POUND NOTES
Being open about your
finances can help you achieve your goals
Money management trends on social media come and go – but the latest buzzword to capture people’s imagination could be quite useful.
We’re talking about ‘loud budgeting’, which has been gathering focus on TikTok – the hashtag #loudbudgeting has some 12.8 million views and counting.
So, what does it mean, and could it actually save you money?
What is loud budgeting?
Rather than quietly fretting over your finances when your friends invite you to a social event, loud budgeting is all about being open and clear with others about your money situation. It frees people from smiling politely during a night out, while anxiously watching their money quickly evaporate on their banking app.
What if you’re worried about falling out with friends?
Some friends and family members may initially feel a bit put out if you turn down an invite for a night out, or perhaps something more expensive.
But they’re more likely to be understanding if you explain to them why you need to save money, or can’t afford it.
Could there be compromises?
It doesn’t have to be a case of all-or-nothing. Perhaps, instead of booking a weekend break in a posh hotel, for example, you could opt for a staycation with selfcatering. Or, rather than a big night out, you could get a takeaway with friends. It’s all about normalising having a conversation about what you can and can’t afford.
How can I stick to my goals?
It’s worth making use of free online budgeting tools and banking app tools to help keep track of where your money is going too, and lessen the risk of impulse buys. If you’re saving for something in particular, such as a holiday or a car, doing lots of research into your goal could help to focus.