‘Loud budgeting’ goes viral: What to know about this hot money trend
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“There is a certain shock value in people declaring that they will not be splurging even on a small thing or service because it doesn’t make economic sense to them,” she said.
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“In some ways, loud budgeting goes hand-in-hand with a simple lifestyle — such as ‘van life’ and tiny homes — but also environmentalism and making more mindful purchases.”
“Between high interest rates, inflation and student loan payments going back into effect, many Gen Zers are facing headwinds when it comes to saving money.” (iStock / iStock)
What’s the catalyst for this trend? Why are people no longer ashamed of cutting back?
The loud budgeting trend reaffirms that it’s OK to have financial goals and make sacrifices to meet them, said Jaime Eckels, partner and certified financial planner with Plante Moran Financial Advisors in Auburn Hills, Michigan.
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“Between high interest rates, inflation and student loan payments going back into effect, many Gen Zers are facing headwinds when it comes to saving money,” she said.
Many in this generation “are shocked by the cost” of everything, said one expert.
To that end, Eckels said many Gen Zers have spent most of their life being tempted by social media influencers showcasing costly products and experiences.
“Rather than feeling pressure to keep up with the Joneses, people are saying, ‘I just can’t afford it and that’s OK.’” (iStock / iStock)
“And as this generation comes of an age where they’re seeking financial peace of mind, many are shocked by the cost of it all,” Eckels added.
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“Rather than feeling pressure to keep up with the Joneses, people are saying, ‘I just can’t afford it and that’s OK.’”
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And thanks to social media, there’s an audience publicly agreeing with and supporting that sentiment, she noted.
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