Social media platform TikTok is full of videos from users sharing their budgeting techniques and money tricks or ‘hacks’.New ideas spread like wildfire as users seek out innovative and practical ways to keep their budgets in check. But whether they are any good is a different matter.Savings challenges promise a fun and speedy fix for your finances, but in practice many are not sustainable for the long term and could even encourage bad habits.Derek Sprawling, head of money at savings provider Spring, says: ‘Savings hacks are becoming harder to ignore, with social media and AI now consulted just as often as friends, family and personal finance websites.‘But while these challenges can make money management feel more accessible, for people trying to build better habits it’s important to consider what actually works for your finances in the long term.’So which ones are worth a look – and which should you avoid? We ask financial experts their views....The 1p challengeWhat is it?The idea is to save a penny more every day for a year, starting on January 1 – so 1p on day one, 2p on day two, through to £3.65 on the last day. Sticking with it for a year could result in a pot of £667.95.Why you should ditch itThe start date means the savings pressure really ramps up in December, already an expensive month for many. Sarah Coles, director of personal finance at AJ Bell, says: ‘The last thing you want when you’re wrestling with Christmas is to find more money to put into savings.’ This 'hack' involves saving 1p on January 1, 2p on January 2 and so on... however, it means by the end of the year you are having to find up to £3.65 a day to put awayHow to fix itStart on a different date. Beginning in October, for example, will lighten the load around that Christmas period and means you’ll have finished the challenge in time to start next year’s festive shopping. Alternatively, don’t save the amounts in order. Save when you can: you could start with £3.65 on day one and tick that off the list, 5p on day two, £1.24 on day three and so on.No-spend monthWhat is it?The challenge here is to not spend money on any non-essentials for an entire month. It’s meant to help you take stock and spot unhelpful habits. Alternatives include a shorter ‘no-spend week’ version, while some extreme savers try a ‘no-spend year’.Why you should ditch itA bit like an extreme diet, after which you binge on your favourite junk food, a no-spend challenge can lead to splurges. Coles says: ‘They’re hard to maintain for long, which means you don’t get the chance to build good habits, then just bounce back and spend more.’ The challenge here is not to spend money on any non-essentials for an entire monthHow to fix itFocus on creating one new, sustainable habit instead, says Coles. ‘You might start with Fridge Friday, where you cook or freeze anything near its use-by date to cut down on waste.’Wednesday weatherWhat is it?Whatever the temperature, that’s the amount you save. This is intended as a quirky way to gamify savings and can be done daily or on a chosen day of the week. On a chilly winter’s day you might save £1 or £2, but the pennies will really rack up during the summer. Last week you’d have had to put aside £35!Why you should ditch itLinking your savings to the British weather is a dicey move and makes it hard to plan. ‘Setting aside £20-plus a day during a warm spell is completely unmanageable for most people,’ says Vix Leyton, consumer expert at account provider thinkmoney. ‘The challenge assumes your finances can absorb random fluctuations, which isn’t the reality for households.’How to fix itDon’t let the climate dictate how much you save. Leyton says: ‘A quick money check-in can help people feel more aware of their finances without turning saving into a chaotic habit.’Match-the-spendWhat is it?The idea here is to identify one thing you spend on regularly – a morning coffee, book-buying or shopping on second-hand clothes marketplace Vinted – and put the same amount into savings.Why you should ditch itIt doesn’t solve the bad habit you’ve identified and could even exacerbate it. Coles says: ‘It can even provide an excuse for the spending because, if all else fails, you can convince yourself that it’s good for your savings.’How to fix itRather than indulge an area of overspending, consider how to tackle it. You might introduce a 24-hour rule, where you wait a day before making a purchase to avoid impulse spending. If you decide you no longer need the item, reward yourself by putting the amount you would have spent into savings instead. The 50/30/20 ruleWhat is it?A handy way to allocate the monthly budget. Split your money with 50 per cent for ‘needs’ (mortgage, bills), 30 per cent for wants (meals out, new clothes), and 20 per cent for repaying debt, saving and investing.Why you should ditch itThis won’t work for a lot of people and particularly those on a tight budget. If you have spent 30 per cent of the budget on ‘wants’, when an unexpected bill lands on the door mat it could cause problems.How to fix itThe premise is good, but consider your own budget and priorities, and adjust the percentages to fit. Coles says: ‘If you’re paying rent, saving for a property and putting money into a pension then 60:10:30 might be more appropriate.’ The 50/30/20 method can cause problems when an unexpected bill lands on the door matAnd here’s one that deserves the hype:Reverse budgetingWhat is it?Also known as the ‘pay yourself first rule’, with this technique you transfer money to savings as soon as you get paid, rather than waiting until the end of the month to set aside what’s left.Leyton says: ‘This is probably one of the least glamorous savings hacks, but it’s one of the most effective because it doesn’t rely on motivation, viral challenges or extreme restrictions.’Why it worksThe more money we have, the more we tend to spend. So those who wait until the end of the month may find there is not much there to work with. Automate the process, suggests Ryan Jackson, from wealth manager Rathbones: ‘Setting up a direct debit means you move the money before there’s a chance to spend it elsewhere. It removes the need for willpower and turns saving into a background process.’How to stick with itMake it a realistic amount that you can afford. Don’t leave yourself short elsewhere or save so much it feels like a punishment. Increase the amount whenever you get a pay rise. This helps avoid ‘lifestyle creep’, where we scale up our spending as our earnings increase.Brian Byrnes, director of personal finance at Moneybox, says: ‘By intercepting the extra cash before you see it in your account, your brain never misses it. It means you effortlessly grow your wealth but can still enjoy a modest lifestyle upgrade with the rest.’