George Kamel, financial expert and Ramsey Personality, published a YouTube video where he shared his opinions on several different pieces of money advice that are popular on TikTok.
Kamel explained that some popular TikTok savings challenges are good and some are “technically fraud,” such as the viral ATM check fraud that has several people in serious legal trouble.
In this video, Kamel reviewed these challenges and then shares what he thinks about them. He also offers his own money saving tips at the end of the video for viewers to try, instead of doing these challenges.
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TikTok Savings Challenges
In the video, Kamel shared three TikTok savings challenges that have become popular.
The $5 Challenge
In this challenge, people save all of their $5 bills throughout the year. One woman explained that she saved $1,000 in one year using this tip. Kamel said he likes its simplicity, but it won’t work for many people because not everyone gets paid in cash.
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The 100 Envelope Savings Challenge
In this challenge, a TikTok user explained how she uses a small binder with 100 slots. She saves the dollar amount that matches the envelope number. So, if she selects an envelope with a 13 on it, she saves $13. Kamel said that he gives this challenge an “A for arts and crafts” but “an F for financial progress.” The reason is that there is no urgency to save with this challenge, so it could take a long time.
$10,000 in 100 days
In this video, a TikTok user explained her method for saving $10,000 in 100 days. She places envelopes numbered $2 through $200 in a bag. At the end of her work shift, she reaches into the bag, selects an envelope and saves that amount. Kamel acknowledged that it’s a creative way to save, but he also says he doesn’t want his savings rate to be determined by the luck of the draw.
Kamel’s 7 Money-Savings Tips
Since Kamel wasn’t inspired by the TikTok trends he saw, he shared seven of his own money-saving trips. Ultimately, Kamel explained that the biggest commonality between the TikTok challenges and his viewpoints is that you have to “create margin.” In other words, in order to save money, people have to find a way to spend less than they make so they can have extra cash to save. Below are Kamel’s top money-saving tips:
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Try a no-spend month: Kamel recommended doing a 30-day challenge where people only buy the essentials.
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Shop smarter for groceries: Kamel recommended shopping at discount grocery stores, creating a meal plan and sticking to a list.
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Eat out less: Kamel explained that restaurants mark up food by 300%.
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Evaluate your subscriptions: Not every subscription is necessary.
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Perform an insurance checkup: Regularly review what you’re paying for insurance and call your insurance companies to see if you can get a lower rate.
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Hunt for discounts: Searching for discounts whenever you shop is a good habit that can help you save significantly over the course of a year.
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Buy secondhand: Buying items secondhand is a great way to save on marked up costs.
Other Tips From Kamel
The tips above would work for many people in their daily lives and George has several articles online that provide even more in-depth tips, like travel hacks. For example, George recommended traveling on the cheapest travel days, which are Tuesday, Wednesday and Saturday and flying on airlines that don’t charge extra for bags, like Southwest. He also shared an article with 27 side hustle ideas for those who want to earn extra money to meet their savings goals faster.
This article originally appeared on GOBankingRates.com: 7 Money-Saving Tips From George Kamel — Stop ‘Dreaming Small’ With TikTok Hacks
