You may have recently heard a new trend called “Loud Budgeting”


‍

• This is where you vocalize your financial goals, and briefly explain why you are not spending money on going out to lunch, skipping happy hour tonight, or putting those new pair of shoes back on the shelf.

• An example would be:
  • I am going to pass on going out tonight, I’ve been out a few times this week already and I am working really hard on paying off my student loans or
  • I am trying to be more conscious about my spending, why don’t we take the dogs for a walk instead of going to that Spin class. 


Pros

‍

• Can help you stay accountable and remind yourself of your own goals by saying it out loud
• Friends and Family may slow down on asking you to constantly spend money on things or even keep you accountable when you are feeling week
• Make new connections such as referring your favorite Financial Planner 😉
• You can empower one another and start to enjoy less expensive or free activities such as going for a walk, streaming a movie at home, cooking a meal together, or meeting up at the dog park!

‍

Cons


‍

• Friends may still go out and you are left behind with FOMO (Fear of Missing Out)
• Letting people in on some private information
• Not everyone will agree with your decisions or relate to your goals

‍

Tips

‍

• Do not be too strict, build in some fun spend money into your budget
• Do not over share, and only share information with 1-2 people you trust
• Don’t have to skip out on trips or family vacations: look for deals, split the cost of a room, stay in for a few meals
• Limit impulse buying and start to weigh what you really want to spend your money on

‍

Give me a call

Follow us on Linkedin

Schedule a meeting

Subscribe to our Youtube channel

‍

‍