One thing is for certain \u2014 TikTok is on the absolute cutting edge when it comes to viral financial trends. The past calendar year has brought us tons of creators piggybacking on topics like girl (and boy) math, savings tips, and perhaps most notably, quiet luxury. But, if 2024 is any indication, it looks like influencers are changing their tune when it comes to spending money.<\/p>\n\n\n\n
The big trend right now in the new year? Say it with us \u2014 loud budgeting. Microphone test one, two: can you hear us in the back?<\/p>\n\n\n\n
Towards the end of the summer, well into the fall, and even in the early winter of 2023, quiet luxury was a trend embraced by the far reaches of social media \u2014 reflected onward to the shelves of department stores and fashion week runways. <\/p>\n\n\n\n
Simply put, quiet luxury was an ethos about spending money on big ticket items, like garments, home decor, and more \u2014 but the goal was to remain understated, hence the \u201cquiet.\u201d Think the opposite of late 00s garish maximalism \u2014 we\u2019re talking about high quality manufacturing that\u2019s meant to look understated, and for lack of a better word, not expensive.<\/p>\n\n\n\n
But in December 2023, a TikToker by the name of Lukas Battle decided to flip the script. His idea wasn\u2019t revolutionary \u2014 but it was a rejection of all the quiet luxury trend stands for. His plan was simple \u2014 Mr. Battle wanted to be vocal about his desire to live frugally and save money. Enter loud budgeting.<\/p>\n\n\n\n
As a concept, loud budgeting is pretty open-ended, with the only real criteria being an adherence to good financial habits, being conscientious about spending \u2014 and not dropping serious bucks on luxurious brands, all while living a sense of empowerment. <\/p>\n\n\n\n
While we here at Quicken do recognize that loud budgeting is a trend, we\u2019re always here to advocate responsible financial decisions. In the hope that this trend doesn\u2019t go the way of 80s shoulder pads and Von Dutch hats, we wanted to provide a guide to our readers on practical tips to start loud budgeting.<\/p>\n\n\n\n
So, if you\u2019re ready to ditch spending big bucks on understated luxury goods and unapologetically save (while telling your friends and family about it), get empowered! Let\u2019s jump right into it. <\/p>\n\n\n\n
Embracing frugal living and a rejection of all material objects might be a synonymous comparison to a person stepping out of the quiet luxury lifestyle, but we\u2019re here to tell you that you can still have your nice skincare products and save money.<\/p>\n\n\n\n
Here\u2019s the deal \u2014 once you commit to living a bit more frugally, you can take stock of how <\/em>you\u2019re spending your money and find places where you might be able to compromise. <\/p>\n\n\n\n Get fired up about it! You\u2019re in charge \u2014 you\u2019ll be the director of your financial comings and goings, and you might even feel excited at seeing so much extra money in your account when you stop spending on that premium luxury tax. <\/p>\n\n\n\n Okay, so you\u2019ve decided you want to cut back and live frugally. Now what?<\/p>\n\n\n\n As finance professionals, we cannot (like seriously, cannot<\/em>) stress how important a spending plan is. Want to save money? Plan for it. Do you need to buy a car? Plan for it. Ready to start an investment portfolio? Plan for that too. Having an actual roadmap for where your money goes is absolutely invaluable.<\/p>\n\n\n\n Consider investing in a personal finance app, like Quicken Simplifi<\/a>. It can help you create savings goals, automatically categorize your transactions, track your investments, and more. Perhaps its most effective tool in the function of loud budgeting is helping you see each and every transaction \u2014 so you can see where you\u2019re spending money and identify areas to dial it back. <\/p>\n\n\n\n Sure, having extra money on hand is great, but your loud budgeting practice could be more effective if the goal is to, say, take an amazing trip to your dream destination<\/a>, say goodbye to credit card debt, pay the down payment on a home, or fund the purchase of a new car. <\/p>\n\n\n\n Once you set your goal, add it to your budget. Next, you\u2019ll want to see where you can cut back \u2014 what items are you overspending on? It can be really helpful to decide what\u2019s a necessary expense and what you can live without. From there, you can add any extra savings toward your goal. <\/p>\n\n\n\n Goals are what help push us along, especially when resolutions get hard to stick to. By creating one, you\u2019ll have a little extra motivation whenever you need it. <\/p>\n\n\n\n Alright, now it\u2019s time to get creative \u2014 nobody said ditching quiet luxury means you need to ditch being fashionable, right? The offerings at your local Target, pharmacy, or thrift store might actually blow your mind. <\/p>\n\n\n\n If it\u2019s stylish threads you\u2019re after, make your way to a local thrift store. Aside from a deep collection of incredible (and often hilarious) graphic tees that you can anchor into any ensemble, you can often find amazing, gently worn jeans, outerwear staples, hats, and more. Grab a coffee and sift through the racks \u2014 it\u2019s pretty freakin\u2019 gratifying. <\/p>\n\n\n\n Large format chain stores can also offer surprisingly stylish and good quality clothing \u2014 look at places like Walmart and Target. Why drop $1,500 on an olive Fear of God bomber jacket when Target has one for $34.00<\/a>? When it comes to home goods and personal care items, both stores have fantastic selections for substantially cheaper as well. You can also check places like TJ Maxx, HomeGoods, and Marshall\u2019s, as well \u2014 while basking in the calm luxury of knowing you\u2019re making great choices.<\/p>\n\n\n\n The only way we can really know if we\u2019re making progress on our goals is to document them. How<\/em> you document them is entirely up to you. <\/p>\n\n\n\n Since loud budgeting is a viral trend, you can create a dedicated social media account to track your progress, show how much you\u2019re saving, and even share your amazing cheap finds to inspire others. If you\u2019re uncomfortable with sharing your details, don\u2019t worry \u2014 it\u2019s totally cool. This is the \u201cloud\u201d part of loud budgeting fully exemplified! (A side note \u2014 never share personally identifiable information like your banking info on social media.)<\/p>\n\n\n\n2. Review your budget<\/strong><\/h3>\n\n\n\n
3. It\u2019s helpful to have a goal in mind<\/strong><\/h3>\n\n\n\n
4. Find similar (cheaper) products<\/strong><\/h3>\n\n\n\n
5. Document your progress<\/strong><\/h3>\n\n\n\n