A new trend has emerged on TikTok that encourages young people to take control of their personal finances and be vocal about saving money.
It's called 'loud budgeting'.
The idea is to reject the urge to overspend and promote making money-conscious decisions, or 'budgeting'.
The 'loud' part of this trend means sharing your intentions with others, and many have taken to the social media platform TikTok to do just that.
For some, loud budgeting means posting on TikTok that they have declined an invitation to dinner in an expensive restaurant, telling followers that they're saving that money for a holiday instead.
For others, loud budgeting means not being influenced by influencers, telling people that they're saving money by wearing a dress already in the wardrobe.
Others on TikTok are sharing personal financial information, detailing their income and expenses and financial goals.
It's probably not surprising that the loud budgeting trend originated in the US and might not be for everyone.
Frank Conway, financial adviser and founder of MoneyWhizz.org, says culturally Irish people do not like to overshare, particularly when it comes to money.
"Americans will share with you, and it can be fun and interesting, but it's alien to Irish people."
Setting a budget and sticking to those goals is positive, but he questions the benefits of "oversharing" personal financial information on social media.
But young people are finding commonality with budgeting concerns on social media, and they are finding a community to achieve broader goals.
Caz Mooney has been sharing her financial journey on social media since 2021.
She set up the accounts using the handle @irishbudgeting to document how her family was budgeting on a single income.
"I was nervous at first to voice my goals, but the reaction was amazing," she says. "I suppose I was loud budgeting before it was a trend! I think it is amazing to be a part of a community that is completely changing their financial futures, it's inspiring."
Every month she asks her followers to share their budgeting 'wins’, and over the past two years, many have shared their financial achievements.
"I am talking about money, which can be an uncomfortable subject for many, so I do expect that many are silent followers and that is completely ok too. Whether you are loud or silent budgeting, ultimately the effect that creating that plan for your money will have, is going to make it so much more likely that you will achieve your financial goals."
Young Irish Budgeter is another example of an account giving budgeting tips and embracing loud budgeting.
Using the handle @young.irish.budge on TikTok, she describes herself as 'just a girl trying to beat inflation'.
The anonymity of the account makes it easier to divulge her salary and breakdown monthly expenses while she "contemplates my poor financial decisions".
It is very relatable and very accessible.
She documents her spending and saving, holding herself accountable and sharing her progress with a broader community.
Mr Conway first came across the concept of loud budgeting at a financial wellness seminar he hosted with a group of young people.
He said there is an acute awareness of budgeting among young people who are more open to discussing their finances than their parents would have been.
Last year, he did a survey on MoneyWhizz and the responses revealed how some people in their 30s say they're "terrified of being invited to a wedding". Mr Conway said the idea of loud budgeting would essentially deal with that, allowing people say, 'Look, I don't have the money'.
Caz Mooney likes the terms 'loud budgeting'. "It really promotes the idea of talking about money, and your financial goals with family and friends.
"I feel that for so long money has been seen as a taboo subject with many people afraid to share financial struggles as well as wins. I really believe that by sharing our financial journeys, it provides motivation as well as helping you to learn about the financial habits from those around you.
"Everyone has financial struggles and goals, and honestly it is refreshing when you hear your friend speak openly about it."
Another positive of loud budgeting is that it promotes financial literacy, which is low in Ireland, and when it is done in an entertaining way, it engages people.
Mr Conway from MoneyWhizz believes the loud budgeting trend is "fleeting".
Trends might come and go, especially on social media, but budgeting will always be in fashion.
Sharing your financial goals and progress publicly or loudly, or even quietly with one or two confidantes, can motivate you to stay on track. The added layer of accountability ensures that you think twice before veering off your budget.
Ms Mooney says it is refreshing that younger people are budgeting and taking control of their money. She is hopeful that the next generation will have greater financial education, at a personal finance level, "so that budgeting will come naturally to them".
"The reality is, unfortunately the average age that someone can buy their first home has increased, many cannot afford to move out of their parents house, college accommodation and travel are now costing more than ever before, and the cost of living is hitting hard," she says.
"As a result, the idea of younger people starting to work towards their financial goals is not only a great idea, but in many cases is a necessity."
