As grocery store prices continue to rise, arecession in 2023feels almost inevitable.
A scary thought, but there are ways to minimize the effect it has on your finances.
To start, experts are suggesting people cut unnecessary expenseswhat TikTok has dubbeda financial cleanseand focus on saving.
Design by Channing Smith
As a result, several budget challenges and saving games have gone viral across all social media platforms.
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That’s how Jasmine Taylor, also known as@baddiesandbudgetson TikTok, learned of the challenge.
I found out about it through Pinterest, she says.
I created my own version and managed to complete the challenge twice the first year I attempted it.
So how does it work?
Its called a challenge, but the process is quite simple.
First, you should probably decide how much you want to save.
when you obtain a financial goal in mind, create a time frame that’s feasible for you.
Then each day, for 100 days, randomly choose an envelope.
In the below TikTok, Washington is saving $10,000 in 100 days.
In her notebook she has written every day with each amount next to it.
Every time she gets paid, she puts that amount in cash into the envelope.
Taylor was also able to save thousands of dollars thanks to this method.
I saved over $11,000 in 2021 with it, she says.
And I was able to make a large payment toward my student loan balance with the savings challenge funds.
Monique Wilson is the editorial assistant atGlamour.
