In the ever-evolving world of personal finance, new trends and strategies are constantly emerging to help individuals manage their money more effectively.

One such trend gaining traction is 'Loud Budgeting'.

This financial strategy, which is currently making waves on social media platforms, encourages individuals to be vocal about their financial decisions and to prioritise saving over spending.

'Loud Budgeting' isn’t necessarily a new concept, but it is a stark contrast to the 'Quiet Luxury' trend of 2023, which saw individuals indulging in high-end purchases without broadcasting their spending habits.

'Loud Budgeting' is a strategy that’s helping Aussies save money. Image source: shurkin_son on Freepik.

In 2024, the focus has shifted towards being open about financial restraint and making conscious decisions to save money.

Aussies are sharing their personal experiences and tips on saving money, from cancelling subscriptions and memberships to reducing unnecessary travel to save on fuel costs.

One shared their decision to decline social plans to avoid unnecessary spending, stating, 'I'm going to ghost them this year and probably not text them back because I don't need the plans, and I don't want to spend money on the plans.'

Effie Zahos, a renowned Money Expert, explained that 'Loud Budgeting' is all about taking pride in making financial decisions that protect your savings and budget.

'Anything that jeopardises your budget [and] goals, you say no, and you be proud of it, and you be loud about it,' she said.

Recent data from National Australia Bank (NAB) supports the effectiveness of this approach.

According to NAB, individuals under 30 who practice 'Loud Budgeting' by cutting back on expenses such as dining out, ordering food delivery, unnecessary fuel consumption, takeaway coffees, and streaming services, can save around $457 a month.

However, Zahos advised maintaining a balance when adopting the 'Loud Budgeting' approach.

While it's important to be mindful of your spending, it's equally important not to deprive yourself completely.

'I'm all for owning your finances status, and I think this is great in the sense that people are now not embarrassed to say they don't want to go out for dinner this weekend because a restaurant is so expensive and they are saving for something,' she said.

To help with budgeting, Zahos suggested trying a 'no want' spend month or a 52-week challenge where you save incrementally each week.

'Or simple things like a 52-week challenge, put $1 away in week one, then week two, $2 and so on—by 12 months you should have $1378 saved.'

Key Takeaways

• 'Loud Budgeting' is a trend that promotes openly refusing to spend money on non-essential items to save money.
• Examples include not driving to meet friends, letting go of memberships and subscriptions, and not participating in expensive plans.
• The National Australia Bank data suggests that by cutting back on discretionary spending such as dining out, takeaways, and subscriptions, young people have saved an average of $457 a month.
• Money Expert Effie Zahos advises finding a balance and suggests strategies like a no 'want' spend month or the 52-week saving challenge to support budgeting efforts.

So members, what's your take on 'Loud Budgeting'? What strategies do you use to save money? Share your thoughts and tips with us.

 

[thewizardoz]

In the ever-evolving world of personal finance, new trends and strategies are constantly emerging to help individuals manage their money more effectively.

One such trend gaining traction is 'Loud Budgeting'.

This financial strategy, which is currently making waves on social media platforms, encourages individuals to be vocal about their financial decisions and to prioritise saving over spending.

'Loud Budgeting' isn’t necessarily a new concept, but it is a stark contrast to the 'Quiet Luxury' trend of 2023, which saw individuals indulging in high-end purchases without broadcasting their spending habits.

View attachment 39808

'Loud Budgeting' is a strategy that’s helping Aussies save money. Image source: shurkin_son on Freepik.

In 2024, the focus has shifted towards being open about financial restraint and making conscious decisions to save money.

Aussies are sharing their personal experiences and tips on saving money, from cancelling subscriptions and memberships to reducing unnecessary travel to save on fuel costs.

One shared their decision to decline social plans to avoid unnecessary spending, stating, 'I'm going to ghost them this year and probably not text them back because I don't need the plans, and I don't want to spend money on the plans.'

Effie Zahos, a renowned Money Expert, explained that 'Loud Budgeting' is all about taking pride in making financial decisions that protect your savings and budget.

'Anything that jeopardises your budget [and] goals, you say no, and you be proud of it, and you be loud about it,' she said.

Recent data from National Australia Bank (NAB) supports the effectiveness of this approach.

According to NAB, individuals under 30 who practice 'Loud Budgeting' by cutting back on expenses such as dining out, ordering food delivery, unnecessary fuel consumption, takeaway coffees, and streaming services, can save around $457 a month.

However, Zahos advised maintaining a balance when adopting the 'Loud Budgeting' approach.

While it's important to be mindful of your spending, it's equally important not to deprive yourself completely.

'I'm all for owning your finances status, and I think this is great in the sense that people are now not embarrassed to say they don't want to go out for dinner this weekend because a restaurant is so expensive and they are saving for something,' she said.

To help with budgeting, Zahos suggested trying a 'no want' spend month or a 52-week challenge where you save incrementally each week.

'Or simple things like a 52-week challenge, put $1 away in week one, then week two, $2 and so on—by 12 months you should have $1378 saved.'

Key Takeaways

• 'Loud Budgeting' is a trend that promotes openly refusing to spend money on non-essential items to save money.
• Examples include not driving to meet friends, letting go of memberships and subscriptions, and not participating in expensive plans.
• The National Australia Bank data suggests that by cutting back on discretionary spending such as dining out, takeaways, and subscriptions, young people have saved an average of $457 a month.
• Money Expert Effie Zahos advises finding a balance and suggests strategies like a no 'want' spend month or the 52-week saving challenge to support budgeting efforts.

So members, what's your take on 'Loud Budgeting'? What strategies do you use to save money? Share your thoughts and tips with us.

| "Get $500 Monthly"

|Another false advertising promo gimmick to suck people into thinking they can GET some money!!!!!!

 

[gbaerken]

Yes, start getting the people used to deprivation. I for one believe in "waste not ...." etc however, in this day and age especially as a retiree, I want to be able to enjoy such things as a restaurant meal, driving and meeting friends etc. I worked for it and deserve it. What I do to save money is not buy the crap advertisers and the like try to ram down our throats. Stop buying Lemonade, and garbage snacks and lollies. Really look at the Coles and Woolworths specials, most of it is rubbish like Ice Creams, biscuits, potato chips and lollies or processed and frozen goods with no nutritional value. Don't rush down and buy that Kmart goody because it's trendy, like the sun lounge in the latest SDC newsletter. That leaves me with extra to enjoy dining out or meeting friends or visiting relatives. Spend smart.

 

[Col@45]

In the ever-evolving world of personal finance, new trends and strategies are constantly emerging to help individuals manage their money more effectively.

One such trend gaining traction is 'Loud Budgeting'.

This financial strategy, which is currently making waves on social media platforms, encourages individuals to be vocal about their financial decisions and to prioritise saving over spending.

'Loud Budgeting' isn’t necessarily a new concept, but it is a stark contrast to the 'Quiet Luxury' trend of 2023, which saw individuals indulging in high-end purchases without broadcasting their spending habits.

View attachment 39808

'Loud Budgeting' is a strategy that’s helping Aussies save money. Image source: shurkin_son on Freepik.

In 2024, the focus has shifted towards being open about financial restraint and making conscious decisions to save money.

Aussies are sharing their personal experiences and tips on saving money, from cancelling subscriptions and memberships to reducing unnecessary travel to save on fuel costs.

One shared their decision to decline social plans to avoid unnecessary spending, stating, 'I'm going to ghost them this year and probably not text them back because I don't need the plans, and I don't want to spend money on the plans.'

Effie Zahos, a renowned Money Expert, explained that 'Loud Budgeting' is all about taking pride in making financial decisions that protect your savings and budget.

'Anything that jeopardises your budget [and] goals, you say no, and you be proud of it, and you be loud about it,' she said.

Recent data from National Australia Bank (NAB) supports the effectiveness of this approach.

According to NAB, individuals under 30 who practice 'Loud Budgeting' by cutting back on expenses such as dining out, ordering food delivery, unnecessary fuel consumption, takeaway coffees, and streaming services, can save around $457 a month.

However, Zahos advised maintaining a balance when adopting the 'Loud Budgeting' approach.

While it's important to be mindful of your spending, it's equally important not to deprive yourself completely.

'I'm all for owning your finances status, and I think this is great in the sense that people are now not embarrassed to say they don't want to go out for dinner this weekend because a restaurant is so expensive and they are saving for something,' she said.

To help with budgeting, Zahos suggested trying a 'no want' spend month or a 52-week challenge where you save incrementally each week.

'Or simple things like a 52-week challenge, put $1 away in week one, then week two, $2 and so on—by 12 months you should have $1378 saved.'

Key Takeaways

• 'Loud Budgeting' is a trend that promotes openly refusing to spend money on non-essential items to save money.
• Examples include not driving to meet friends, letting go of memberships and subscriptions, and not participating in expensive plans.
• The National Australia Bank data suggests that by cutting back on discretionary spending such as dining out, takeaways, and subscriptions, young people have saved an average of $457 a month.
• Money Expert Effie Zahos advises finding a balance and suggests strategies like a no 'want' spend month or the 52-week saving challenge to support budgeting efforts.

So members, what's your take on 'Loud Budgeting'? What strategies do you use to save money? Share your thoughts and tips with us.

Great idea....we all spend too much on unnecessary things !

 

[Zena Lea]

In the ever-evolving world of personal finance, new trends and strategies are constantly emerging to help individuals manage their money more effectively.

One such trend gaining traction is 'Loud Budgeting'.

This financial strategy, which is currently making waves on social media platforms, encourages individuals to be vocal about their financial decisions and to prioritise saving over spending.

'Loud Budgeting' isn’t necessarily a new concept, but it is a stark contrast to the 'Quiet Luxury' trend of 2023, which saw individuals indulging in high-end purchases without broadcasting their spending habits.

View attachment 39808

'Loud Budgeting' is a strategy that’s helping Aussies save money. Image source: shurkin_son on Freepik.

In 2024, the focus has shifted towards being open about financial restraint and making conscious decisions to save money.

Aussies are sharing their personal experiences and tips on saving money, from cancelling subscriptions and memberships to reducing unnecessary travel to save on fuel costs.

One shared their decision to decline social plans to avoid unnecessary spending, stating, 'I'm going to ghost them this year and probably not text them back because I don't need the plans, and I don't want to spend money on the plans.'

Effie Zahos, a renowned Money Expert, explained that 'Loud Budgeting' is all about taking pride in making financial decisions that protect your savings and budget.

'Anything that jeopardises your budget [and] goals, you say no, and you be proud of it, and you be loud about it,' she said.

Recent data from National Australia Bank (NAB) supports the effectiveness of this approach.

According to NAB, individuals under 30 who practice 'Loud Budgeting' by cutting back on expenses such as dining out, ordering food delivery, unnecessary fuel consumption, takeaway coffees, and streaming services, can save around $457 a month.

However, Zahos advised maintaining a balance when adopting the 'Loud Budgeting' approach.

While it's important to be mindful of your spending, it's equally important not to deprive yourself completely.

'I'm all for owning your finances status, and I think this is great in the sense that people are now not embarrassed to say they don't want to go out for dinner this weekend because a restaurant is so expensive and they are saving for something,' she said.

To help with budgeting, Zahos suggested trying a 'no want' spend month or a 52-week challenge where you save incrementally each week.

'Or simple things like a 52-week challenge, put $1 away in week one, then week two, $2 and so on—by 12 months you should have $1378 saved.'

Key Takeaways

• 'Loud Budgeting' is a trend that promotes openly refusing to spend money on non-essential items to save money.
• Examples include not driving to meet friends, letting go of memberships and subscriptions, and not participating in expensive plans.
• The National Australia Bank data suggests that by cutting back on discretionary spending such as dining out, takeaways, and subscriptions, young people have saved an average of $457 a month.
• Money Expert Effie Zahos advises finding a balance and suggests strategies like a no 'want' spend month or the 52-week saving challenge to support budgeting efforts.

So members, what's your take on 'Loud Budgeting'? What strategies do you use to save money? Share your thoughts and tips with us.

Good idea. But I find that as a recently widowed single pensioner, I am being ultra careful as to small bites at my income, as well as the big stuff.
That's why I haven't signed up to pay a subscription to SDC.
But I am feeling excluded and discriminated against when I try to enter competitions, only to find I am barred because I'm not a member.
Thanks, just what I need, at this difficult time.

 

[mylittletibbies]

| "Get $500 Monthly"

|Another false advertising promo gimmick to suck people into thinking they can GET some money!!!!!!

Where did it say "get" it said "save".
Two completely different things.
If you spend your life waiting to "get" money you'll never have any.

 

[mylittletibbies]

Good idea. But I find that as a recently widowed single pensioner, I am being ultra careful as to small bites at my income, as well as the big stuff.
That's why I haven't signed up to pay a subscription to SDC.
But I am feeling excluded and discriminated against when I try to enter competitions, only to find I am barred because I'm not a member.
Thanks, just what I need, at this difficult time.

I am sorry that you are finding things difficult at this present time.
Unfortunately many people are in the same situation.
But, at the same time you must realise that SDC also have overheads to cover and our memberships go to help cover these. In return we receive a thank you.
You are not being discriminated against, that isn't discrimination.

 

[Lizzylou]

For many years I was always robbing Peter to pay Paul as the saying goes, but then I thought I am tired of treading water and I was doing that when I was working because let's face it we all at one time or another think I am working I can afford to get this or that and as long as the bills are paid who cares, but then the wheels fall off. I learnt to budget and put money away weekly for the bills and have a savings plan We still go out to lunch and treat ourselves on occasions because if you don't then you end up not enjoying life to the best of your ability. As for putting one dollar away then two, three etc, I don't think anyone on a budget can be putting away much over 10 dollars away a week, I know we can't.

 

[DrivingGirl]

Yes, start getting the people used to deprivation. I for one believe in "waste not ...." etc however, in this day and age especially as a retiree, I want to be able to enjoy such things as a restaurant meal, driving and meeting friends etc. I worked for it and deserve it. What I do to save money is not buy the crap advertisers and the like try to ram down our throats. Stop buying Lemonade, and garbage snacks and lollies. Really look at the Coles and Woolworths specials, most of it is rubbish like Ice Creams, biscuits, potato chips and lollies or processed and frozen goods with no nutritional value. Don't rush down and buy that Kmart goody because it's trendy, like the sun lounge in the latest SDC newsletter. That leaves me with extra to enjoy dining out or meeting friends or visiting relatives. Spend smart.

Very well said - took the words right out of my mouth! It makes me sick looking at the so called specials at supermarkets - just want to hook mum’s in to buy garbage ‘treats’ for their kids instead of using the cash to do a great day trip into the countryside as a family and a picnic.

 

[gordon1940]

| "Get $500 Monthly"

|Another false advertising promo gimmick to suck people into thinking they can GET some money!!!!!!

Hey "Wiz" nowhere is the word GET used!

 

[gbaerken]

Good idea. But I find that as a recently widowed single pensioner, I am being ultra careful as to small bites at my income, as well as the big stuff.
That's why I haven't signed up to pay a subscription to SDC.
But I am feeling excluded and discriminated against when I try to enter competitions, only to find I am barred because I'm not a member.
Thanks, just what I need, at this difficult time.

Want some free games? There are a few on this page. I play Wordle daily. https://www.nytimes.com/crosswords

 

[MariaG]

Yes, start getting the people used to deprivation. I for one believe in "waste not ...." etc however, in this day and age especially as a retiree, I want to be able to enjoy such things as a restaurant meal, driving and meeting friends etc. I worked for it and deserve it. What I do to save money is not buy the crap advertisers and the like try to ram down our throats. Stop buying Lemonade, and garbage snacks and lollies. Really look at the Coles and Woolworths specials, most of it is rubbish like Ice Creams, biscuits, potato chips and lollies or processed and frozen goods with no nutritional value. Don't rush down and buy that Kmart goody because it's trendy, like the sun lounge in the latest SDC newsletter. That leaves me with extra to enjoy dining out or meeting friends or visiting relatives. Spend smart.

And...another thing a lot of people don't bother with is to compare prices for insurance and CTP.
I don't use comparison sites. My preference is to go to brand websites and actually ask for a quote.
Only today, I shopped around for a CTP renewal. The most expensive was $495 and the one I ended up purchasing was $388. That's a good saving.
It pays to be frugal and wary of special new you beaut gadgets as Gbaerken has already mentioned.
We are at an age where, quote gbaerken "Spend smart" is absolutely essential.
I prefer to work on our NEED factor rather than WANT factor.
However, that doesn't mean we go without some retiree benefits. As has already been said...we worked for it and deserve to reap the rewards.

 

[Gsr]

Hopefully loud budgeting doesn’t involve people posting everything they don’t buy, eg. save money on, to social media. There really is already too much unnecessary crap on there.

 

[IAN3005]

I work on the three-week strategy...... think you need it.... wait 3 weeks and if you still NEED it then buy it.... 9/10 cases you will have forgotten about it....

 

[Singomate]

I think I have said this before , have 4 money boxes 2 dollar 1 dollar 50cent and the 5, 10 20 in last one I put all loose change in, and yes once a week or more I was staggered how much I saved over 2023

 

[Meska]

For years I've used cash when possible to buy stuff. With the change I put away, 0.50c, $1 & $2 coins. One year I saved over $1000 doing this. One doesn't notice the difference and I put the money in a saver account when $50+ is reached. I also have a money box to put the rest of the coins in. I always leave $0.70c in my purse for some reason, 2x5c, 2x10c & 2x20. Sometime this helps with paying the small stuff.

 

[Barbara V]

I wholeheartedly agree,I don't think content good enough to pay for it. Too much old news and repetitions,but that's me ,I'm not knocking those that wish to join

Good idea. But I find that as a recently widowed single pensioner, I am being ultra careful as to small bites at my income, as well as the big stuff.
That's why I haven't signed up to pay a subscription to SDC.
But I am feeling excluded and discriminated against when I try to enter competitions, only to find I am barred because I'm not a member.
Thanks, just what I need, at this difficult time.