Overview
Social media expose us to countless opinions and countless trends. It’s more important than ever to practice critical thinking skills. In this article, we will review nine social media trends in personal finance and consider whether they are mere fads – or useful.
While social media will often gloss over the difficult aspects of personal finance, the reality can be quite different. If you need quick funds to pay for urgent expenses or close a gap in cashflow, apply for a personal loan online via Friendly Lender. We don’t check your credit score or credit report during our simple and quick online application process.
Trend #1: Underconsumption Core
Overview: Underconsumption core involves continuing to use or repurposing old household items, instead of purchasing new ones.
Fad or Useful: Generally useful. It can be a good idea to make the most of your existing items, as it may lead to additional savings.
Trend #2: Slow Fashion
Overview: Slow fashion emphasizes sustainable and eco-friendly production as well as quality and durability of clothing.
Fad or Useful: It can be useful, as purchasing clothes with a focus on durability and quality will likely result in additional savings long-term.
Trend #3: Minimalism
Overview: Minimalism represents pushback against a culture of conspicuous consumption and involves minimizing your possessions.
Fad or Useful: Once again, it can be a useful approach, as it may help reduce unnecessary spending.
Trend #4: Sustainable Fashion
Overview: Sustainable fashion involves choosing clothing that was manufactured in a green and environmentally friendly manner as well as keeping an eye on the longevity and quality of the clothing, similarly to slow fashion.
Fad or Useful: It can be useful to help reduce environmental impacts, although its impact on personal finance may be more ambiguous.
Trend #5: Soft Saving
Overview: Soft saving involves moderate saving practices and not denying yourself occasional pleasure spending.
Fad or Useful: Useful in moderation, although it’s still important to be mindful of your spending.
Trend #6: Intentional Living
Overview: Intentional living involves making decisions based on personal values and beliefs, rather than impulses and flashy trends.
Fad or Useful: This can be a useful approach in general. Mindful spending based on personal values may result in a better outcome than frivolous spending.
Trend #7: Loud Budgeting
Overview: Loud budgeting emerged in opposition to quiet luxury and refers to being open about your budgeting and need to save money on a given occasion, instead of quietly flaunting an indulgent lifestyle.
Fad or Useful: While it can be useful to be open about your budgeting, it is not a requirement. The important part is budgeting, rather than budgeting loudly.
Trend #8: Revenge Spending
Overview: Revenge spending involves an increase in pleasure spending following a period of restriction or hardship, such as the COVID-19 pandemic.
Fad or Useful: This is a fad and not particularly useful. Increasing your spending in response to emotional needs is unlikely to be a good decision.
Trend #9: Low-Buy Challenges
Overview: Low-buy challenges involve foregoing new purchases in favour of continuing to use existing household items.
Fad or Useful: This can be a useful practice, although long-term habits are more important than short-term sprints.
Final Thoughts
It’s important to view social media trends with a critical eye. In this article, we reviewed some recent social media trends and determined whether they are fads or potentially useful.
At Friendly Lender, we realize personal finance can be complicated. If you need quick funds, apply for a personal loan online via Friendly Lender. We don’t check your credit score or credit report during our simple and quick online application process.
