Financial Planning

#YouthMonth - Why loud budgeting is taking over TikTok

“Loud budgeting has the same feeling as sneaking candy into a movie theatre… You feel like you got away with something, you feel like you’re on an adventure.” Sounds like a new year’s resolution to be more spontaneous, right? Not quite – it’s the financial advice TikTok that’s kicked off a new trend, where you no longer feel like you have to be coy about your budgeting.

What is loud budgeting?

There are only about 3 000 billionaires on the planet – the rest of us have to keep one eye on the spreadsheet, always budgeting, planning and saving. It used to be that no one wanted to be the buzzkill saying they can’t afford something, but those days are gone, thanks to loud budgeting. Loud budgeting means you no longer say yes to financial commitments through gritted teeth. It’s about proudly proclaiming your financial goals and saying no to unnecessary spending. Don’t want to spend hundreds of rands on a birthday dinner for a friend of a friend? Instead of making up an excuse, share your budgeting priorities, for instance that you don’t want to pay for an expensive meal while you’re saving for a trip to South America. Loud budgeting means you openly discuss your budget choices, instead of feeling shame or resentment about them. Sharing your budgeting choices with your social circle also fosters a sense of community, instead of comparison.

What does loud budgeting entail?

Be vocal about your financial choices:

By openly discussing your budget choices with your friends and family, you not only hold yourself accountable but also inspire others to take control of their money.

Celebrate your budget wins:

Whether you’ve paid off a debt, reached a savings goal, or stuck to a budget for a month, celebrate your achievements. Loud budgeting is about acknowledging your financial victories, no matter how big or small.

Get creative with budget tracking:

Social media platforms like TikTok offer cool features that let you track your financial progress in a fun way. You can use a progress bar on your posts to show how far you’ve come, you can take part in budgeting challenges, or you can create funny videos about how you’re resisting temptation. These creative approaches can make budgeting more enjoyable and relatable.

Support the #loudbudgeting community:

Use hashtags like #loudbudgeting to connect with like-minded people, share your experiences, and offer support and encouragement.

Why is loud budgeting important?

Loud budgeting not only helps you stick to your financial choices, but it also challenges consumerism. When you proudly declare, “I choose not to spend,” you inspire others to question their own spending habits. Loud budgeting also helps combat the financial shame we can feel if we don’t keep up with the Joneses. Talking openly about money normalises conversations about budgeting, debt, and saving. It helps remove the stigma surrounding financial struggles and allows people to seek advice and support without feeling ashamed. And finally, loud budgeting can also help empower your financial decision-making, by promoting proactive financial planning. By openly discussing your financial goals and strategies, you empower yourself and others to make informed decisions about money management.

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