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MARKETANALYST.US / ECONOMY & WORK

Woman Shares Three Ways in Which People Can be Smarter About Spending Money

She says that a good baseline for a person to start is 50% towards essentials, 30% towards lifestyle, and 20% towards savings and debt. 
PUBLISHED MAY 16, 2024
Cover Image Source: TikTok | @mohaewithjennypark
Cover Image Source: TikTok | @mohaewithjennypark

Even as prices are going up while salary hikes are not keeping up, and a plethora of financial advice is floating around online, financial literacy in the US is still around 50%, as per the annual survey by the World Economic Forum. Amidst this scenario, TikTok creator @mohaewithjennypark shared three tips that can help people elevate their finances. She started off by mentioning how people need to start by curbing the "delusional" spending.

She said, "It is okay if you don't go on that vacation, it is okay if you don't have the latest handbag, it is okay if you don't buy that latest skin care product. Take a look at how much money you bring home every single month and how much you owe every single month. "

Image Source: @mohaewithjennypark | TikTok
Image Source: @mohaewithjennypark | TikTok

She adds that a good baseline for a person to start is 50% towards essentials, 30% towards lifestyle, and 20% towards savings and debt.

"Number 2, you're going to pay your future self first, that means investing for your retirement, saving up for an emergency fund, or paying off debt. I know that sometimes, you can look at your financial situation and be like, 'It's not fair, I work so hard, why can't I see the money."

She urges people to refrain from the situation, she explains how it's never like you are not seeing the money, you are simply paying your future self.

"Your future self will thank you for laying the foundation now."

Marketingvrouw | TikTok
Marketingvrouw | TikTok

"Lastly, she talks about how it's extremely important to "rewire your brain and stop comparing yourself to the people. If you look around other people and wonder, how are they affording that lifestyle? I should be able to afford that lifestyle too."

She then talks about how things like rising credit debts should serve as a reminder not to spend too much. "I promise you we can all rewire your brain and up-level finances in 2024."

"I am here to help you," she says before ending the video. People appreciated her pieces of advice content we need! "Thank you for this. You've gained a follower and I'll be referring to this video often 🫡ice with many thanking her in the comment section," read one of the top comments by @mhlekazi_mfene, while another writes, "Literally getting off Instagram and changing my TikTok algorithm has made a huge impact in paying off debt and investing."

Chica's Mom | TikTok
Chica's Mom | TikTok

Others claimed that cutting a few habits off their lives has helped them increase their savings substantially. "I said to my fiance, we make way too much money to have this little savings. I’ve deleted Uber eats etc and spent $700 less than last month," writes Sarah Mauro.

Recent reports suggest that Americans have been actively curbing their expenditures in the last couple of years. According to Go, Americans have praised their spending in April from March as inflation continued to rise. ABC also reported, how Retail sales were unchanged and coming in well below experts's expectations.

For more financial content, follow (@mohaewithjennypark) on TikTok.

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