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This morning I heard on the radio an interesting term that is new to me: Loud Budgeting. Perhaps you've heard this and you're like, "Old news, Kate". Well, good for you you've graduated from UTT (University of TikTok) and are super smart! Bear with me...
As a former financial advisor my ears perked at this new trend that's hit TikTok. Come to find, it's simply the old fashioned advice, "live within your means" being broadcast to the youthful masses as an alternative to "quiet luxury". It's giving an individual the power to proudly state, "I'm not going to spend my money", in response to not having it or it not aligning with their current financial goals.
When we make decisions to change or improve ourself, that can be accompanied by unbridled fear. Fear of failure. Fear of judgement. And let's not forget FOMO: Fear Of Missing Out! So in its most basic form, loud budgeting is a person's way to make a public proclamation to the world that they want to be better and they're sticking to it.
[Fist bump] Good for you!
I like this trend because it's giving people a voice in reigning in spending habits and talking about money in a powerful way. The thing that's bothersome is that it's attached to a trend. While some influenced base actions do become part of our day-to-day, many are fleeting. My hope for the next generation being educated on budgets and the power of saying "no" to frivolous spending, is that they see the fruits of their frugality and maintain them.
#SaveYourPennies
Kate Abbe
The Elkhorn Chamber
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