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“Quiet luxury,” or the trend of wearing expensive but understated fashion, may not resonate with most Americans. You’ll be “making a budget out loud.”
Coined by 26-year-old comedian Lucas Battle in a TikTok video he posted in December, “loud budgeting” comically flips “quiet luxury” on its head. The goal is to openly verbalize your financial limitations to avoid overspending.
Related: This financial expert reveals easy spending hacks to help you stay happy in a recession.
Battle began the semester when his friends invited him to go to an upscale Italian restaurant in Manhattan’s East Village neighborhood. Instead of agreeing and going over his budget, he told me honestly about his situation and offered to cook and have a game night at someone’s house.
@lukasbattle #greenscreen ♬Original song – Lucas Battle
The video received more than 1 million views and 1,000 comments, many from viewers who supported “exaggerated budgeting.”
“Exaggerated budgeting is my new personality,” one user wrote.
“I started budgeting out loud this summer and it freed me up,” said another.
According to Fox Business, Americans are facing record levels of debt. According to a study by real estate site Clever, more than half (61%) of respondents have credit card debt, with an average debt of $5,875.
RELATED: Do this simple exercise to build better money habits in 2024, financial experts say
“Big budgeting” may have started as a joke, but this strategy has real potential to help people reach their financial goals. Research in behavioral economics supports the idea that people are more likely to save when they publicly express their intention to save money. wall street journal report.
“The idea of sharing financial constraints and sharing savings intentions in a more open way can be beneficial and good,” said a University of Michigan researcher who studies what causes people to overspend. Scott Rick, associate professor of marketing, told the magazine. .
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