With rising inflation, increased housing costs, and general panic around a looming recession, the idea of spending less and saving more has struck a new chord with the Millennials — and they’ve given it a name: “underconsumption core.” Like with “loud budgeting” and “spaving,” underconsumption core is yet another trendy term for something that has existed forever: Being frugal. Now Millennials are making their own dry shampoo from scratch, thrifting furniture, and chopping up old towels to use as cleaning ragas. Financial experts are warning, however, that social media finance tips should be taken as inspiration, rather than advice. “Advice can only truly occur when someone knows you and your financial situation personally,” said Julie Guntrip, Head of Financial Wellness at Jenius Bank. She says if you’re truly ready to address your financial future and set some real goals, you need to look at where your money is going, set a spending budget, avoid impulse purchases, and appreciate what you already have.
