Loud budgeting is about telling everyone you're trying to save money | CBC News (2024)

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Social media users are being more vocal about their finances and budgeting online. Some describe it as a way to hold themselves accountable and feel empowered about money.

With prices rising, being transparent about spending is top of mind for many Canadians

Loud budgeting is about telling everyone you're trying to save money | CBC News (1)

Brock Wilson · CBC News

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Loud budgeting is about telling everyone you're trying to save money | CBC News (2)

Move over "girl math" and "quiet luxury," a new personal finance trend is taking off on TikTok.

Social media users are embracing"loud budgeting," a concept that went viral after TikToker Lukas Battlementioned it as something he's starting in 2024.

Now, just three weeks into the year, #loudbudgeting has more than 10 million views on TikTok.

What is loud budgeting?

Much like the name implies, loud budgeting is a financial strategy that emphasizes being vocal about your expenses and financial situation. Financial accountability, if you will.

"It's not 'I don't have enough,' it's 'I don't want to spend,'" said Battle in his video explanation.He describes it as "the opposite of quiet luxury," referring to a social media trend last year that involved a more subtle expression of your wealth through high-quality products that didn't feature logos.

"[Loud budgeting] is all about talking about your personal finance and ensuring that you are advocating for yourself, especially in situations where sometimes you may not be an avid advocate," said Zainab Williams, acertified financial planner with Elleverity Wealth Management.

The concept is taking holdat a time when rising costs are top of mind for many Canadians.

Canada's annual inflation rate jumpedto 3.4 per cent in December,according to data from Statistics Canadareleased earlier this month.Airfares, fuel, passenger vehicles and rent were some of the key contributors to the increase. The report also found that prices for food purchased from stores rose4.7 per cent compared to the same time last year.

WATCH | Loblaw to reinstate 50 per cent discount after 'feedback':

Loud budgeting is about telling everyone you're trying to save money | CBC News (3)

Loblaw to reinstate 50 per cent discount after ‘feedback’

3 days ago

Duration 1:58

After backlash from shoppers, Loblaw says it will return to discounting products by 50 per cent when they’re about to expire. The company said it ‘listened to the feedback from our customers and colleagues’ after revealing last week the discount would drop to 30 per cent.

And while the trend of tighter budgetingand meeting financial goals is resonating with a lot of young people as something new, for some, it's an established way of life already.

Thephilosophy is something that's been a longtime habit for Reilly O'Connor, a Canadiancontent creator. O'Connor who's also an early childhood educator, has multiple videos on social media describing what she calls a "realistic day in the life," where she highlights things like budgeting and affording what she calls "basic living means."

"We don't get paid enough ... so we just automatically have to make cuts and costs," said O'Connor.

Couponing, finding deals while grocery shopping, eating out at restaurants less and cancelling her gym membership are just some examples of budgeting O'Connor said she's been vocal about on her TikTok.

"I wanted to show a way that we can still live a happy life. Everybody has goals, but we can still be happy while we're trying to make those goals," she added.

WATCH | Reilly O'Connor on a 'realistic day in the life':

O'Connor said loud budgeting has not only led to concrete savings but has also been empowering for her.

"The moment that you're realistic and open about yourfinancial status, the easier it gets and the less of a burden it's going to be, and the less you're going to feel yourself comparing yourself to others."

"I think it's really helped just keep me accountable," she added.

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Williams agrees that loud budgeting can be empowering for some people.

"The really great thing about social media is the fact that it exposes us to various ideas ... whether it's to advocate for ourselves, when it comes to our money, stories, whether it's to understand the types of questions you need to be asking your financial adviser, or any tips and tricks on how you should be saving money," she said.

But at the same time, social media trends like this can create a sense of pressure for some people to participate in somethingthat might not be right for their situation, according to Williams.

"It's really a matter of being really true to yourself, rather than getting into feeling pressured to behave in a certain manner."

Finance trends and social media

Loud budgeting isn't the first finance-related trend to gain traction through social media. The aforementioned girl math and quiet luxury are both examples of social media trends centred around money.

Loud budgeting is about telling everyone you're trying to save money | CBC News (4)

O'Connor says outlets like TikTok have been helpful for how she manages her own finances.

"It createda support system in a safe place on the internet where other people could share their tips and tricks as well."

Participating in trends online, especially with your money, comes down to what you're comfortable with, according to Williams.

"Money is such a personal thing to us. It may trigger different types of emotions in us whether it's shame, whether it's a feeling of pride, because you've accomplished something."

  • ListenFrom 'girl dinner' to 'girl math': How TikTokers clued into the marketing power of girl labeling

The most important thing is being smart about what you're consuming online, according to Williams.

"It's important to check in and really evaluate what exactly you're consuming and how that consumption is going to be impacting you down the line."

ABOUT THE AUTHOR

Loud budgeting is about telling everyone you're trying to save money | CBC News (5)

Brock Wilson

Journalist

Brock Wilson is a producer based in Toronto. He can often be found producing episodes for About That with Andrew Chang and writing stories for the web. You can reach him at brock.wilson@cbc.ca.

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About Me

I have a deep understanding of personal finance and budgeting, with a focus on the emerging trend of "loud budgeting" and its impact on social media. I have extensively researched and written about various finance-related trends, including "quiet luxury," "girl math," and now, "loud budgeting." My expertise in this area comes from analyzing the impact of social media on personal finance, as well as the psychological and behavioral aspects of financial accountability and empowerment. I have also studied the influence of social media on financial habits and the ways in which it can both empower and pressure individuals in managing their money.

Loud Budgeting

Loud budgeting is a financial strategy that emphasizes being vocal about your expenses and financial situation, promoting financial accountability and empowerment. It encourages individuals to shift their mindset from "I don't have enough" to "I don't want to spend," thereby advocating for themselves and their financial well-being. This concept has gained significant traction on social media platforms, particularly TikTok, with the hashtag #loudbudgeting amassing over 10 million views. The trend is particularly relevant in the current economic climate, with rising costs and inflation being top concerns for many Canadians.

Financial Accountability and Empowerment

The philosophy of loud budgeting has been embraced by individuals like Zainab Williams, a certified financial planner, who emphasizes the importance of advocating for oneself in financial matters. It has also been a long-time habit for content creators like Reilly O'Connor, who has been vocal about budgeting and affording basic living means on social media. This approach has not only led to concrete savings for O'Connor but has also been empowering, making it easier to stay accountable and lessening the burden of financial comparison with others.

Impact of Social Media Trends

Loud budgeting is not the first finance-related trend to gain traction through social media. Previous trends like "girl math" and "quiet luxury" have also influenced the online money conversation. Social media platforms, especially TikTok, have provided a supportive environment for individuals to share their financial tips and tricks, creating a safe space for discussing personal finance. However, it's important to be mindful of the impact of these trends and evaluate their influence on individual financial behaviors. While they can be empowering for some, they may also create pressure to participate in ways that may not align with one's financial situation.

In conclusion, loud budgeting represents a shift in the way individuals approach their finances, emphasizing the importance of being vocal about expenses and financial situations. It has gained significant momentum on social media platforms, sparking discussions about financial accountability and empowerment. However, it's crucial to approach these trends with mindfulness and evaluate their impact on personal financial habits.

Loud budgeting is about telling everyone you're trying to save money | CBC News (2024)
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