By Hannah Hillyer
18th May 2023
18th May 2023
We’ve rounded up our top budgeting influencers on Instagram to help you on your saving journey, whether it’s for a house deposit, a holiday, or just an outrageous pair of shoes.
Instagram is generally deemed a haven for materialism and getting us to part with our hard-earned cash. How many times have you been scrolling and started creating a mental shopping list in your head?
Interiors, fashion, new restaurants, make-up all pop up on our feeds and make us feel the need to spend. So what about when you’re trying not to?
For some, it can mean unfollowing lots of the accounts that make you feel spendy, for others they enforce an Instagram ban for a few weeks to remove the temptation. Personally, Instagram is my favourite app to use and I think it’s more about curating a feed that is a little more budget-friendly.
Recently, I’ve begun to follow more accounts that help me with my savings journey. Some talk about budgeting and this inspires me to keep going with my savings plan. Others talk openly about debt and how they are focused on clearing it.
It’s something so rarely talked about in person, and even less so on social media, but why? Put simply, it’s just not a very sexy topic. On Instagram people are looking for a form of escapism, we want to see pictures of people on holidays, wearing fabulous outfits, out for fancy dinners. The word ‘budgeting’ is not in our escapist vocabulary.
But looking at this all the time is damaging, It can create a feeling of ‘well everyone else is spending why can’t I?’. This attitude will not help you reach your savings goals, and now I love to see people opening up and talking about money online.
Instead of cutting yourself off from the app altogether, take a look at some of these more money-conscious accounts that will add a dash of realism into your daily scroll.
Alex Stedman (@thefrugality)
Alex Stedman is a stylist/editor/writer with a website and Instagram account where she talks honestly and openly about money. As her content is primarily focused on fashion and interiors, it is interesting to see how she weaves this frugal attitude into these topics, especially as they rarely go hand-in-hand online.
In terms of fashion, she is up-front when she has bought or been gifted something, with many of her outfits heavily featuring clothes she already owns. It’s refreshing to scroll down looking for outfit details to see ‘Jeans: 3 years old’ rather than a swipe up link to buy them. This shows that when it comes to fashion, so much is cyclical and we can really re-wear so much of what we already own.
In the last few years, followers have seen her and her family move into their first home and renovate it. Rather than the dramatic before-and-afters we’re used to seeing on Instagram (which all seem to take place mere weeks after the house has been bought) Alex shows the slow progress it really takes to transform a home. Sharing honestly what they have been saving up for, and how they prioritise what they need is far more realistic.
More recently, she has released an e-book all about how she manages her money, which is an enlightening read. In it, she actually shares exactly what she earns a year, which is so refreshing and unusual in the world of influencers. We would highly recommend reading it if you are looking for tips on how to cut back and save yourself. You can purchase it here.
My Frugal Year (@myfrugalyear)
My Frugal Year, which is anonymous, shares the journey of a twenty-something woman deep in credit card debt and her steps towards clearing it. She dives into the psychological reasons why she got into so much debt (impulse buying as a result of Instagram was definitely a factor) and tips on how she plans to eradicate it.
Debt is something so many people are ashamed to discuss, despite the mental health issues it can cause. Behind some people’s glossy Instagram life can be mountains of debt and a fear of never being able to get out of it.
My Frugal Year has shared the amount of credit card debt she is in, £25k plus a £2k overdraft, and how much she is chipping away every month. If you’ve been following for a while it is clear to see how slow the progress is with debt like this, and how it can really overwhelm people as it can feel you are getting nowhere. This is exactly why accounts like this are so helpful, as they show consistency is key and that it’s also OK to have setbacks sometimes.
It’s clear that, despite the anonymity, she is really resonating with people. Personally, I love to hear her posts as they are honest and self-reflective, making me think about my own spending in a new way.
Cheryl (@frugal_me_free)
A really popular account that offers practical and realistic solutions to saving. With a real emphasis on ‘it’s never too late’, Cheryl focuses on not getting caught up in what you could have saved by now, and instead looking at where to start.
Her posts are often confronting, and extremely relatable. She talks about being the person whose card declined in the shop, who didn’t save, who couldn’t stop spending and who drew money out and hoped it didn’t say ‘insufficient funds’. Almost everyone can relate to this at some point in their lives, and this honesty is what helps people to talk about it and start to change.
One of the most interesting topics is how unrealistic people are when they begin to save and budget. We’ve all been there – deciding we really need to get a grip on our finances and then making drastic changes overnight, it never works. Then when we fail, we give ourselves all the excuses in the world;
“There was never the right time, there was never enough money, there was always something more important.
I honestly believe this was because I set my goal too high. I believed it was only worth saving if it was hundreds of pounds a month and therefore I found myself either over-stretching myself and then spending my savings or putting it off.”
Her Instagram posts are often long and detailed and dip into her own journey towards budgeting and managing her finances; “Managing money didn’t come naturally to me. It took a very long time to get to this place and I’m still not there yet.”
Laura Whately (@laurawhately)
When I first started to really step back and take a good hard look at my finances this year I felt a little lost. Where to start?
Planning for the future meant looking at ‘grown-up’ things like savings schemes, house deposits, mortgages and pensions. I didn’t have a clue.
Laura Whately is a journalist who has spent years writing about money, and last year released her book, Money: A User’s Guide. The book goes through all of the topics that are often a minefield and can be incredibly daunting when you are starting out.
For me, credit score was a big one to tackle and understand, which she goes into in great depth; how to check it, how to improve it and how not to damage it going forward.
The book also offers practical advice on pensions, mortgages and paying off debt, as well as delving into money in a relationship and the effect on your mental health. A must-follow for anyone getting serious about money.
Featured photography by @thefrugality.
This article was originally published in March 2021.
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