“Loud budgeting” is a concept that has emerged on social media — most prominently on TikTok — as a way to hold yourself accountable to financial goals.
The concept involves sharing goals related to money — whether it’s hitting a particular savings milestone or cutting back on frivolous spending — with others. Many people find it easier to meet fitness goals if they share them publicly.
But like all fads, the staying power of loud budgeting is questionable at best. Here are eight reasons the trend might not help you get ahead financially in the long run.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Sharing finance goals can be embarrassing
There's a certain stigma or shame associated with struggling financially that might keep you from embracing the concept of loud budgeting.
For example, if you are trying to crush your debts, you might be reluctant to admit the problem got so out of hand before you finally tackled it.
Even if you start with good intentions and believe sharing your financial goals on social media will be helpful, you might find yourself embarrassed if you fall short of a goal or if you receive negative feedback.
Talking about money can still be taboo
While younger generations — particularly those on TikTok — seem to embrace speaking openly about many formerly taboo topics, many people are still uncomfortable talking about their finances.
If you choose to be vocal about your financial plans to friends or on your social media accounts, it may make them feel uncomfortable. That is particularly true if you share that you make significantly more or less money than they do.
Tips from friends and followers are not always helpful
Turning to a specific friend or online community can be helpful when trying to meet a financial goal. However, doing so can also open you up to all sorts of unsolicited advice.
For example, your best friend might not have the best suggestions on how to trim your monthly food budget. If you are going to practice loud budgeting, make sure to set boundaries.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Sharing too much information can backfire
Plenty of people overshare online, but oversharing about your finances could put you at risk in myriad ways.
One danger is that friends and loved ones may misinterpret your candor as a cry for help or as an attempt to avoid paying your fair share.
For example, telling friends you can’t hang out because you are down to your last $10 for the week might be misinterpreted as you trying to guilt them into paying for you.
It may open you up to scams
Sharing too much online goes hand in hand with opening yourself up to potential scams.
While it is doubtful that close friends or family would ever betray you in this way, posting personal information online makes you an easier target for bad actors and scam artists looking for new victims.
Trending Stories
Online accountability doesn’t always work
Just as having a gym buddy might work for some folks and not for others, sharing your financial goals might not give you the results you want.
Anyone can go online and say they will give up frivolous spending. However, your followers won’t be with you at midnight when you make another irresponsible Amazon purchase.
You might alienate friends
Being vocal about what you think is a waste of money might alienate some people you care about.
For example, posting about how stupid it is to overspend on clothes, a summer vacation, or regularly eating out may not sit well with your followers who do believe it’s worth it to splurge in these areas.
There are simpler ways to budget
Despite the temptation to post everything online these days, there are easier ways to budget with less risk. If you really need the accountability of loud budgeting, at least consider going a little bit quieter.
Perhaps you can share some financial goals with a friend or family member — or even a spending journal — rather than the entire internet.
Bottom line
It’s entirely possible — even likely — that “loud budgeting” will be just another TikTok trend that quickly fades away.
Personal accountability certainly can help with financial goals, but perhaps it doesn’t have to be quite so loud.
The old tried-and-true methods of cutting spending to build wealth — such as quietly keeping an old-fashioned budget and carefully tracking your spending — work as well today as they always have.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.74%, 24.74%, or 29.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.
Author Details