Budgeting Back in the Spotlight: LOUD Budgeting

I’ve helped hundreds of people manage their bankruptcy Winnipeg situation, and one thing that I always come back to is the importance of budgeting. 

The latest trend is LOUD budgeting.  What does that mean?  What is loud budgeting?  The easiest way to explain it, I believe, is to copy what has been written online to explain LOUD budgeting. 

In early January, comedian Lukas Battle recorded a video that has since surpassed a million views. In it, he coined the term “Loud Budgeting.” As Battle would later explain, “Loud Budgeting” is outwardly rejecting the pressures of consumerism to develop a healthier relationship with money. “It’s not, ‘I don’t have enough,’ it’s ‘I don’t want to spend,” Battle explained. “Sorry, can’t go out to dinner, I’ve got $7 a day to live on.”

I have been talking about budgeting for the longest time. I just have never attempted to use a social media platform to promote it and have not spread my message to millions. The idea of LOUD budgeting needs basic budgeting as its foundation.  

You need to be able to prepare a proper budget for each month in order to determine what you can and cannot afford. In order to be able to tell your friends that “I can’t afford dinner at this restaurant” or “I can’t afford to go out for dinner and drinks” or “I can’t afford to go to the movie tonight.” 

You need to be able to know that you cannot afford those things. How can you know whether or not you can afford something?  It’s simple. You need to prepare a budget.  

Preparing a Budget

The concept is very easy: How much money is coming in this month and how much is going out.  

You can get very exact with your budgeting with the amounts and the timing and you can decide on how much you are going to spend on various items. Then it can be a reference point for whenever you plan an activity or go out with friends – does my budget have room for a concert? How about a golf game? Or a steak dinner? 

Once you have that reference point, everything else becomes as simple as opening an app on your phone or checking your notes to ensure that you’re on pace with your financial goals. 

Understand All Your Debt Options at Caplan Debt Solutions

At Caplan Debt Solutions we can teach you how to budget.  We can also help you deal with an unmanageable debt situation.  LOUD budgeting may not be enough.  You might have to take the next step and consider if you need to file a Consumer Proposal Winnipeg or a Bankruptcy.  

At Caplan Debt Solutions we will review all your options with you and fully explain the impact of each in a stress free and non-judgmental way.  Our goal is to help get debt off your mind and allow you to resume a happy life without debt worries. You may want to start LOUD budgeting to protect yourself from getting into another difficult financial situation but the first step is to call or visit Caplan Debt Solutions to find out the best path forward.