A new personal finance is taking social media by storm and, in this case, it’s a good one.
I’ve watched the loud budgeting phenomenon take hold, and I’m here to offer my take on what it means for everyday Aussies navigating their finances.
So, what exactly is loud budgeting? Simply put, it’s the practice of openly discussing and sharing your budgeting strategies and goals. It’s about breaking the taboo surrounding money conversations and embracing transparency as a tool for empowerment.
In a country where talking about money has traditionally been a bit of a no-no, the loud budgeting movement represents a seismic shift in attitudes. Australians are realising that rather than being a solo journey, their financial wellbeing can benefit from taking a communal approach and from shining a light on what is still considered by many to be a private matter.
Practicing loud budgeting typically involves someone telling their friends about their budget and admitting that financial limitations may be the reason they have to turn down plans or suggest a more budget friendly alternative.
For example, if someone can’t afford to attend a dinner with friends at a restaurant, rather than making a non-financial excuse for not attending, which they may have done in the past, they’ll admit that the reason they can’t attend is because they can’t afford it.
In order not to miss out altogether they may suggest instead a catch up at a friend’s house, with everyone bringing a dish to share for dinner. I personally love this idea. Sharing a meal and discussing new recipes (especially budget conscious recipes) with friends is one of my greatest pleasures!
It’s a frank and practical approach to budgeting that has taken off on social media and relates to many other budgeting challenge trends such as #NoSpendNovember or #DebtFreeJourney.
It also offers a counterpoint to the pressure many feel – also fuelled by social media – of keeping up with the extravagant lifestyles of others, which are played out online. Loud budgeting challenges this narrative by celebrating financial responsibility and mindful spending.
Importantly, loud budgeting isn’t about sharing success stories — it’s about getting real when it comes to the financial challenges people face. Especially in today’s economic climate. In a world where debt is often stigmatised, normalising honesty about financial struggles can be incredibly empowering.
Loud budgeting is about recognising that everyone’s financial journey is unique and that it’s okay to ask for help when we need it. Which, of course, is exactly what we aim to do at My Budget.
We’ve seen firsthand how the principles of loud budgeting can transform lives. By fostering a culture of openness and support, we empower our clients to take control of their finances and achieve their goals, whether it’s getting their budget in order, saving for a home, paying off debt, or planning for retirement.
So, how can you embrace the loud budgeting movement in your own life? Start by taking a closer look at your financial habits and setting up a realistic budget. Next, don’t be afraid to share your money journey with others—whether it’s with friends, family, or online communities. You never know who might inspire you – or who you might inspire – along the way.
In conclusion, loud budgeting isn’t just a passing fad—it’s a powerful movement that’s reshaping the way we talk about money and the way we live our lives! By embracing transparency, sharing our experiences and supporting each other, we can build a brighter financial future for ourselves.
Alyssa and Pete were tired of living in chaos, where their finances were causing them stress throughout their daily lives. When they first joined MyBudget back in 2017, they were both working full-time jobs and had three children under five. They were both earning a reasonable amount of money between them, but without a household budget (as well as the time to manage one), they found that they were not able to keep track of their finances effectively.
Alyssa’s job was also quite demanding. Before the COVID-19 pandemic, she worked for a multi-national company that saw her in and out of airports constantly. With such a busy work life, three children and a husband who also worked full-time, they had no time to pour through bank statements and handle their personal finances. Over time, one-by-one, the bills began to pile up and the next thing they knew, they found themselves drowning in debt. Finally the straw that broke the camel’s back was a $850 utility bill.
But it was one phone call to MyBudget that changed their lives and while, at first, it wasn’t an easy call to make, it was the right one. Six years later, their lives and financial goals are well and truly on track. We sat down with Alyssa and Pete to hear how, six years on, they’ve achieved what they thought was “the impossible”.
Listen to Alyssa & Pete’s story and how they went from struggling to pay their bills to achieving their financial goals in six years.
The game changing call
Sometimes, the hardest task can be picking up the phone and asking for help. This was especially the case for Pete. But he knew that getting the family’s finances in check was the right thing to do and that calling MyBudget was the first step in doing so, but he couldn’t help but feel a sense of hesitation.
However, after five minutes on that initial phone call, his mind was immediately at ease.
“With the finances not working the way we wanted them to, as the man of the house, you sort of feel like you’re failing by not being the one that’s providing properly,” Pete admitted.
Achieving “impossible” goals
Throughout the past six years that Alyssa and Pete have been with MyBudget, a lot has happened. They thought that some of their goals were simply impossible; without a budget and a plan of attack, their goals simply felt unattainable. “MyBudget asked us right at the beginning for three goals that we wanted to achieve in terms of our finances,” said Alyssa.
“At the time, when we came up with these goals, they were outlandish. We just thought it was impossible.”
Alyssa and Pete’s three goals:
Alyssa and Pete thought that these goals were impossible. With both of them working full-time and looking after the kids, they didn’t have the time or energy to organise their finances and look towards achieving that dream.
“After you have children, it’s then a whole lot more difficult to get back into the housing market, because then you’re paying for all of the stuff for the children.”
The first few years with MyBudget were mainly focused on building a routine, getting on top of their debt and building enough savings for a house deposit. It wasn’t easy, but in 2021, when their backs were up against the wall after they were evicted from their rental due to the landlords wanting to sell the house, they gave MyBudget a call and, thanks to the money that their budget had allowed them to put away, they began looking for their own home.
A budget without sacrifice
One of Alyssa and Pete’s main concerns when starting their budgeting journey was how much it would affect their current lifestyle. When many think of a household budget, they may think that they’ll no longer have any extra money leftover from their monthly income to put towards savings and have fun family times. However, it is, in fact, the opposite.
With a budget, our clients can see their finances more clearly, ensuring that all of their monthly expenses are paid, that any unexpected expenses can be handled with an emergency fund and, best of all, the visibility to know how much extra money is left from the monthly budget. No more living month to month; pay cheque to pay cheque.
“When MyBudget put the plan together for us,” Alyssa explained, “it was workable. It didn’t alter our life… it didn’t ask us to make huge cuts; it was something that was manageable for our lifestyle. What I would say that it did give us was more insight into what was actually going on with our finances.” It’s not about having tight budgets whatsoever, it’s about looking at your spending habits and variable expenses, and working around them.
Reduced stress and anxiety
Busy families often find themselves struggling with their family budget, and this can cause a lot of stress and anxiety. With the rising costs of living, it’s now harder than ever to keep on top of the family’s finances and work towards financial stability and achieving your savings goals.
Alyssa and Pete can also rest easy knowing that if they need to make a financial decision, they can look at their budget’s health status on a regular basis on the MyBudget app or even call one of our friendly staff members. Knowing that they have someone they can speak to about anything from debt repayment to their weekly grocery budget provides them with a sense of confidence and financial freedom.
Pete knew that if they wanted to live a debt-free life and be able to work towards their family goals, they had to get serious and make informed decisions. “During the initial consultation, there was a fair bit of bearing your soul, but it also gives you an idea of where your money is actually going,” Pete admitted.
“It just becomes so much simpler once it’s all mapped out for you.”
Alyssa, nodding along, added to this by saying, “MyBudget has allowed us to significantly reduce the mental load that comes with running an incredibly busy family, with incredibly busy careers, and just incredibly busy lives.”
How a budget improved their family’s lifestyle
“The impact [of MyBudget] on our family has really been quite significant, “Alyssa cheerfully explained. “MyBudget has allowed us to invest really significantly in our children, which is something that we always wanted to be able to do.”
Alyssa and Pete are thrilled that they can afford to take their girls to their gymnastics classes. Now that they know that Pete can be a full-time dad and still have a healthy and successful budget, MyBudget has demonstrated to the couple that a budget can help to organise more than just their finances.
How can MyBudget help you?
For 25 years, MyBudget has helped over 130,000 Australians live their lives free from money worries. Whether your goals are to create savings, pay off credit card debt, raise your credit score, or make enough money each week to treat the whole family to ice cream, our compassionate MyBudget team will work with you to create a budget that works for you. We’ll take care of the necessities while making sure there’s money left over for fun family activities.
So, what are you waiting for? To learn more about how we can help you with your household budget, be sure to give MyBudget a call at 1300 300 922 or enquire online today.
