Could these social media trends help you save money?
4 min | 30 October 2023
A recent Chase survey revealed that every demographic is concerned about the rising cost of living. Many of us are looking for fun and creative ways to save, and we've found three top money-saving trends on social media that you can try today.
Ordinary A4- or A5-sized binders are transformed into bedazzled 'budget binders' for clear and creative cash management. Social media users decorate them with motivational sayings, stickers and aspirational photos, then use transparent pockets to categorise their cash.
Mood board and money management system, a budget binder is a personalised physical reminder of both your future goals and current funds.
How to try it:
- Start with an A4- or A5-sized binder and transparent binder sleeves.
- Customise the covers and designate a sleeve for each of your regular expenditures and long-term goals.
- Decide on a weekly budget and withdraw it in cash. You'll be limited to shop at places that accept cash, of course. Place the notes in their corresponding sleeves. At the end of each day, return any change to its sleeve.
- At the end of the week, you’ll be able to see what you’ve saved and reallocate as you see fit.
If contactless is more your style, consider giving your mobile device a budget binder makeover. Use an inspiring image as your screensaver and set up accounts to manage each week’s budget in your banking app.
With Chase, you can easily open extra current accounts and switch between them at the end of each week (press the Chase icon rather than tapping it and a shortcut menu pops up to allow you to choose the 'spend from' option).
18+, UK residents.
The savings ladder
A reward for saving and a reward for spending once you’ve saved – the savings ladder could help you keep setting larger savings goals.
The trick is saving more than you need. If you want a £100 pair of headphones, your actual goal is two to four times that amount – the stretch goal. Instead of stopping at £100 (which would be the first 'rung'), you use each rung to work toward the stretch goal, and only make your purchase once you reach the top rung (which in this example could be £200 or £400).
The savings ladder could help you find ways to reward yourself while working toward your bigger goals. The real reward could be a change to your mindset and the way you save.
How to try it:
- Decide on your reward.
- Multiply the cost of that reward by two, three or four for your total goal.
- Don’t stop at the cost of your reward. Use each rung as its own goal.
- When you’ve saved your total, reward yourself. After that you can start thinking about your next reward – you can save towards it with your remaining money.
DIY all-natural home cleaning hacks
Saving money doesn’t have to be a chore. Influencers are tackling household tasks the economical and environmentally-friendly way with homemade cleaning products.
Homemade cleaning products could help you reduce waste and keep your home smelling fresh for a fraction of the cost of premium brands.
How to try it:
For an all-purpose cleaner or pet- and child-friendly ant repellent:
- Save citrus peels and a sprig of fresh rosemary in a clean spray bottle.
- Add white vinegar, covering the peels and rosemary completely, until the bottle is half full.
- Fill the rest of the bottle with water.
The citrus-scented savings don’t have to stop there – you could also germinate the citrus seeds for future plants.
- Keep an open mind – consider trying new money-saving tips more often
- Make it collaborative – get everyone in the household involved and turn saving into a social activity
18+, UK residents. A Chase current account is required to open a saver account.