments. In fact, sharing your lower moments can be viewed as weak, and your mental health and sanity can quickly fall into question.
And, of course, there’s the inherent urge to brag. You want people to know you’re having a blast. That you closed on a new apartment, or you moved cities completely. It’s your way of saying to the world: this is my life update, and I’m killing it.
Regardless of your salary and your bank account status, you still occasionally splurge on a designer purse or that Skims sweat set that’s trending. You live beyond your means because you seek to match up to the rest of the world.
If you’re a part of younger generations like Gen Z, you may be relating a little too much to what I’ve said so far. But the good news is…you’re not alone.
Why Are We Spending So Much When We’re Drowning In Debt?
Andre Taissin via Unsplash
There’s never been a more expensive time to be alive. Rent is astronomical, buying a car is impossible, and you can forget about your dreams of a white picket fence because you can’t even consider putting a down payment on a house.
With excruciating inflation, student loans and the overall cost-of-living soaring, it seems like we’ll never be financially secure as a generation. I recently saw a TikTok where an older woman claims she once bought a house for $1,200. That’s my share of rent on a three bedroom apartment that lacks a dishwasher or washer/dryer…
And while it would be the fiscally responsible thing to work towards paying off those student loans, or saving for said house, it still feels unattainable. Plus, it’s so hard to even think about chipping away at the debt when you get a dopamine hit of instant gratification from a nice new bag.
Much of it feels like a shift in our generation’s mindset: tomorrow isn’t promised, so buy the damn outfit. All the debt we’ve already accumulated at such a young age is crippling…so why not find some enjoyment in life.
It’s easy for older generations to advise us to “just save up” and “don’t spend frivolously” when they never grappled with inflation. But now, groceries are over $150 per trip alone. Everything in this life is expensive.
And with trends like Little Treats and Girl Math, spending got a lot less serious when you realize everyone else is doing it.
Everyone Feels The Need To Spend More
Erik Mclean via Unsplash
According to an article by Money Wise.
“A recent study from Wells Fargo reveals 59% of affluent millennials — with $250,000 to more than $1 million in investable assets — feel it’s important to appear more financially successful than others, compared to just 35% of Gen X and 14% of baby boomers,”
So yes, the younger people feel obligated to spend more. It’s baked into the generation to live the high life…even if we can’t afford it.
However, there’s still hope for the reckless spender in all of us.
Ways To Live The High Life Without All The Debt
Sasun Bughdaryan via Unsplash
Look, your debt it’s always going to be sitting there, guilting you and stressing you out. If you don’t deal with it now, you’ll have to later…and interest only makes it worse. So, the first tip is to settle your debt, or at the very least start to.
If you’re like most people and want to chip away at that debt yet still live a little, here are my tips:
Budget Wisely:
Set a realistic budget and stick to it. Allocate specific amounts for your various expenses, including entertainment, dining out, and leisure activities. This can help you manage your finances effectively and cut down on impulsive overspending.
Prioritize Experiences Over Things:
Instead of binging on material possessions that instantly depreciate in value, invest in experiences that leave lasting memories. Traveling, attending free outdoor concerts or visiting museums on pay-what-you-can days, or trying new activities can provide a sense of luxury without the hefty price tag.
Opt for Affordable Alternatives:
Look for more affordable alternatives to high-end products and services. For example, consider shopping at outlet stores, thrift shops, or online marketplaces for discounted designer clothing and accessories. (And check out our drugstore makeup recs here!)
Negotiate and Bargain:
Don't be afraid to ask for discounts or negotiate prices, especially when dealing with high-ticket items or services. Many vendors are willing to offer lower prices or additional perks to secure your business.
Stay Financially Disciplined:
Make a habit of regularly reviewing your finances, tracking expenses, and saving for future goals. I know — even glancing at your bank statements can be anxiety-inducing…But, by staying disciplined and mindful of your financial health, you can enjoy the high life without the burden of excessive debt
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Oh, how far we’ve come! Recently, it was revealed that — finally! — women CEOs at Fortune 500 companies outnumber male CEOs named John. A dubious milestone, but it's something to celebrate.
Though women have come pretty far in society, the progress we've made is far from enough. From the pay gap to daily microaggressions, it’s still obvious that women are treated as lesser than in society. This is especially clear when you look at how few female-founded businesses there are.
According to Rolling Stone, it’s crucial to support female-owned businesses. They report: “While it is true that the different experiences and backgrounds that women and men have undoubtedly affect business approaches, this is a good thing. A business with diverse perspectives is an innovative business that can push the boundaries of industries.” Like with any other social justice cause, uplifting marginalized folks is good for everyone involved. We all benefit from the increased, diverse worldviews brought about by representation.
The article continues: “Having a gender-diverse business yields better consumer insight, and in turn, a more profitable business. Back in 2015, McKinsey & Company found businesses that were more gender-diverse were likely to outperform approximately 15 percent above the industry median. Years later in 2020, they found that the percentage had increased to 25 percent.”
Therefore, even if we aren’t focused on all the social and political reasons to uplift female entrepreneurs, it’s better for everyone’s bottom line if we do.
Yet, despite this oft-proven reality, archaic stereotypes and oppressive systems stand in the way of progress in every sector. An article in Business News Daily outlines some of the obstacles women face as entrepreneurs. The number one hurdle they face? Social expectations.
The article advises that in order to beat this imposter syndrome, female founders should stick to their guns rather than trying to conform. “Women may feel as though they need to adopt a stereotypically "male" attitude toward business: competitive, aggressive, and sometimes harsh. But successful female CEOs believe that remaining true to yourself and finding your voice are the keys to rising above preconceived expectations.”
But often, women are told their lack of professional advancement is their fault. You’re too shy. You’re not assertive enough. You need to ask for what you want. Otherwise, how do you expect to get it?
However, despite this refrain, it’s not their fault. This scapegoating convinces ambitious women that if their careers are stifled, it’s their fault. This causes imposter syndrome, lack of representation, and real industry consequences.
According to BND, “Raising capital is even more difficult for women-owned businesses. A 2014 Babson College report found that less than 3% of companies with venture capital funding had female CEOs … venture capitalists tend to invest in startups run by people of their own ‘tribe.’”
Other things that get in the way of women climbing the ladder to success include: struggling to be taken seriously, owning their accomplishments, building a support network, balancing business and family life, and coping with the fear of failure.
These are real, tangible barriers that most female entrepreneurs face. The women who have succeeded should be celebrated — and this month is the perfect one to do so. Luckily for us, we can vote with our dollars, supporting the businesses we love so that there can be more like-minded companies out there in the world.
Here are some of my favorite female-owned brands to support in the pursuit of equality:
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Photo by Alexander Shatov on Unsplash
When you think of personal finance, what springs to mind?
Kevin O'Leary of Shark Tank fame? Dave Ramsay yelling into a podcast mic? Finance bros tracking their Bitcoin? Unfortunately, these are the images we're constantly bombarded by. So they're the archetypes overwhelmingly represented in personal finance.
But it's not all Chads in down vests and dad-types shaming you about your financial faux pas, the personal finance world has grown increasingly dynamic and diverse.
With the rise of social media, the importance of financial literacy has entered the mainstream, as essential information is no longer confined to impenetrable, official documents. Instead, educators have changed their approach and are making the intimidating world of managing your money far less scary.
Through graphics, memes — and other whimsical mediums — online financial advice that's geared to younger generations is more and more common.
Now, with the help of TikTok — an app unique for wildly popularizing previously niche subjects — personal finance talk has become ubiquitous.
Who's Doing the Talking
The beauty of social media is its power to democratize. Though TikTok has been criticized for promoting those its algorithm chooses — and has even resulted in strikes from Black Creators demanding to be given more credit — it's also granted platforms to people with different experiences and backgrounds.
When it comes to financial advice, TikTok makes it super relatable. No longer is advice restricted to "skip your morning latte" and "quit that avocado toast" or other millennial-shaming behavior. These days, young people directly advise their peers by sharing sympathetic experiences.
From debt repayment to financial freedom journeys, people are engaging with the obscure realm of finances in a charismatic way.
Financial Feminists … But Don't Call Them Girlbosses
One huge TikTok sub-movement that's emerged is the Financial Feminist movement, which urges women specifically to take charge of their finances.
However, this isn't a repeat of the early 2010s Girlboss Feminism or even Corporate Feminism which encourages women to rise up within an established system. This is a whole new ball game.
By empowering women to speak to each other, personal finance is no longer a shame game. Instead of scrolling through Reddit threads that mock people who support the trappings of the patriarchy like makeup or highly feminine clothing — which are often deemed necessary for society to take one seriously, if not by Reddit bloggers — women learn from other women about how to manage their lives.
There's also information about unlearning feminized behaviors, helping women break out of socially coded patterns that hold them back from asking for help, asking for more, or asserting — and believing! — their true value.
Financial Feminism takes into account the wage gap, talking about gendered norms and systems that prevent us from living financial lives equal to our male counterparts.
Even more radical, however, are accounts that incorporate intersectional politics and social commentary. Instead of merely assessing the numbers, they examine the social structures and hierarchies that cause people to treat their money differently and radically affect how they live their lives.
From educators like The Financial Diet and Amanda Holden of Dumpster.Doggy to wealth-building experts like Tori of HerFirst100k, female finance gurus are taking over every niche.
@thefinancialdiet #greenscreen spreadsheets are life #organizing #budgetspreadsheet #personalfinance #spreadsheets #spreadsheettricks #fairplay #fairplaylife #chores
@dumpster.doggy girls and money
These little communities have become hubs for financial empowerment for marginalized genders with the mission of helping them know themselves better, do better — and have fun while doing it!
The evolution of Gen Z personal finance TikTok
Over the years, as the TikTok machine has taken over every facet of our lives — becoming Gen Z's preferred platform for search, shopping, and social activism — more and more niche subcultures have risen just to fade away. However, personal finance TikTok is still going strong, now with a new class of Gen Z faces documenting their pursuits of financial freedom.
This is the generation that spawned phenomena like Girl Math — which is essentially embracing sunk cost in real time and making your money fit your lifestyle, not the other way around — and Little Treats — aka Gen Z's Treat Yourself mantra. So it should be no surprise that many new creators are finding creative ways to approach their money and make financial literacy not just accessible, but fun.
Vivian of YourRichBFF is an ex-Wall Street girlie and millionaire who reached viral fame with her "big sister/BFF" content, shamelessly claiming the title of "rich" to destigmatize women earning the big bucks — and talking about it!
@yourrichbff Do you want to be Rich AF?! Well here's the book for you. #finance101 #financetiktok #finance #money #moneytok #books #nonfiction #personalfinance #personaldevelopment #career #investing #wealthy #wealthymindset #rich #job #budget
But most Gen Z finance TikTokers are earlier than their careers. Many of the oldest Gen Zs have graduated college and entered the workforce. And they're documenting that transition on TikTok. The popular "Day in my Life" TikTok format has been adopted by the personal finance set for "What I Spend In a Day" videos, especially in major cities, to track and show their realistic cost of living for early-career professionals.
@alexisbarber_ xoxo #whatispendinadaynyc
Another popular Gen Z TikTok format is the "Payday Routine' where creators show not just how much they earn, but what exactly they do with it. With many of their audiences practicing budgeting for the first time, these videos demonstrate how creators distribute their paychecks from checkings to savings to debt payoff.
@itslexilarson Payday & budgeting routine on a $58k salary!!! 🤪🫶🏻 im not claiming to be a money expert I just like to share bc I think talking about money & salary transparency is important. Also ur stinky #salarytransparency #paytransparency #paydayroutine #paycheckbreakdown #budgetingroutine #genzbudgeting
What the evolution of personal finance on TikTok shows is that there's always room for everyone. TikTok is making finances accessible and understandable to Gen Z, and inviting underrepresented groups to claim financial freedom for themselves.
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