Stop trying to keep up with the Joneses and speak out on what you want and can truly afford, advises CAMILLA FOSTER

TALKING about personal finances is so often a taboo, causing many of us to grit our teeth through financial stress while pretending everything is fine.

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However, a trend called loud budgeting has been busy challenging this silence.

Whether it’s skipping an expensive dinner with friends or passing on a weekend trip, loud budgeting encourages open, honest conversations about money with friends and family.

Here Zoe Brett, a financial planner at EQ Investors, breaks down what loud budgeting really means, explains why it’s becoming so popular, and how you can start using it in your own life.

What is loud budgeting?

“Loud budgeting is really just about being open and honest with people about your finances,” says Zoe.

“So, rather than trying to keep up with the Joneses and pay for dinner at that trendy restaurant or the latest outfits, just because your friends or your family are, you are just honest and say, ‘actually, [don’t want to spend my money on that, I’m budgeting’.

“It's about being open and honest with your social circle and saying that I don’t want to spend this sort of money, I want to be more fiscally responsible”.

Why is it gaining popularity?

“It’s really so hard for people to get onto the housing ladder these days and everyone has been really impacted by the cost of living and are finding it increasingly difficult keeping up with certain lifestyles,” says Zoe.

“Everything just feels very expensive and I think people are just a little bit fed up of feeling broke all the time”.

Zoe has also noticed that more people on social media are talking about living from pay day to pay day, even people who are on seemingly good salaries.