Money Talk

What is “loud budgeting”? The new trend that will save you money & boost financial wellbeing

Money Talk

Picture the scene. A friend wants to grab dinner with you the night before pay day. An invite to a hen party lands in your inbox just as you’re about to stash away some cash into your savings. Your colleagues ask you for drinks on a random Wednesday, which would mean dipping into your overdraft. We’ve all been there.

The social pressure to spend – including on things we don’t want – is huge. And when we’re trying to stick to our budget, it’s tempting to tell white lies in order to save money. This often works, but it certainly doesn’t feel good.

Well, “loud budgeting” is the latest money trend that’s making it easier to stay on track, without the awkwardness. It’s about being open and clear with those around us about having the money, but not being able to spend it right now, while we work towards our financial goals.

It’s like having your financial game plan on speakerphone for everyone to hear. Or telling everyone that you’ve stopped smoking, or are on a diet, so they’re less likely to lead you astray.

While being frugal was once considered embarrassing, loud budgeting makes openly counting your pennies not only acceptable, but even cool.

It feels like a breath of fresh air at a time when increasing costs and stagnating salaries are affecting most of us. RiseUp’s recent survey of over 2,000 British people found that while 38% of us are left with less than £100 at the end of the month, a huge proportion don’t feel comfortable talking about money, even with those closest to us.

Almost half (48%) of us don’t ever discuss money with friends or don’t feel comfortable talking about it.

This silence around money is harming all aspects of our lives, with 56% saying money issues affect their mental health (56%), eating habits (41%), relationships (33%), work performance (25%) and friendships (21%).

Loud budgeting goes some way towards removing the taboo around money worries. So, if you’re saving for your summer holiday or a new pair of shoes, don’t be afraid to shout about it!

How do you get started as a loud budgeter? Here’s what’s worked for us so far:

  • First up, nail down your savings goal – figure out how much you’re aiming to stash away, how often, and for how long.
  • Next, tell your loved ones – that way, they can be your cheerleaders and will be less likely to lead you astray.
  • Keep tabs on your spending – apps like RiseUp are your new best friend for tracking where your money’s going.
  • When it comes to turning down plans, honesty is the best policy – tell your friends why you’re passing on that fancy lunch so they know it’s not personal.
  • Swap expensive hangouts for budget-friendly alternatives – coffee catch-ups, picnics and leisurely strolls are where it’s at, especially in summer.
  • And last but not least, support other “loud budgeters” – saving money can be tough and isn’t always fun, but when we celebrate each other’s wins and share our own, it becomes a whole lot more enjoyable.

Embracing loud budgeting can be a transformative step towards enhancing both your mental health and financial wellbeing. Financial wellness is about more than being in a good place financially – it also includes peace of mind, reduced stress and the freedom to pursue personal passions without financial constraints.

So, what does financial wellness mean to you? Perhaps it begins with embracing the concept of loud budgeting and the profound impact it can have on your overall wellbeing.

Let’s hope this particular trend sticks around.

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