Should you try the TikTok trend ‘loud budget’?

One of the latest viral trends taking over TikTok is “big budgeting.” The movement encourages people to be more transparent about their financial limitations. Instead of feeling guilty about turning down invitations to expensive outings, this trend inspires others to speak up and communicate about what they’re willing to spend money on. Learn more about the benefits of budgeting to decide if you should try this new trend.

What is a noisy budget?

Every day we are bombarded with advertisements that force us to spend more money. Unfortunately, many people struggle with overspending, which results in costly debt.

Many videos on social media glamorize overspending, but a noisy budgeting trend hopes to change that. This trend inspires people to talk openly with friends and family about their money goals instead of feeling pressured to overspend beyond their means.

It also tells us that people shouldn’t feel embarrassed about being unable or unwilling to spend money on expenses that don’t align with their goals. They must do their best to focus on their goals and ignore external pressures that may prevent them from achieving them.

Benefits of noisy budgeting

You may benefit from being clear about the financial goals you are working toward and your current financial limitations. You can get clear on what you’re willing to spend money on and what purchases don’t align with your goals.

This will help you get more support from those closest to you. Once they know what you’re struggling with financially, they can help you stay motivated.

Talking openly about money with those closest to you can encourage your loved ones to make positive financial changes. It’s easier to make changes when people around you are engaging in similar behavior.

Building an emergency fund, paying off credit card debt, and saving for a down payment on a future home are examples of great financial goals to work toward. Being clear about how we want to spend our money and resisting the pressure to overspend can help us put more money toward important financial goals like these.

Is Big Budgeting Right for You?

Can Big Budgeting Be a Good Strategy? If you’re working hard to increase your high-yield savings account balance and hate overspending on costly outings and activities, being vocal about your financial goals can help you be more successful.

Three secrets to success

Want to stay on track and achieve your financial goals in 2024? The following tips may help:

• Put your goals first. Set goals and keep them in mind as you go about your daily life. Using digital tools, such as a budgeting app or creating a pen-and-paper goal tracker, can help you stay motivated.
• Spend your money on things that matter: It’s okay to spend money on things that bring you joy. But be clear about what’s important to you and choose how you spend your money. You will feel more empowered when you spend your money on things that matter to you.
• Take advantage of our support system: Setting clear financial goals can help you attract more like-minded people. If you’re having trouble staying motivated or need help along the way, lean on your support system. You can be there for each other.

Check out our personal finance resources for additional tips.

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