What Is Loud Budgeting? All About The New Viral Trend
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A new approach to money management has been making waves on social media, and it's called "loud budgeting"
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Social media is flooded with videos touting the benefits of a new personal finance trend
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As the name implies, loud budgeting is a financial strategy that emphasises being vocal about your expenses and financial situation
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The term was coined by TikTok creator Lukas Battle. He said in his post, "It's not 'I don't have enough', it's 'I don't want to spend'"
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For example, you might say no to an expensive dinner or group trip and explain that it's because you're prioritizing paying off credit card debt or saving money
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The concept is taking hold at a time when rising costs are top of mind for many people
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Erica Sandberg, a personal finance expert, told CNBC that being open about your financial constraints can also help reduce anxiety and crowdsource solutions
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Savings expert Andrea Woroch told CNBC that the most simple way to dodge temptations is by unsubscribing from emails/ text alerts, turning off push notifications in retail apps
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Tips to get start with loud budgeting: Start a money list, check your debit/credit card statements, divide your money into categories and write down your spendings per month
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