Good news is on the horizon for those who nervously attend a dinner with friends, scan the menu for the most affordable option and pray that no one suggests the bill be split evenly. Talking about money is often a touchy subject. Many of us are hesitant to reveal how much we earn, what we can afford and how much we have saved.
But a growing social media movement might soon change this and make us more comfortable discussing our finances to avoid a personal fiscal blowout. “Loud budgeting”, where individuals openly discuss their financial limitations and goals with others, has emerged as a key strategy to support personal cash flow management. Journalism for the curious Australian across politics, business, culture and opinion.
Many feel compelled to go along with what others can afford, which ends up burning a hole in their wallets and over time can leave them drowning in debt. Gary Martin The loud-budgeting trend tries to break the stigma around conversations about money. It encourages people to be open about their finances and making it easier to say “no” to things they cannot afford.
For example, when invited to a concert, someone might say “I’m skipping the concert to save for my trip to Greece”, clearly communicating their priorities. When asked by friends to dine out, they could respond “I can’t join for dinner tonight, I’m saving money by cooking at home”. For gift exchanges, a person could propose “how about we set a spending limit on gifts thi.
