For anyone who has refused to order INR 500 coffee or sat out of the collective ordering in and stuck to their lunches from home because of their budget constraints, the internet has a new term for you that could make you less of a Euclio (cc: The Pot Of Gold) and perceive you more as someone taking an active stand against inflation. The newest finance trend, Loud Budgeting, which started with a joke by Lukas Battle, is catching on faster than one might think, simply because of its sheer reasonability.
Loud Budgeting is all about being vocal about your finances and budgets, creating boundaries, and having that transparency to help others and yourself stay on track and be accountable for your spending. There is no denying the fact that internet trends hold the ability to influence significant shifts, especially more in the domain of consumerism (cc: Stanley Cups, pink sauce, or slimes), and that is why this trend is instrumental. Loud budgeting represents the core values of an average Joe, who has to pay loans, rent, and save up for the future.
As Jenny Park, a finance influencer, suggests, "Loud budgeting is an act of self-actualization and not self-deprivation, it creates an entry point for someone who would otherwise be intimidated by budgeting or who thinks it’s just about pinching pennies”. This trend is not about giving up the pleasures in life and making unhappy, unsatisfactory, and 'good for the future' decisions. This concept is to strike a balance between enjoying life now while actively saving for the future and not being on a hamster wheel, living paycheck to paycheck. It is about cultivating good financial habits and being mindful and sometimes proudly frugal!
Talking about money openly and socially has been a taboo, especially for older generations. This has resulted in budgeting acquiring a negative connotation related to a lot of boring and difficult math and spreadsheets, which developed a culture of not discussing finances with peers at all. After the COVID era, the notion of Carpe Diem and fulfilling all your hopes and dreams at once, due to the uncertainty of life, became way more apparent and really messed up the spending cycle for many. Loud budgeting is an imperative way that allows us to take back that control and initiate open conversations with friends and family about our plans, long-term goals, budgets, and investments, without talking specific numbers.
As you embrace this ‘loud, proud and maybe miser’ lifestyle, we talked to five women who have been budgeting and nailing their personal finances for a while, and they share their trips and tricks on their spending strategy.
