Skip to main content Skip to chat

Pro budgeting tips from TikTok influencer Rimi

A personal finance content creator shares why tracking your finances is so important, plus her favourite budgeting tools.

August 2, 2023

Written by Maria Hyde

Key takeaways

  • Financial influencer Rimi says budgeting is an essential part of managing your finances and building wealth.

  • She uses Tangerine's Left to Spend feature and her own Excel spreadsheet to make sure she doesn't go over budget.

  • Using Left to Spend can also help you make smarter decisions with your money.

Pro budgeting tips from TikTok influencer Rimi | Tangerine

When popular personal finance content creator Rimi moved to Canada from Nigeria in 2019, she had to start from scratch with her finances. Although she was already well versed in saving and investing thanks to her parents, living in a new country meant learning about a different banking system, figuring out how to earn an income, and learning how to access student loans to fund her master's degree in management and business analytics.

She was used to being the one her friends turned to with their money questions, so, feeling inspired, Rimi created her blog and TikTok account, @wealthsavvygenz. She wanted a way to chronicle her financial journey while helping to simplify the world of money. 

“I wanted to have a place where I could share my knowledge about personal finance because that’s something we don’t learn in school," Rimi says. "It’s really important because people are bogged down by student loans or are living paycheque to paycheque, and they’re not able to reach their [financial] goals.” 

Through fun and bite-sized educational videos, Rimi gives her more than 3,000 followers the lowdown on Canadian bank accounts and credit cards, describes how she paid off her student loans within 10 months of graduating and even breaks down her monthly spending. So how does this financially savvy TikTokker manage her money? Read on.

Rimi's favourite budgeting tools

One of the most common mistakes Rimi sees people making is not knowing where their money is going, which can lead to overspending. To avoid this mistake, Rimi uses a combination of tools to maintain her budget: As a Tangerine Chequing Account Client, Rimi uses the Left to Spend feature along with her own custom Excel spreadsheet. It's one of a number of free money management tools available to Tangerine Clients. Other popular tools that help to manage your saving and spending include Money Rules, Goals and the Automatic Savings Program.

Rimi likes using Left to Spend, because it helps her track how much money is coming in, how much is going towards expenses and savings, and how much she has left over each month. Having this info makes her life easier. This way, she knows exactly what she can afford to spend and doesn't go over budget.

She also finds a personalized spreadsheet for budgeting helpful, too. Every month, she reviews the numbers in her spreadsheet to keep tabs on her expenses and money across her accounts. Then, if something seems off, she cross-references it with the info from Left to Spend, which helps her see where her money went.

Budgeting carefully helps Rimi make better decisions with her money. Since she likes to put her dollars to work for her, she doesn’t keep a lot in her Chequing Account. If she notices her Left to Spend amount is higher in one month, she’ll move extra money to her savings and investments to make progress on her goals (like buying her first home and travelling more). 

The importance of tracking your finances

If you need help saving or managing money, Rimi suggests starting a budget.

“Tracking your numbers is very important because a lot of people have no idea where their money is going. If you have no idea where your money is going, how can you save? How can you know how much you’re spending?” she explains. “Understand your monthly expenses and income, and then from there, you can start allocating money towards your savings, like an emergency fund, and investments.”

Rimi believes that once you start budgeting, you can turn it into a regular habit. “My hope is that my followers can achieve good financial habits, and it helps them actually plan for their lives,” she shares. “The goal at the end of the day is to build wealth. Not just living day-to-day but having enough money to help people around you and build generational wealth for your children and family.”

Learn More: 26 ways to level up your Tangerine experience

This article or video (the “Content”), as applicable, is provided by independent third parties that are not affiliated with Tangerine Bank or any of its affiliates. Tangerine Bank and its affiliates neither endorse or approve nor are liable for any third party Content, or investment or financial loss arising from any use of such Content.

The Content is provided for general information and educational purposes only, is not intended to be relied upon as, or provide, personal financial, tax or investment advice and does not take into account the specific objectives, personal, financial, legal or tax situation, or particular circumstances and needs of any specific person. No information contained in the Content constitutes, or should be construed as, a recommendation, offer or solicitation by Tangerine to buy, hold or sell any security, financial product or instrument discussed therein or to follow any particular investment or financial strategy. In making your financial and investment decisions, you will consult with and rely upon your own advisors and will seek your own professional advice regarding the appropriateness of implementing strategies before taking action. Any information, data, opinions, views, advice, recommendations or other content provided by any third party are solely those of such third party and not of Tangerine Bank or its affiliates, and Tangerine Bank and its affiliates accept no liability in respect thereof and do not guarantee the accuracy or reliability of any information in the third party Content. Any information contained in the Content, including information related to interest rates, market conditions, tax rules, and other investment factors, is subject to change without notice, and neither Tangerine Bank nor its affiliates are responsible for updating this information.

Tangerine Investment Funds are managed by Tangerine Investment Management Inc. and are only available by opening an Investment Fund Account with Tangerine Investment Funds Limited. These firms are wholly owned subsidiaries of Tangerine Bank. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.