A few years ago nobody wanted to talk about budgeting, or how they spent their money. It felt uncomfortable. It was no one’s business.
But with the ongoing cost of living crisis, everyone (not just a small group pf people) is having to make choices about how they spend their money.
And because of this, we are seeing a significant shift in how people approach personal finance and talk about the money choices they’re making.
Over the last few years, people have become more open and confident in sharing their money saving tips, whether it’s the joy of finding an award winning wine in Aldi, or our ‘new’ jacket on Vinted for a fraction of the cost of new.
We feel like savvy shoppers. There's kudos in finding a great ‘deal’. And we’re happy telling people about our bargains.
In the past , when testing concepts for budgeting tools they were often shunned. People felt that the banks were patronising. There was a cry of ‘I don’t need help!’. Yet now with some repositioning, budgeting tools on banking apps are fully integrated, giving us insight into our spending, allowing budgets to be set and keeping us in control with little or no effort. And no sense of us being ‘bad with money’.
There has clearly been a shift. Conversations that in the past would have been seen as embarrassing or awkward are now seen as empowering.
And now continuing that theme of openness, a new trend has emerged - 'loud budgeting'.
So, what is loud budgeting?
The term was coined by comedian and writer Lukas Battle on TikTok – and is set to be a huge trend for 2024.
It’s about being vocal in putting your financial needs first and prioritising what you want – rather than feeling under pressure from others, or from society. It’s about having permission to say no.
It’s OK to say no to a big night out, or a weekend away because you’re saving for a longer term goal. It’s OK not to feel pressured to split the bill equally when you’ve chosen the salad to stay in budget, while others have for opted for more expensive dishes.
It’s about choices. It’s about priorities. Spending now or saving for the future.
Loud budgeting is about openly discussing one's financial choices, priorities, sharing money-saving tips, and advocating for smart spending habits. It’s making conversations about money empowering rather than embarrassing. And that has to be a good thing, right? After all, why should you feel obliged to pay for someone else’s steak?
As we talked about in our previous blog ‘When there’s no secrecy, there’s no shame’ there are many topics that can feel sensitive or taboo yet by talking about them we help to normalise topics that have been avoided.
Embracing open dialogues about money matters is not only empowering, it also promotes healthy financial habits and importantly, is a way for people to support each other on their journey towards financial independence.
As this movement continues to gain momentum, it presents new opportunities for businesses to align themselves with the values of these financially savvy consumers – to understand and respond to real consumer needs.
Uncover deeper truths. Talk to Hummingbird Insights