5 finfluencer social media trends to consider

Ibrahim and his father often discuss investment strategies. While his father relies on his network of financial advisors and bankers when he wants to cross-check information, Ibrahim scrolls on his chosen social media sites and checks what his favorite ‘finfluencer’ (or financial influencer) has to say. Research shows that 60% of younger investors use social media as a source of investment information. In the UAE, research shows a high level of trust on social media for news and spending.

1. The no-spend challenge:

The no-spend challenge requires you to go without non-essentials for some time, tracking days on which you did not spend on items such as coffee, clothes, shoes, or haircuts, among others.

Take care: You might end up overspending on days that are not part of the game. ‘Think-spend’ is a better way to be when you consider what you buy and stick to a budget.

2. Underconsumption core:

This minimalist lifestyle suggests that no one needs that much stuff. It relies on maximizing the use of what you buy, and spending money on only what’s needed instead of shopping for no reason.

Do it: Questioning what you buy makes for a sustainable lifestyle, especially if you prioritize quality over quantity.

3. Loud budgeting:

The loud budgeting trend is about embracing your frugality with confidence. It means letting people know that you are on a budget.

Embrace it: Ibrahim’s loud budgeting was about meeting a financial goal to pay off his car finance. But be careful of oversharing financial information on social media.

4. Poor people habits:

Good financial habits include adding a little water to the last of a hand-wash bottle to ensure that all of it is used before you throw it out; turning off lights before leaving the room; checking the discount section of the supermarket before going for the latest products; or reusing bags even when you don’t have to.

Reword it: Call it money quirks, or saving tips. The idea is to ensure that you maximize the use of every product and minimize waste.

5. Cash envelopes:

With the belief that handling cash makes spending more real, this trend had everyone cashing out their salaries to stuff into envelopes marked ‘rent’, ‘dining’, ‘holiday’, and so on.
Try it: While saving money marked for specific short-term goals is a good budgeting strategy, being overly reliant on cash doesn’t build a credit trail, nor allows for digital bill payment.
Trends like ‘soft saving’ make budgeting fun for everyone, if they become part of your lifestyle.

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