‘Loud budgeting’ is a social media trend aiming to normalise being on a budget and saying no to things.
Loud Budgeting Explained
‘Loud budgeting’ is a new money-saving trend where people are using social media platforms to discuss ways you can be open about being on a budget.
Those participating in this trend want to normalise saying things like ‘I can’t afford it’ rather than making up excuses as to why we can’t participate in certain activities that are beyond our budget.
The emphasis of loud budgeting is to improve our communication around money, encouraging open and honest conversations about what is beyond our budget and what our financial goals are.
Making Excuses for Saying No
A survey conducted by Money Helper in September 2024 of 2,000 adults found that we are more comfortable talking to our friends about sex, relationships and politics than we are money problems.
Their poll found that the most common excuses used when people can’t afford to attend something were:
- Being ill
- Conflicting plans or work
- Childcare issues
This shows that we would often rather lie about why we can’t do something than simply say ‘I can’t go because it doesn’t fit with my budget’. This is because there is still a stigma around us talking about money, with many of us finding it uncomfortable to share information about our personal finances.
Sticking to a Budget can be Hard
Creating a budget tells us how much money we need to put aside for essentials, and how much we have leftover for saving and spending.
However, budgeting is not about simply knowing how much you have available to spend; it inevitably means sticking to this limit you have set yourself… and that can be really hard.
Peer pressure, fear of missing out, and even boredom are all factors that can make it hard to stick to our budget. Simply put, it can be hard to say no!
Loud budgeting is a technique that can help us stick to the budget we have created. By facilitating these open conversations about money and affordability, we can begin to normalise taking care of our finances and prioritise our financial goals.
Some people participating in this trend have teamed up with an ‘accountability partner’ to help them stick to their budget. This style of buddying up can help you stick to your financial priorities, even when the going gets tough.
Let’s Talk About Money!
Any trend that helps remove the social taboo of talking about our personal finances is a step in the right direction.
We have published blogs in the past about why we should be talking about money, how to teach your children about money, and talking about money in a relationship. If you would like to find out more about how you can have these conversations about money, reading these blogs is a pretty good place to start.
By talking openly about money, you can:
- Reduce any stigma or shame surrounding money struggles
- Share tips with others
- Teach your children good financial habits
- Better understand other people’s money mindsets
- Improve communication with your partner