June 24, 2024
CNBC recently published an article featuring Greg Stoller, Master Lecturer of Strategy and Innovation, discussing the “no-spend month” TikTok challenge where participants refrain from non-essential purchases for a set period.
On the surface, this challenge seems beneficial but is likely to backfire over time. Its goal is to redirect funds toward long-term financial goals by curbing unnecessary spending habits; however, experts caution that achieving this can be challenging, given the allure of easy online spending.
“Just as Americans often fail to uphold their New Year’s resolutions, it’s even easier to break a no-buy promise with a simple click. And in most cases, you don’t even need to make the extra effort of opening a laptop if your phone is in your pocket,” Stoller added.
Rather than leaning into these quick fixes, financial advisors recommend cultivating sustainable habits like budgeting and mindful spending to achieve lasting financial health.
