We’ve all been there. That awkward split-cost dinner with friends where one person orders the seafood tower when you plan to stick with a reasonably priced hamburger, then comes the bill. Or, taking a vacation with friends or family where the individual budgets are different, inevitably leading to spending more on meals, activities and accommodations, stretches the comfort zone.
Picture this: “loud budgeting,” the new buzzword, shaking up the world of personal finance with its unusual yet practical approach to managing money. It’s all about breaking the silence and vocalizing your budgeting game plan.
Loud budgeting encourages open, honest conversations about money with your friends, your family, or even your dog if they’re good listeners. By turning budget talks into a normal part of the dialogue, you’re setting budgetary expectations and limitations and forming a financial support circle ready to support you through every spending decision.
Here are a couple of tips and approaches to put your loud budget into play:
- Identify weak areas when it comes to money.
- Set clear goals and a defined budget.
- Select an accountability partner.
- Find other ways to participate in activities.
To get you started with your loud budget, we’ve attached this helpful budgeting worksheet from Consumer.gov.
So, here’s the challenge: identify your budget and communicate it to your closest, especially when activities or shared experiences could create different spending expectations. By saying no to short-term splurges and yes to long-term financial goals, you’re not just saving dollars – you’re building the foundation for a future filled with wealth and financial freedom.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.