Long gone are the days of inaccessible basic financial literacy information. Today, the internet hosts tons of resources for individuals who want to take their money moves to the next level. There are treasures of financial information out there and those who seek them and take action will find what they’re looking for.
While there are financial books, podcasts, documentaries, and more, perhaps social media is the best forum to help promote and advance ideas to the masses.
In fact, this TikTok video went viral at the beginning of 2024. No, it wasn’t the latest music video or sports interview. Instead, it’s a short video of a young man, Lukas, who encourages folks to consider “loud budgeting” for the new year.
The Value of Loud Budgeting
This is a money-saving technique that intends to empower more people to be comfortable speaking about their financial situations and objectives.
Loud budgeting gives you the courage to decline opportunities that may not align with your financial goals. It increases accountability by putting your goals front and center to guide your decisions.
Money is generally top of mind for many people, especially with the rise of inflation and skyrocketing costs everywhere. Yet, we don’t talk much about our financial goals with others – even our closest friends and family. Mum’s the word, right?
Wrong.
Loud budgeting reminds us to use our voice with confidence as we speak about our financial situations.
We don’t have to divulge every piece of personal information, but wouldn’t it be more helpful if those in your circle knew what you were working towards? Who knows, they may know of a connection for a side-hustle opportunity or gig to help you pursue some more cash. Or perhaps you’re looking for a solid and responsive lending company for your investments. Sharing that you’re in the market for a new home or business could potentially lead you to even more resources.
Working Together
Even at the most basic level, loud budgeting allows your village to encourage and affirm you. We all can benefit from affirmations like, “Keep it going!” “You’ve got this – rooting for you!”
Imagine the domino effect! You’re pursuing your financial goals by saving up for your downpayment. Your friend is also crossing actions off their to-do list as they organize their new retirement account. And, the inspiration spreads like wildfire as the community talks – spending consciously, saving and investing vigorously, paying down debt to acquire more assets and decrease liabilities. We all know there’s strength in numbers and working with others who have similar goals can even help to make finance more fascinating and fun.
In the video, Lukas refers to declining invitations to hang out and socialize in the name of loud budgeting. This is true and choosing to stay home instead of going out for dinner multiple times this week can help keep more of your coins in the bank. At the same, let’s make sure we don’t give loud budgeting a bad rep. As long we’re handling our responsibilities and planning for discretionary spending –
Maybe you can take that road trip with friends.
Go out on Saturday night.
Order in for dinner.
Purchase those new pair of shoes you’ve been saving up for.
While it can feel hard to have your cake and eat it, too, loud budgeting simply reminds us of our sense of agency and control.
Loud budgeting is not necessarily a new idea, but it does give voice to aligning our targets and our actions.
So, let’s speak up and pursue our financial goals with confidence, while still enjoying life together. Savor each day, budget out loud, and let the resounding echo help you live the comfortable life you deserve and build your wealth for years and generations to come.