Why budgeting tips are booming on TikTok’s discovery page

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Budgeting had a big week on TikTok.

Maybe it was the volatility of the markets, maybe it was the threat of inflation, or maybe it was just the fact that the ever-popular New Year’s resolutions for financial health are getting harder to fulfil. as the year progresses. But this week, posts on the platform of short videos with the hashtag budgeting surged on TikTok’s Discover page.

This is valuable real estate. The company said last year that more than a billion people around the world use the app every month. Discover guides their consumption, often directing users to the kinds of topics you expect to go viral: comedy, new music, even makeup tutorials. But budgeting has had its heyday on this page, with some 41 million views for this topic over the past two days.

“It’s that time of year, the start of the year, when people reconsider their habits around fitness, self-care and finances,” said Jim Tobin, CEO of Ignite Social Media. , a Raleigh-based social media marketing company. . “Combined with truly unusual financial circumstances in terms of inflation, labor shortages and rising rents particularly affecting young people, hashtag budgeting is ripe to become a topic of conversation on TikTok.”

Tobin said TikTok’s algorithm is personalized, but a significant number of viewers — as well as connecting to notable events — could generate a hashtag on the Discover page. The Discover page may differ by user and geography, but hot topics may be high across the globe.

An important topic in the budgeting category: inflation. It exploded across the globe, a fact that TikTokers didn’t miss.

“You can tell how well you are doing in life by your reaction to inflation,” TikTok user @ansdewschiavone joked in a video posted Thursday. “For me, the higher the inflation, the older I feel, because I caught myself saying out loud at the grocery store the other day, ‘How much are grapes?'”

For others who might feel pressured by higher prices, a number of videos asked people to practice “cash stuffing” – placing fixed amounts of money in specific envelopes for each type of expense and checking their balance at the end of the month. Other posts highlighted the challenges of saving, such as the idea of ​​putting money aside, several dollars at a time in separate envelopes, and tracking that progress until there are enough savings for an emergency fund.

The videos add to the flood of financial advice from “finfluencers” on TikTok, which has grown in popularity during the COVID-19 pandemic.

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