(WTNH) — A new trend on TikTok shows people breaking down their paycheck — down to the pennies — and revealing what they do to save money.
One TikToker, Daniela Martinez (@dailydaniii), said she splits her weekly check into three different ways.
“It’s a lot of vulnerability of putting it into TikTok, but what it gets back to me is that accountability piece and making sure that others are learning with me,” Martinez said.
TikTokers Martinez and Ana Marcks (@thebudgetasian) are some of the many jumping on board the latest financial trend hashtag: #PayDayRoutine. Users are posting themselves breaking down their paycheck, accounting for every penny that goes to their bills, daily expenses, and even a leisurely day out.
“I spent $10.79 on two donuts and a coffee,” Marcks said in a TikTok. “The ticket was $18 and I spent $20.36 on these chicken fingers.”
Martinez said the last thing she does is pay-off any credit cards she has.
“Start with the 50 30 20 method,” Marcks said. “Half of your take home income would be for needs 30% for Wants and then 20% for savings.”
“It really creates this sense of not only social accountability, but it also teaches everyone else about what is actually working and what is actually not working when it comes to peoples’ financial lives,” Michael Liersch, head of advice and planning at Wells Fargo Wealth and Investment Management, said.
One survey reported that roughly 60% of consumers lived paycheck-to-paycheck, with 66% of those consumers being Gen-Z.
“I used to spend my money on things I didn’t need and honestly, I wasn’t very happy about it,” Marcks said.
“Even with my friends, like, they might want to go to a dinner and I might say it’s 50% cheaper to go to a happy hour, can we do that?” Marcks said. “It’s benefited everyone in my life and forced us to become a little bit more creative.”
This gives them more control of their money, and they’re inspiring their followers to do the same.
Even if you’re not willing to be the one to put your spending routine out there, perhaps it may help you save to follow others and hear what works.