The Little-Known Perks of Being Loud About Your Financial Goals

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Being open about your financial journey and communicating your goals can benefit you and those around you. Find out how being loud can be a win for your wallet. [[{“value”:”

Many people have established financial resolutions for 2024. If you’re working on financial goals this year, don’t be afraid to share them with your friends and family. Communicating your goals and money-related boundaries can benefit you and those around you. Learn how to do this and discover some little-known perks of being loud about your financial goals.

Introducing loud budgeting

Loud budgeting is a trend that has become popular on TikTok. It started as a way to push back against an earlier TikTok trend, quiet luxury, which encourages spending money on quality items that last.

But this year, more people are leaning into loud budgeting. Loud budgeting is when you’re transparent about your money goals and communicate what expenses and experiences fit your budget. The trend encourages more people to speak up about their financial goals.

How can you embrace loud budgeting? One way is to decline an invitation to dinner if it doesn’t fit your budget. Another is explaining how you intend to spend your money differently, like contributing an extra $100 to your IRA account instead of buying a ticket to an event you’re not interested in.

If you’re working to improve your finances in 2024, consider being more honest about your financial situation. Here are some unexpected perks of being loud about your financial goals.

It may encourage your friends to improve their finances

When the people closest to you see you improving your life, it can encourage them to take similar action. Being clear about what does or doesn’t align with your goals may show your friends and family that they can benefit from making some financial changes, too.

You’ll have more money to spend on what matters to you

Being clear about your financial goals can be a win for your bank account. You can save money by reducing your spending. But you can also have more money to spend on the things that are important to you. Following a budget doesn’t have to be restrictive. You work hard for your money, so it’s OK to use some of it in a way that brings you joy.

You can improve your financial knowledge

Being loud about your financial goals can also result in you improving your financial knowledge. As you communicate your money boundaries and share what you’re choosing to do with your money with friends and family, they may share tips and strategies with you.

You may also find other people who feel similarly, which could help you build a stronger support system so you stay motivated throughout your journey. We can all benefit by learning more about essential topics like investing, savings, and debt payoff.

Don’t give up on your goals

If you’re prioritizing your finances, you’re doing a fantastic job. Don’t give up, whether you’re working hard to build an emergency fund, pay off credit card debt, or stop overspending. One strategy you may want to try is being loud about your goals and transparent about how you’re willing to spend your money. For additional tips, check out our personal finance resources.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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