ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Expert’s Tips on Practicing Loud Budgeting With Your Family and Kids

For some participants, loud budgeting means sharing how that they have opted out of expensive dinner invitations.
PUBLISHED FEB 19, 2024
Cover Image Source: Loud budgeting with kids (representative image) | Photo by Julia M Cameron | Pexels
Cover Image Source: Loud budgeting with kids (representative image) | Photo by Julia M Cameron | Pexels

A recent trend gaining traction on TikTok encourages young individuals to actively manage their finances and openly discuss their efforts to save money. Known as loud budgeting, this trend advocates for making mindful decisions regarding spending and prioritizing financial stability.

Image Source: Photo by Fox | pexels
Social media users are practicing loud budgeting (representative image) | Photo by Fox | pexels

The concept of loud budgeting is to resist the temptation to splurge unnecessarily and to promote responsible money management. The 'loud' aspect of this trend involves openly sharing one's intentions and actions with others, often through posts on TikTok. For some participants, loud budgeting means sharing on TikTok that they have opted out of expensive dinner invitations, stating their intention to save that money for other purposes, like a vacation. Others showcase their commitment to budgeting by rejecting the influence of social media influencers, proudly declaring that they are saving money by reusing clothing items already in their wardrobe.

Jennifer Seitz, the Director of Education at Greenlight, a family finance company dedicated to empowering parents in raising financially savvy children, shared her valuable insights on leveraging loud budgeting to benefit your household. Seitz, a Certified Financial Education Instructor (CFEI) and a mother of three draws on her expertise to educate both children and parents on effective money management strategies. As parents, your financial behaviors serve as a model for your children, influencing their money habits. Demonstrating the importance of saving and budgeting is crucial in instilling essential financial principles in them.

Image Source: Photo by Vika Glitter |Pexels
Inculcate money-saving values in kids early (representative image) | Photo by Vika Glitter | Pexels

As a parent, it is important to tailor discussions about mindful spending to match your child's age and stage of development. Even from a young age, introduce the concept of distinguishing between needs and wants:

-'Needs' include essential items required for daily living, such as food, clothing, and shelter.

-'Wants' encompass items that bring enjoyment but are not necessary for survival, like toys and treats.

As your child matures, he/she will be prioritizing needs over wants. Help them understand that money is finite, meaning they must make thoughtful spending decisions to maximize its value. By discussing why you prioritize certain expenses, such as saving for a family vacation, future education, or long-term financial objectives, you demonstrate responsible money management practices.

Image Source: Photo by August de Richelieu |Pexels
Family budgeting (representative image) | Photo by August de Richelieu | Pexels

Teaching kids about budgeting is a great start for their financial future. A budget is just a plan for money: what comes in, what goes out, and what you save for goals. Here are some tips:

1. Set clear saving goals: Define specific objectives, like saving for a concert ticket or college. Break them into smaller steps to make saving manageable. Track progress and adjust as needed.

2. List expenses: Categorize spending using tools like apps or spreadsheets. Monitor regularly and compare to your budget to find areas to save.

3. Stay consistent:  The key to budgeting success is sticking to your plan. Keep your goals in mind and be vocal about your budgeting efforts.

Kids have various opportunities to earn money, whether at home, in the neighborhood, or within the community, depending on their age. Kids can earn money through chores at home, like washing dishes or taking out the trash, with a set amount for each task. They can also do one-time jobs such as cleaning the garage or raking leaves. Outside the home, they can take on odd jobs like washing cars or dog walking, or explore part-time opportunities in the community to learn responsibility and money management.

MORE ON MARKET REALIST
The veteran TV personality has been on the show for over 40 years and has met countless celebrities.
6 hours ago
The guest who made an under $3,000 investment was blown away by the massive appraisal.
7 hours ago
The former contestants shared how things went and their personal interaction from the green room.
9 hours ago
The creator’s concern was that the bread retained its original shape despite being crushed.
10 hours ago
The books were written and signed by one of the most controversial kings in British history.
12 hours ago
While the founder of "Pinblock" got a deal, the terms weren't ideal for him.
1 day ago
As per the expert, the necklace was made in around 1905 and was from the Edwardian era.
1 day ago
The guest who paid $580 for the item was blown away by the 30x appraisal.
1 day ago
The guest believed that the portrait was worth somewhere around $500 and was shocked later on.
1 day ago
Fans were not happy about showcasing a loss on YouTube and social media.
2 days ago
The entrepreneurs even got a couple of sharks to lie down, and they loved the experience.
2 days ago
Herjavec loved the product and understood its potential even when most of his colleagues didn't.
2 days ago
Phil Collen and his band need no introduction as they are considered legends in their genre.
2 days ago
The original version has been ruling TV screens and hearts for decades now.
2 days ago
The guest said that his daughter had purchased them at an estate auction for around $300.
3 days ago
The name inadvertently came from an executive and became iconic for decades.
3 days ago
Culkin has been a clue on the game a whopping 42 times since he was a child star.
4 days ago
The guest was happy with the valuation, and fans got to learn a cool story about a big guitar brand.
4 days ago
The idea of owning human remains, no matter how old, was not something Harrison was a fan of.
4 days ago
The fumble is considered the most epic one on the show in decades of his history.
4 days ago