Latest news with #MyMillennialMoney
New York Post
01-05-2025
- Business
- New York Post
‘Treat Yourself Tax' is the money hack that will kill your overspending guilt: ‘Helps you stick to your budget'
Buy the latte — but pay the price. No, not in guilt. In savings. The 'Treat Yourself Tax' is the latest budget-savvy hack sweeping social media, and it's got impulse shoppers doing double takes — one at the receipt, and another at their savings account. Advertisement The hack? Every time you splurge on something nonessential — say, a $7 iced coffee, a $30 plumping lip gloss, or a $250 'emotional support' handbag — you immediately transfer that exact amount into savings. Spend it, save it. Guilt-free gratification. 'It's about looking at your money, figuring out what brings you joy — big or small — and building that in on purpose,' said Nadia Vanderhall, financial planner and founder of The Brands and Bands, who shared her expert take with Bustle. Advertisement Unlike hardcore budgets that make you feel like you're grounded for life, this one lets you live a little — and still stash cash for the future. 'This is the kind of hack that works because it's flexible and real,' Vanderhall explained. 'It helps you stick to your budget without it feeling like punishment.' It's a concept tailor-made for a generation who knows their coffee order better than their 401(k) balance — and whose shopping carts are often fuller than their bank accounts. But Vanderhall says this simple mental money match-up can help shoppers pause before hitting 'buy now.' Advertisement The deal? Whenever you drop cash on a nonessential, you also stash the same amount in savings. Lazy_Bear – 'When you think about the tax, you start to check in with yourself and ask, 'Do I really want this or am I just stressed or bored?'' she said. 'You get more intentional with your money.' That moment of reflection echoes other recent money-saving tips that have gone viral, like the 'screenshot hack' — where TikTokkers suggest screenshotting tempting products instead of buying them immediately, to give your brain (and budget) time to cool off. Advertisement And don't forget the '1% rule,' which advises that if a non-essential item costs more than that percentage of your annual income, take at least 24 hours to think before pulling the trigger. If you make $60K, as originally shared by Glen James of My Millennial Money via CNBC, that means sleeping on any purchase over $600 — no matter how chic the trench coat. These hacks all share a common goal: cutting spending without cutting joy. 'If you can't enjoy your money at all, it's harder to stay consistent,' Vanderhall told Bustle. 'Not enjoying it can make you resent it. It's about staying grounded and connected to your why, even when you're saving. You get to connect with your money and build a relationship.' This viral savings trick joins the ranks of TikTok-famous hacks like the 'screenshot rule' and the '1% rule' — all designed to curb overspending without the guilt. Robert Peak – Best of all, the 'Treat Yourself Tax' works for any income — whether your splurge is a $4 lip balm or a $400 Dyson Airwrap. Buy something — bank something. Advertisement 'This gives you breathing room,' Vanderhall said. 'It's also good for impulse shoppers because now you've got a plan. No guilt, no guessing, just structure. Everyone, no matter the income, can implement this.' Over time, you might even redefine what counts as a treat. 'The treat also doesn't have to break the bank,' Vanderhall added. 'It can be a solo movie date, that $12 mascara mini you love, or just something that makes you feel good.' So, go ahead — treat yourself. Just don't forget to tax yourself, too.
New York Post
30-04-2025
- Business
- New York Post
This simple ‘1% rule' could save you hundreds of dollars — and curb your dangerous impulse spending
Think twice before dropping that cash — your future self will thank you. A budgeting hack known as the '1% rule' is gaining traction for helping people pump the brakes on pricey, impulsive purchases — and it's so simple, even your most shop-happy friend could use it. If you're eyeing a non-essential splurge — say, Gen Z-coveted front-row concert tickets, a high-end espresso machine, a weekend getaway at a fancy resort, or a new gaming console — and it costs more than 1% of your annual income, hit the brakes. Advertisement 4 If you're considering a non-essential purchase — like a designer kitchen appliance, a premium bicycle, a luxury fitness tracker, or a spa retreat — and it costs more than 1% of your annual income, it's time to pause. Yingyaipumi – Give yourself 24 hours to think it over before swiping your card. If you earn $50,000 a year, anything over $500 should trigger a 'cool-off' period. Originally shared by Glen James of My Millennial Money via CNBC, the 1% rule helps put a mental speed bump between you and your next shopping spree — without requiring you to give up treats entirely. Advertisement 4 While $500 might seem significant, it's easy to rationalize such purchases, particularly when you're scrolling through flash sales or tempted by a 'limited edition!' notification on your go-to shopping site. Antonioguillem – 'It isn't anything 'official' that you need to stick to,' Bobbi Rebell, CFP and personal finance expert at CardRates, recently told Bustle. 'The 1% rule is also a good way to keep things in perspective and get a sense of whether it's going to derail your finances.' Advertisement And while $500 may feel like a lot, that kind of purchase can become dangerously easy to justify — especially when you're doom-scrolling through sales or seduced by a 'last one left!' tag on your favorite shopping app. 'This rule reminds you to stop and think the purchase through,' said Rebell. 'If you'll actually use the purchase, that's fine … but if it's just a heat-of-the-moment urge, that's when the 1% rule might help pass up the item — and ultimately save big.' The strategy even works in reverse. Instead of spending that chunk of change, stash it away. That way, 'you intentionally put the money into savings instead,' Rebell said. Advertisement 'Think of it as a gift to your future self!' she said. But fair warning: this isn't a license to 1% your way into debt. 4 Repeatedly applying the 1% rule can quickly lead to significant spending, experts say, but it's not meant to be used frequently; experts advise using it sparingly for maximum effectiveness. Antonioguillem – 'If you apply the 1% rule over and over, you can end up spending a tremendous amount of money,' she cautioned. 'It's not a rinse and repeat kind of thing. It has to be used very sparingly.' Of course, spending discipline doesn't stop at handbags. Even your grocery cart could probably use a budget-friendly makeover. Enter Chef Will Coleman, who recently went viral for his '6-to-1 grocery shopping method' — a simple hack designed to help families save hundreds on food each month. Advertisement 'Whenever you go grocery shopping … use the '6-to-1' method,' Coleman explained in a TikTok viewed nearly a million times. 'You grab six veggies, five fruits, four proteins, three starches, two sauces or spreads and one fun thing for yourself.' 4 The '1%' rule and '6-to-1' hack encourage you to pause and evaluate your purchases. Monkey Business – Advertisement He created the formula after realizing his shopping habits were draining his wallet — and wasting food. 'This makes grocery shopping way easier, way cheaper, and you get in and out, so you're not there all day long,' Coleman added.
