Budgeting Out Loud
By Amy Persyn
If you’re looking to take control of your finances, there are a number of personal finance strategies designed to help you get there. From envelopes and spreadsheets to budgeting apps, there is a method for just about anyone’s preferred budgeting style. However, there’s a powerful method that doesn’t get much attention: Loud budgeting. I have never been accused of being quiet. That’s why when I came across the concept of loud budgeting, I loved the idea. Why? It is a little bit different, but can be effective.
1. Notice What Matters
Pay attention to what you pay attention to. When you speak your financial goals out loud, you bring them into focus, which allows you prioritize the things that truly matter to you. Whether your goal is to build an emergency fund that brings peace of mind or you’re saving for a large purchase, by speaking your objectives out loud, you are reinforcing the things that matter to you, which helps you stay energized toward reaching those goals.
2. Stay Accountable
When you make others aware of your financial plans, you are more likely to follow through. Sharing your goals with the people in your life adds a layer of accountability and can help you stay on track toward accomplishing those goals.
3. Do more of what works
Speaking your financial goals out loud is integral in the formation of better financial habits. The more you exercise positive financial habits, the more those habits become ingrained which leads to better financial decision making, and long term financial stability and success.
4. Break the Taboo
For many, personal finances and money are taboo and they avoid discussing them. Loud budgeting brings money and finances into the conversation and makes the topics more acceptable. And sharing your budget strategies and financial goals with the people in your life allows them to understand you and your financial priorities better, which can strengthen your relationships.
5. Stress Less
It’s not unusual for people to feel stress about their finances. Loud budgeting can help you r educe your stress. When you make it a practice to talk about your financial situation, your goals, and your plans, you feel more in control of your finances, and less stressed.
6. Be Flexible
Don’t be surprised if you need to adjust your financial goals along the way. Regularly discussing your financial objectives through loud budgeting helps you recognize w hen your goals and plans need changes. Having regular conversations about your finances allows you to adapt more easily when needed.
Loud budgeting has numerous benefits that can improve your financial well-being and drive your financial success. In addition to bringing you closer to your financial goals, loud budgeting encourages dialogue about money, which can positively impact your relationships as well. Ready to take control of your finances? Get loud, and get started today.
Amy Persyn, Chief Marketing Officer at First State Bank, is a lifelong Macomb County Resident. She is passionate about connecting families and entrepreneurs with information that can help them become empowered and financially literate.
