What is loud budgeting and does it work?

What is loud budgeting and does it work?

Updated: 11:07 AM EST Feb 28, 2024

TO STICK TO A BUDGET, BUT NOW THAT THE SOCIAL MEDIA WORLD CLAIMS TO HAVE FOUND A WAY TO MAKE IT A LITTLE BIT EASIER, I SPOKE TO A WEALTH MANAGER ABOUT WHAT’S CALLED LOUD BUDGETING, AND IF IT REALLY WORKS, OR IF IT’S JUST OVERSHARING. SCROLL ON SOME SOCIAL MEDIA PLATFORMS AND YOU’RE BOUND TO SEE IT A NEW WAY OF MANAGING YOUR MONEY CALLED LOUD BUDGETING. THE WORD LOUD IMPLIES THAT YOU’RE GOING TO EXPRESS IT TO MORE THAN INTERNALLY, BUT THE IDEA IS TELLING EVERYBODY YOUR GOAL. BUT MARK HENRY OF ALLOY WEALTH MANAGEMENT SAYS THE IDEA ISN’T REALLY THAT NEW AT ALL. IT’S REALLY EXISTED A LONG TIME WHEN IT COMES TO GOAL SETTING. SO YOU MAKE A SPENDING PLAN AND YOU VOCALIZE THAT PLAN TO OTHERS. WHEN YOU’VE TOLD YOUR CIRCLE OF FRIENDS THAT YOU’RE GOING TO DO THIS PART OF THE IDEA IS THAT PEOPLE WILL HELP HOLD YOU ACCOUNTABLE TO YOUR GOALS AND SUPPORT YOU ALONG THE WAY. THIS CAN BE MUCH EASIER TO SAY NO TO SOMETHING THAT SIMPLY IS NOT IN YOUR SPENDING PLAN, BECAUSE THEY KNOW HOW HARD YOU’RE TRYING TO DO SOMETHING. BUT IF YOU’RE NOT SO SURE ABOUT TELLING OTHERS THE STATE OF YOUR FINANCES, HENRY SAYS, FIND ONE ACCOUNTABILITY PARTNER YOU TRUST OR DON’T USE SPECIFICS. INSTEAD, SAY SOMETHING LIKE, I’M GOING TO PAY OFF MY CREDIT CARD DEBT AND SET A DATE FOR YOUR GOAL, SUCH AS, I’M GOING TO PAY OFF MY DEBT. BY DECEMBER 31ST, HE SAYS. FIND OUT WHERE YOUR MONEY IS GOING BEFORE YOU SET UP A PLAN, AND ALWAYS START WITH AN EMERGENCY FUND. GET CONTROL TODAY. START NOW. AND IT’S SO EMPOWERING. AND SURE, THIS MAY BE A SOCIAL MEDIA TREND NOW AS SOCIAL MEDIA HAS HAD AN IMPACT ON IT BECAUSE PEOPLE GO, OH YEAH, I CAN DO THAT. BUT HENRY SAYS IT’S NOT JUST FOR THE YOUNGER GENERATIONS. THERE’S A WEALTH MANAGER. I SEE MANY PEOPLE THAT ARE NOT PREPARED FOR LATER LIFE BECAUSE THEY DIDN’T KNOW HOW TO DO LOUD BUDGETING. SO LET’S BE CLEAR. THIS IS NOT JUST FOR THE MILLENNIALS. I THINK MY FAVORITE THING THAT I LEARNED FROM TALKING TO HIM WAS HAVING TO PUT A DEADLINE ON THAT GOAL. I THINK SOMETHING HE SAID WAS, YOU KNOW, A GOAL WITHOUT A DEADLINE IS JUST A DREAM. AND THAT’S TRUE FOR ANY ANY GOAL THAT YOU SET FOR YOUR FINANCES. FOUND MY ACCOUNTABILITY PARTNER RIGHT HERE. I’M GOING TO ORDER LESS DELIVERY FOOD EVERY WEEKDAY. I WILL SAY HE’S BEEN DOING IT. HE’S I THINK YOU’RE THREE WEEKS NOW WITHOUT ORDERING DELIVERY FOOD. SO YOU KNO

What is loud budgeting and does it work?

Updated: 11:07 AM EST Feb 28, 2024

The social media world claims to have found a new way to manage money. It’s called ‘loud budgeting.’ Mark Henry, CEO of Alloy Wealth Management, explains what ‘loud budgeting’ is and weighs in on if it works in the video above.

GREENVILLE, S.C. —

The social media world claims to have found a new way to manage money.

It’s called ‘loud budgeting.’

Mark Henry, CEO of Alloy Wealth Management, explains what ‘loud budgeting’ is and weighs in on if it works in the video above.