Loud budgeting can help you save more, find support Strengthening your boundary-setting and communication skills, and holding yourself accountable, can help you save more money to put toward your goals. “Having money goals is something to be proud of and something that you should really communicate to your friends and family, so they know where you stand financially, because when you don’t, people just assume that the money you have is a free-for-all,” Gonzalez said. Being transparent about money may also open up support. “Speaking openly about your finances leads to more candid conversations about money with others who may have gone through a similar struggle, and [who] can offer advice or tips on how they improved their own financial situation,” Woroch said.
How to make this a habit, not a passing trend Some ways to build loud budgeting into a regular habit include: Address your feelings about money 1
The emotions you have tied to money can affect your financial wellness, and how you feel about money can be shaped by your cultural background and other factors, like generational trauma. For example, Gonzalez says, “I think because in my culture, the Latino culture, it’s very much expected that you just provide money … it’s very much seen as an obligation that you have to your elders, for the sacrifices that they put in so that you’re able to now have a better life.” And familial expectations about money can cause conflict and strain your finances. Addressing your feelings about money with a professional like a financial therapist can improve your ability to set money boundaries and communicate them. Get an accountability partner 2
Share your financial goals with someone you trust and who will help to hold you accountable.
“Is there someone else you know who recently proclaimed their loud budgeting efforts on social media or in your circle of friends?” Woroch said. “Reach out to share your goals and support each other by holding each other accountable with monthly check-ins or texts when you’re feeling like spending.” Set clear goals 3
Think about the kind of life you want to live and set money goals accordingly.
When Gonzalez wanted to travel the world, she bought a map and put it where she could see it every day. “But for somebody else, maybe their big dream is to buy their own home,” she says. “So I tell people to keep the motivation and momentum going … make your lock screen [a picture of] your dream home.”
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