Finance coach explains why she lives on a $50 a month budget and how easily she does it

In the age of capitalism and retail therapy, it's hard to hold onto your cash. Most people would like to spend a leisurely weekend after six days of work obligations and indulge in some fun activities or getaways that cost money. As a result, by the end of each month, a majority of people end up spending more than they can save or earn. But one woman on TikTok is showing exactly how to avoid that and live on a tight budget while saving a surplus of her income.

28-year-old Alexis Howard who goes by @financiallybrave on TikTok, made a video of a day in her life living on a minimal budget. This smart budgeting pro only allows herself to spend $50 a month while living in San Francisco. Howard, who is a finance coach by profession is determined to not spend more than her set amount on non-essential items and as a result, she ends up saving a lot of money which would have gone into pointless expenditures.

Howard's video showed that by the middle of July 2023, she only had $17.34 left to spend for the remainder of the month. She is also aware of the positive and negative sides of dwelling on a minimal budget and believes that it's important to focus on the positive sides of it while budgeting. The budgeting expert showed a day in her life where she can be seen leaving her apartment building to catch a bus which she missed but since she can't afford to book an Uber, she decided to wait for the next bus.

"The negative was that I couldn’t order an Uber because I’m on this challenge," she says. "But the positive is that I had an extra 10 minutes to enjoy myself before starting my work day." Howard's work days are usually full of attending meetings and giving presentations at her office and just like every working professional, she wanted to unwind as soon as she got back home. But instead of spending money on some takeout meal, she chooses to take her dog out for a walk and relax with this "healthier alternative."

"Nothing and I mean truly nothing, has saved me more from ordering food than having ready-to-go meals on busy days like these. I cannot stress enough how easy accessibility to food is and it’s so helpful when trying to end a takeout habit," Howards quips. She treats herself to a dessert after dinner which is some cinnamon rolls that were already in her house. "And that was a day in the life of a girl on a budget!" she adds.

Howards also had an opportunity to chat with Newsweek and elaborate on how she challenges herself each month to stick to her budget. "While this challenge has been refreshing, it is also very limiting. Hair maintenance and trips to the nail salon are not included in my budget and I do miss the convenience of having access to these services," she told the outlet. "It's your mindset that will determine your success and level of discipline."

TikTok users were impressed at how Howard was so disciplined when it came to sticking to her $ 50-a-month budget. @avrilm123 wrote: "Not managed to live on £50 a month but massively decreased my spending so thanks for the inspiration." @martinejskaret commented: "Well done girl but you’re doing all that work you should be having more money to spend." @yiotzz added: "I love that although you may come across negative points to your day, you always find a positive! I'm going to try to adapt this too!" Thanks to Howard and the budgeting tips she shared, it will help people avoid scraping from their savings account just to pay off the rent. 

This article originally appeared on 9.11.23.