What's the deal with the 'I'll Buy It If It's Less Than...' trend? Latest TikTok spending craze explained

• The ‘I'll Buy It If It's Less Than’ challenge is a TikTok trend where creators set price limits and only buy items under that amount
• The trend is a fun way for Gen-Z to engage in mindful spending, thinking carefully before each purchase
• Personal finance expert Amy Knight highlights it as a way to encourage awareness of price versus personal value
• But many participants overlook setting an overall budget, leading to potential overspending
• Contactless payments can make it easy to lose track of spending in the moment, risking debt

New trends and challenges come and go on an almost daily basis on TikTok.

But one new fad has caught the eye of a personal finance expert, who says the ‘I'll Buy It If It's Less Than…’ challenge is a “great example of mindful spending in action which could help younger consumers.”

The challenge sees creators showcase various items in shops, and then set a price limit of what they would be willing to pay for that product. The item's price is then revealed, and if it’s below the specified amount, they purchase the product.

Amy Knight, personal finance expert at NerdWallet UK, says the challenge highlights the consumerism habits amongst Gen-Z, and unlike other, more dangerous trends, could help build healthy money habits.

She says: “The new TikTok trend, where shoppers are declaring ‘I'll Buy It If It's Less Than…’ is a fun way to build one particular healthy money habit: carefully considering every purchase.

“Content creators and influencers are role-modelling the importance of pausing to think about how much a particular item is worth to you.

“This is a great example of mindful spending in action which could help younger consumers understand the difference between price (what it says on the sticker) and value (which is subjective and individual to you).”

But it’s not all good news Knight says, and with creators using the challenge across multiple stores, rather than setting a budget at the start of the shopping trip (”a crucial aspect of financial fitness”), they open themselves to potential overspending.

This could cause financial difficulties “if shoppers use high-interest credit cards without planning how to pay them off,” Knight explains.

“Paying by contactless exacerbates the problem, because it’s all too easy to tap and go, barely glancing at the total on the card reader, failing to realise the dent you’ve just made in your balance or how deep you’ve gone into your overdraft.

“It would be great to see more TikTokers sharing their budget and showing youngsters that it’s OK to walk away without all the items on your list.

“If the products you have picked up cost more than you were prepared to pay, leading you to put them back, the challenge has been successful!”

Amy’s top tips to use ‘I'll Buy It If It's Less Than…’ wisely:

1. Make a list of the items you’re looking for, whether they’re Christmas gifts for friends and family or products for yourself. Jot down (on a piece of paper or in your phone) what you’d be prepared to pay for each item. Then, add them up to check that your Wishlist falls within your budget. If it doesn’t, prioritise what you need before you set off to the shops.

2. Check refund and exchange policies carefully, as these vary between stores. If the policy is not displayed at the till, ask a staff member before you start browsing. Returning some items to reclaim your cash the following week won’t replenish your bank balance if all they’ll give you is a credit note.

3. Keep a running total of what the items in your basket add up to. If you don’t, you could face a nasty shock at the till. £3.99 here and £7.99 there can quickly add up to an eye-watering amount, even if individual items were a bargain.

4. Once at the checkout, it can be tough to swallow your pride and say that you’ve changed your mind, but you have every right to do so. Politely ask the sales assistant to void products off the transaction if you realise you can’t afford them.

5. When making contactless payments, pause to acknowledge the total before you tap.

What are your thoughts on the “I’ll Buy It If It’s Less Than” trend? Is it a fun way to practice mindful spending, or could it encourage overspending? Share your experiences, tips, and budget-friendly shopping hacks in the comments section.