It’s not only new fashion or lifestyle trends popping up every other day on your FYP or in your newsfeed. There is a lot of personal finance content on social media, and it can be hard to know what is a passing fad, whether the advice is trustworthy, or if it’s content to swipe left on.
As Julie Beckham, a financial education expert also known as Ms. Money, always says, it’s called personal finance for a reason: it’s personal. Your financial journey will be filled with unique goals, opportunities, and challenges, but that doesn’t mean you need to face them alone.
Julie is here to break down the latest personal finance trends, offer sound advice, and help you live your best financial life. Let’s unpack the latest personal finance trends generating buzz:
Trend #1: Micro-retirement
What is it: Micro-retirement is a planned time off from work that typically lasts several weeks or months to pursue personal fulfillment, travel, or passion projects, with the intention of returning to work afterward.
Julie’s Take: “For many of us, our vacation days are spoken for long before the year begins. Between weddings, graduations, and family reunions, there’s little room left for a true break. This is where the concept of a micro-retirement comes in, offering a more profound reset than a typical vacation.
A micro-retirement is essentially a short, self-funded sabbatical. It’s an extended, unpaid break from work that allows you to pursue personal passions, travel, or simply decompress without the pressure of a packed schedule. It’s an opportunity to truly recharge and explore your interests during a time when you are young and active.
Before you book that one-way ticket, it’s important to plan carefully. A micro-retirement should not come at the expense of your actual retirement:
Talking openly about your desire for a break can be a valuable practice. It helps set boundaries and priorities while gaining the support you need to make this worthwhile time off a reality.”
Trend #2: Memory investing
What is it: Memory investing is the practice of allocating your time, energy, and money towards creating lasting, positive experiences and memories rather than focusing on spending money on material possessions.
Julie’s Take: “The term ‘memory investing’ sounds like a way to financially justify paying for experiences, but you shouldn’t have to apologize for prioritizing what matters to you. If making memories is a financial priority, then budget for experiences without apology!
While they may cost money, experiences are often truly priceless. In a world of overconsumption and an abundance of “stuff,” prioritizing experiences can be an important decision in leading a more personally fulfilling life.
Start planning ahead by naming your bank accounts after your goals. Want to make memories in Hawaii? Then name a savings account for that trip and send automatic deposits with every paycheck.
You can save up so you can pay for all or most of your goal expenses with money you already have. Setting up regular automatic transfers through your bank is a simple and effective way to stay on track. This automation ensures that you’re consistently saving for the experiences you want to have!”
Trend #3: Loud budgeting
What is it: Loud budgeting is a financial communication technique that involves transparency with your social circle about your financial limitations and goals.
Julie’s Take: “Whether you’re purchasing a movie ticket or joining friends for dinner downtown, social expenses can add up. Balancing your social ‘wants’ with your financial ‘needs’ can feel very overwhelming. This universal internal conflict relates to the concept of loud budgeting.
It is possible to stay true to your financial goals while maintaining a social life, but more than loud, you need to be vulnerable. The concept of budgeting and saving money can be stressful for anyone, so having a more open, honest dialogue about it can be empowering and help identify tips and tricks you may not have encountered. There is also an element of community and solidarity you gain by talking things out with peers and others who are in similar situations, as with most other things in life!”
Trend #4: Revenge saving
What is it: Revenge saving is a financial trend of aggressively cutting back on discretionary spending, often in response to economic instability or a desire for greater financial control.
Julie’s Take: “Remember when the world opened up after COVID and everyone was traveling? That was an example of what I call ‘revenge travel.’ We were tired of our own four walls, social distancing, and not being able to be out in the world.
Skip to today. With a recession on the horizon, we now have a trending concept called ‘revenge saving.’ We are scared about the world, but building and checking our growing savings somehow feels like a warm hug. Global and national uncertainty has led us here.
It’s hard to knock any desire to save, so the ‘revenge saving’ trend is something I can get behind—to a point. Generally, my savings advice is to automate your savings so you don’t have to think about it. I advise “paying yourself first,” like your savings is your most important bill. Revenge savings is leveling up your savings to a point where you not only automate it, but you go after it, like you would a personal record at the gym. Save ‘til you feel it, ‘til it hurts. Actively spend less so that you can save more.”
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Personal finance education is an ongoing process. While it may sound overwhelming to consider all these trends that have popped up on social media, the key is finding the ones that apply to you and your personal situation. We’re here to help!
Check out our Learning Center for more resources about personal finance so you can develop a strategy that works best for you.
