After culinary tips, fashion advice and other beauty secrets, TikTok is now interested in financial management. A trend aimed at saving money has been making a lot of noise since the start of the year and we understand why.
20 million views! Such is the scale encountered by this new TikTok phenomenon and its hashtag #loudbudgeting. This concept intended to manage your budget by avoiding restrictive expenses appeals to thousands of Internet users. What is it about ? Literally translated as “noisy budgeting”, loud budgeting is the antonym of quiet luxury, a movement advocating discreet wealth.
This time, it’s about sharing your financial goals loud and clear. It’s not just talking about money, but publicly committing to saving for real reasons. Avoiding an expensive dinner to buy a birthday present for your child, refusing a weekend with friends for a real estate contribution… It’s a way of proudly assuming your budgetary conscience.
Lukas Battle, a TikToker who pioneered the concept, told Buzzfeed magazine: “I think being honest and realistic about money should be considered stylish and cool”this is why he advocates sincerity without filter by regularly confiding to those around him: “Sorry, I can’t go out to dinner.” By prioritizing his outings and expenses, his approach was quickly praised by financial experts. Andrea Woroch, budget management coach, emphasizes that loud budgeting encourages you to make better decisions in line with your budgetary objectives: “Until now, we saw people posting their money on social media rather than posting their financial struggles.” She adds : “This trend is now helping to move conversations about money in the right direction.” An observation supported by Derek Ober, financial advisor at Northwestern Mutual: “As a financial advisor, I think this trend is a great approach to managing your finances.”
Andrea Woroch emphasizes one point: “It is important not to fall into the trap of talking. Taking action is essential to improving your finances and it requires a detailed plan to achieve this.” Here are the recommended steps to properly adopt loud budgeting: start by defining your financial goals, align your budget with your personal values, communicate openly with your loved ones about your financial needs, offer less expensive alternatives to expensive activities, and Finally, explore new tips for saving without sacrificing your social life. Thus, by playing the authenticity card, you allow yourself to better manage your finances while encouraging those close to you to do the same. A most virtuous circle!