‘Saving living expenses’ is trending on TikTok
“I will cut out eating out this year and save $200 (about 270,000 won) per month.”
Natalie Fisher, a 25-year-old woman living in Seattle, Washington, USA, declared this through a video on social media ‘Tik Tok’ on the 4th.
He said he would not go to a luxury gym that costs $408 a month and would save an additional $100 a month by refraining from impulse spending. Mr. Fisher emphasized, “We will use the money saved through this ‘Living Cost Management Declaration’ (Loud Budgeting) to prepare retirement funds.”
Recently, the ‘Living Cost Management Declaration’ challenge, in which young people like Mr. Fisher boast about their frugality and frugality, has been gaining popularity in the United States. The goal is to reduce spending on eating out, traveling, exercising, etc. and increase savings in an era of high inflation.
The person who started this trend was famous comedian Lucas Battle. In a TikTok video on December 30 last year, he said, “Really rich people don’t like spending money. He said, “Saving is a cool thing,” and suggested, “Let’s make a ‘Living Cost Management Declaration’ in 2024.” CNN reported that in less than two months, approximately 600,000 people expressed their intention to participate on TikTok alone.
They said, “I declined my friends’ offer to go on a friendship trip. He showed off his ‘salty consumption’ by saying, “I will start by paying off my student loans.” “Instead of eating at expensive restaurants with my friends, I will invite them to my house and cook for them.” Some young people are even revealing their household accounts.
This is not unrelated to the fact that although the U.S. economy is enjoying an unprecedented boom, growing by 3.3% in the fourth quarter of last year (October to December), the gap between rich and poor based on class, generation, etc. is also growing. While the ‘baby boomer’ generation enjoys a comfortable life with ample retirement funds and rising house prices, the younger generation, most of whom do not own a home, are suffering from soaring monthly rents and living expenses. Criticism continues that the fruits of economic growth are concentrated only in a few large information technology (IT) companies.
According to a CNN poll on the 2nd, about 63% of Democrats over the age of 45 answered, “The U.S. economy is recovering.” However, only 35% of people under the age of 45 agreed to this.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.