How loud budgeting is helping Australians break their money taboos
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.