Kailey Krantz | Staff Writer
It seems as if struggling to be financially independent is built into the college experience – which shouldn’t be the case. Loud budgeting can be a solution to improve students’ financial security.
Loud budgeting is a money-saving technique, in which people share their financial status with family and friends, whether that be sharing how much they spend monthly or how much money they have saved this week.
This personal finance trend has been popular among young adults in the digital age, as social media and ease of communication give people a quick view into some of the most personal moments in someone’s life like their financial habits.
The best thing about loud budgeting is the vulnerability these conversations can bring.
Not everyone is comfortable sharing their finances for fear of sounding like a braggart flaunting their wealth or being ridiculed for having less money than their peers throughout their college life.
If they flaunt their wealth, they would be considered ‘privileged’ and ‘far removed’ from reality. If they aren’t as financially stable, they’ll get called ‘poor’ or be told to get a job, which doesn’t encompass everything that’s going on in their lives.
I’m hesitant to talk about my personal finances because I fear the judgment of others.
Even though I am actively working to become financially independent, any financial snafus could mentally and emotionally render my efforts worthless.
I understand that loud budgeting isn’t the only solution to being financially stable. However, the problem with keeping these conversations private is students would be more stressed about their finances and more likely to make financial mistakes.
There are financial risks everywhere like credit card misuse, internet scams and overconsumption that dwindles one’s funds and can damage the chances of students being able to afford a car, a home or lease an apartment.
Loud budgeting can reframe the conversation around financial health to put it in a more positive light that can erase the taboo subject of money.
One way to practice loud budgeting is by avoiding social events that require you to spend more money than you should. While it’s okay to splurge on these events now and then, setting that boundary keeps your budget intact.
Kimberly Noy, the manager of FIU’s Financial Wellness Program, says these conversations can be the start of learning to be financially healthy. Students can use FIU’s Financial Wellness Program if they need to ask about financial advice.
Asking questions about how to be financially healthy to your family and friends can soothe your nerves when talking about this subject and shows you’re willing to learn how to handle money responsibly.
Once those questions are answered, then you can start to create a budget that works for you and adjust it accordingly to achieve your long-term financial goals.
Being aware of your finances is a good habit to practice in your college years. Being more vocal about their spending and saving habits is a solution that can lead to financial freedom.
DISCLAIMER:
The opinions presented on this page do not represent the views of the PantherNOW Editorial Board. These views are separate from editorials and reflect individual perspectives of contributing writers and/or members of the University community.