Loud Budgeting or Quiet Planning?
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Bromwich+Smith staff | Reading time: 3 minutes | 600 words | Date: 2024/02/14
Social media trends come and go, and now we’ve found one we can get behind! “Loud Budgeting” appears to be a new fad, but those who have followed Bromwich+Smith know that we have talked about loud budgeting for years. The act of verbally prioritizing your finances is something we can support!
What is loud budgeting?
Loud budgeting is openly talking about how you are choosing to save money, and even your budget plans. This is a significant contrast to other recent trends like quiet luxury.
How can loud budgeting help me?
Loud budgeting allows you to take back power by finally saying no. It permits you to say ‘this is not how I want to spend my money’ or ‘I don't have the financial means right now’. Think about how often you have gone out with friends with the best intended spending plan in place. Then, someone suggests trying a new restaurant one that you know comes with a higher price tag. Everyone else quickly agrees and now you feel pressured into agreeing. By the time the bill comes, you are stuck paying for something beyond your budget.
Canadians today live in a world of instant gratification, with credit cards constantly at our disposal. Loud budgeting is a way for us to stand up for our financial future today.
How can I start loud budgeting?
An important step for loud budgeting is to know what your short term and long-term goals are. Share your goals with your inner circle and ask them for support. This will help others understand why you may be saying no to invitations or activities.
Next, look at your spending habits. Look closely to determine if how you are spending your hard-earned money today, is truly serving your long-term goals. Perhaps the $250 a month you spend on takeout could better serve your long-term goal of paying off your student loans. Loud budgeting isn't about denying yourself treats, but rather giving you the power to determine if this is how you want to spend your money. Feel comfortable changing your habits, and sharing with your friends the changes you’re making, and why.
The more we talk about our finances the easier it is for others to join the conversation. We understand that you might not be comfortable discussing your current situation, but we encourage you listen to other people share their stories. This might encourage you to feel comfortable sharing your money story with those around you. Chances are you know someone who is struggling financially and by sharing that you are prioritizing your budget you may be helping them do the same.
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It's OK to say no
We want to empower you to feel confident in your choices. No, I am not going to attend brunch. No, I will not be joining for that large family function. No, I will not be participating in the extravagant family vacation this year. You need to be accountable to yourself and prioritize you over the feelings of others.
At the end of the day, you are responsible for your own budget. Only you can determine what is worth spending today or saving for the future. While it can be hard to cut back and say no looking at the long-term plan will help you to reach your goal.
If you find yourself struggling to overcome debt that may be holding you back from reaching these goals, reach out today for a free, confidential, no obligation consultation with a Debt Relief Specialist. Bromwich+Smith’s team is available by phone at 1.855.884.9243 , Live Chat or you can request a call back at contact us page. We want to see you flourish!