Unexpected Benefits of Loud Budgeting: Why You Should Speak Up About Finances

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Being loud about your finances has its perks. Read on to learn more. [[{“value”:”

Talking about money isn’t as comfortable for some people as it is for others. You might, for example, feel okay with the idea of confiding in your best friend that your mounting pile of credit card debt is causing you a world of stress. But you may not want to make a social media post listing your current balance and the steps you’re taking to pay it off.

These days, though, a growing number of people are embracing the concept of loud budgeting. Consumers have been taking to platforms like TikTok to share the details of their financial goals and challenges. And while blasting your financial wins and woes to the world may not be the sort of thing you’re naturally comfortable with, there can be benefits to speaking up about financial matters. Here are some you should know about.

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1. Your friends and family might better understand where you’re coming from

Got backlash for not flying home for the holidays this past season because you didn’t want to put a $500 plane ticket on your credit card? If your family members were more aware of your financial struggles, they’d perhaps have gone a bit easier on you.

By sharing your situation with the masses, you’ll be looping in the people you care about on your situation. And you never know what sort of empathy that might garner.

Let’s say you share a social media post or video explaining what sort of hole you’ve gotten yourself into on the debt front. Your friends may be more understanding if you decline a weekend getaway due to money being tight. Or they might take steps to offer up lower-cost entertainment you can take part in, knowing that money isn’t abundant in your world.

2. You may meet like-minded allies you can learn from

Sharing your financial goals and woes might help you connect to other people in your same situation, whether it’s folks you know or ones you don’t. And you never know when you and a stranger or acquaintance might team up to support one another in meeting a goal like paying off debt or saving for a big milestone.

Let’s say you share a financial issue you’re having on social media. You might get some helpful comments on your post that actually help you address the issue at hand. In the context of paying off debt, for example, some people might share the tactics they used to whittle down a credit card balance similar to yours.

Or maybe you’re hoping to cut your spending to sock away $1,000 in an emergency fund this year. You might find someone in the same boat you can buddy up with to support each other.

3. You may be more likely to meet your goals

So you want to be debt-free by 2025, and you have another $3,000 to go? Shouting that out loud might make you feel more accountable to the people who choose to follow your story. And that might, in turn, be the motivating factor you need to meet your goal.

If no one knows you’re aiming to work your way out of $3,000 worth of debt, no one will be any the wiser if, come next January, your balance hasn’t budged. If you share your story and week-by-week progress, you may be more inclined to stay on track and get to where you want to be.

There may be a middle-ground option that works better for you

Maybe blasting out a TikTok video sharing your savings goals and financial challenges isn’t your cup of tea. You don’t necessarily have to put yourself out there in such a public forum. But one thing you may want to do is confide in some of the people you trust about your situation.

You never know when a friend might have great advice you can follow. And you never know when a relative in a better financial position might offer to help you out in some way if you’re stressed about money (such as offering you an interest-free loan if you’re struggling to make rent and can’t find a cheaper housing alternative).

Loud budgeting isn’t necessarily for everyone, despite the potential upside. But if you share that part of yourself to some degree, you may find that it benefits your personal finances in more ways than one.

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