People came up with all kinds of creative ways to avoid saying it. They claimed they were busy. They said they were trying to eat healthier. They promised to join the girls’ trip next time.

Anything except admitting they simply didn’t want to spend the money.

Now, a growing number of women are doing something that feels surprisingly radical.

They’re saying it out loud.

It’s called “loud budgeting,” and it has become one of the biggest personal finance conversations online. Instead of quietly overspending to keep up appearances, people are openly choosing their financial goals over social expectations.

Need to skip brunch?

“I’d rather put that money toward my vacation fund.”

Passing on concert tickets?

“Not in my budget this month.”

Declining a shopping trip?

“I’m saving for something more important.”

Simple. Honest. Refreshingly direct.

But is loud budgeting genuinely helping people make smarter financial decisions, or is it simply a new label for habits that have existed for generations?

The answer might be a little bit of both.

The Money Conversation Everyone Suddenly Seems to Be Having

Part of the reason loud budgeting has taken off is because many people are feeling squeezed financially.

Even families with decent incomes are noticing how quickly expenses add up. Groceries cost more. Travel costs more. Activities for kids cost more. The little purchases that once felt insignificant now seem to show up everywhere.

At the same time, social media continues to present a constant stream of vacations, restaurant meals, home renovations, beauty treatments, and shopping hauls.

It’s easy to feel like everyone else is somehow affording more than you are.

Loud budgeting pushes back against that idea.

Instead of pretending everything is fine financially, people are becoming more comfortable acknowledging tradeoffs.

Because the reality is that most financial decisions involve one.

Every dollar spent on one thing is a dollar that can’t be used somewhere else.

The Case for Saying It Out Loud

Supporters see loud budgeting as a healthy shift.

For years, conversations about money often carried a sense of embarrassment. People felt uncomfortable discussing debt, savings goals, financial stress, or even the fact that they were trying to spend less.

Loud budgeting removes some of that pressure.

It gives people permission to prioritize long-term goals over short-term spending.

For one woman, that might mean skipping weekly takeout to pay off credit card debt.

For another, it could mean saying no to impulse purchases because she’s focused on building an emergency fund.

Others are using the approach to save for family vacations, home improvements, retirement, or simply creating more breathing room in their monthly budget.

There’s also something surprisingly freeing about being honest.

Most people aren’t judging your spending decisions nearly as much as you think they are.

And sometimes, your honesty encourages someone else to admit they’re trying to save money too.

The Argument Against Giving It a Name

Not everyone is convinced.

Some critics argue that loud budgeting is simply basic financial responsibility wrapped in trendy packaging.

After all, previous generations lived on budgets, saved for large purchases, and declined invitations they couldn’t afford long before social media gave it a catchy name.

Others worry that it can become performative.

When financial decisions become content, there is always a risk that the focus shifts from making progress to making a statement.

There’s also the possibility of swinging too far in the opposite direction.

Financial discipline matters. But so does enjoying your life.

The goal isn’t to eliminate every dinner out, every vacation, every concert, or every little treat that brings you joy.

The goal is to make intentional choices rather than automatic ones.

As with most things, balance tends to work better than extremes.

Making the Numbers Less Intimidating

Whether you call it loud budgeting or simply being more intentional with your money, there are some helpful tools that can make the process easier.

Many women swear by YNAB (You Need A Budget) because it helps users give every dollar a purpose before it gets spent. Instead of wondering where the money went at the end of the month, you’re making decisions before the spending happens.

Others prefer the straightforward approach of EveryDollar, which simplifies monthly budgeting without requiring a finance degree to understand it.

For those focused on building savings, Acorns rounds up everyday purchases and automatically invests the spare change. It’s one of those systems that works quietly in the background while you go about your life.

And if you’re curious where your money is disappearing every month, Rocket Money can help identify subscriptions and recurring expenses that often get overlooked.

Sometimes the most effective budgeting tool isn’t an app at all.

A dedicated savings account labeled “Family Vacation,” “Emergency Fund,” or “Kitchen Remodel” can make financial goals feel more tangible and make it easier to say no to purchases that don’t align with what you’re working toward.

It’s Not Actually About the Budget

What makes loud budgeting interesting isn’t really the budgeting part.

It’s the honesty.

For years, many people felt pressure to appear financially comfortable, whether they actually were or not.

This trend challenges that expectation.

It suggests that saying “that’s not a priority for me right now” may be healthier than quietly stressing about money behind the scenes.

And perhaps that’s why the conversation resonates with so many women.

It’s not really about spreadsheets or budgeting apps.

It’s about feeling comfortable making choices that support your goals, even when those choices don’t look exactly like everyone else’s.

Maybe the Label Matters Less Than the Habit

The phrase “loud budgeting” may eventually fade, just like countless trends before it.

But the ideas behind it are hardly new.

Living within your means. Being intentional about spending. Feeling comfortable saying no to purchases that don’t align with your priorities.

Previous generations practiced many of these habits long before social media gave them a name.

Perhaps that’s why this conversation is resonating.

It’s not really about budgeting.

It’s about removing the embarrassment from financial boundaries and replacing it with honesty.

Whether loud budgeting becomes a lasting movement or simply another label remains to be seen.

Either way, it’s getting people talking about money in a way they haven’t before, and that alone may be worth paying attention to.

Other articles you will enjoy:

• Why Women Are Done Overbooking Their Lives
• The Low-Effort Travel Trend Moms Are Embracing
• The Tradwife Trend Explained
• What to Know About Artificial Food Dyes
• The Rise in Childhood Anxiety: What’s Behind It?

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The post Spring Finance Advice for Families appeared first on AKAMom Magazine.

The struggle is real. Many try to save money — at least for a few weeks — by bringing a sack lunch to work, driving past their fancy coffee shop or ignoring enticing emails of storewide clearance sales.

USAA Bank surveyed people of all ages and income levels about how they save money and find extra cash in a pinch. Though many respondents said they are trying to save, most expressed difficulty doing so.

“Savings are typically based on life stages. Those who are just starting out are saving for a major purchase, such as a car or home. If you’re older you’re more focused on retirement,” says Mikel Van Cleve, director of personal finance advice at USAA.

As expected, USAA’s research found a person’s ability to save largely depends on their age and household income. Older Americans and those with greater incomes use their savings to cover unexpected expenses and save for retirement.

Those with household incomes less than $35,000 are significantly more likely to say they’re not able to save regularly. To be sure, economists say slower income growth in the last decade also may have contributed to inadequate savings levels.

When asked how they cover unexpected expenses, most respondents reported taking money out of a savings account. However, nearly half of respondents seek out additional work; 35 percent have been compelled to borrow money from family and friends; 23 percent have sold personal items and 8 percent have taken out a payday loan.

More than half of American households have less than one month of income available in readily accessible savings to use in case of an emergency, according to a new report from the Pew Charitable Trusts.

Household Saving Rate in the United States increased to 5.6 percent in October from 5.3 percent in September of 2015, the highest since December 2012, according to the U.S. Bureau of Economic Analysis. Personal Savings in the United States averaged 8.36 percent from 1959 until 2015, reaching an all-time high of 17 percent in May of 1975 and a record low of 1.90 percent in July of 2005.

The good news is that eliminating the occasional grande macchiato and ignoring a swanky handbag that’s finally 50 percent off, might not be necessary or most effective. JJ Montanaro, CERTIFIED FINANCIAL PLANNER (TM) at USAA, said there’s a better way to save.

He offers a few simple strategies to try in 2016:

• Review routine bills and compare service providers. Look for ways of reducing fees and costs.

• Look into refinancing your mortgage or auto loan — you may qualify for a lower rate. It doesn’t hurt to ask.

• Find the right credit card. Look for a card with a low interest rate or cash-back rewards.

• Trade down to a less expensive car. We often spend more on transportation than necessary.

“Most people think that in order to make a dent in their savings, they have to cut out all unnecessary daily expenses like trips to the coffee shop, but there are other ways to help you save more and reduce annual spending,” Montanaro said.

To learn more about how USAA can help you reach your financial goals, visit www.usaa.com.

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Money makes the world go round – we get it. But when you’ve got no disposable income the world turns a bit stagnant and life gets stressful… like, really stressful. You might find it impossible to save money, especially if pinching pennies is new to you or if you think the words “broke” and “savings” cannot logically belong in the same sentence. To help get the ball rolling, follow our helpful tips to get your bank account out of the red and back in black in no time.

1. Buy only the necessities – Food, clothing and shelter – these are the basics. Manicures, shopping sprees, Netflix accounts and extravagant parties are nice in theory, but it’s spending like this that causes your checking and savings accounts to dwindle at an exponential rate. Cut back to only the things your family needs instead of wants. Although this may take some getting used to, it’s imperative that families learn to do without the excess in order to fully recognize and appreciate the basics needed to sustain a happy and wholesome lifestyle.

2. Budget, budget, budget – There are no ifs, ands or buts about it – a household cannot function without a proper budget. Take the time to map out your family’s budget with your spouse to ensure every penny you earn and spend is accounted for. It’s a daily practice that takes time and patience, but you’ll reap the benefits tenfold if you appropriately allocate funds on schedule without second-guessing every purchase or expenditure.

3. Curb the splurge – Impulse shopping is your wallets worst nightmare. Don’t be duped into those last minute purchases at the checkout stand. For others, splurging goes well beyond a candy bar or lip balm at check out. If you’re susceptible to spending frivolously, try leaving the house with only a few dollars in cash rather than your entire wallet full of charge cards that will only get you into trouble. Preventative steps such as this will help your curb your splurging habits and beef up your bank account in no time.

4. Dine in, not out – Have you ever looked back on your monthly bank statement and realized a good chunk of your income went to food other than groceries? Going out to eat completely destroys your food and entertainment budget, and while it provides a bit of fun and distraction, it’s ultimately a fleeting feeling. Instead, call up your girlfriends for a Friday night potluck. It’s an inexpensive get-together in a casual environment that not only saves a ton of money, but makes a ton of memories as well.

5. Save your spare change – Loose change can slip through the cracks – literally. Make sure you are regularly digging through the couch cushions and emptying the ashtray in your car for loose change. Those nickels, dimes and quarters can help pay bills or save for your child’s college fund. Don’t let any amount, big or small, slip away due to carelessness.

6. Ask for help – Having to ask for help when finances get tight can be a very humbling experience. Putting aside your pride for the greater good lends to opportunities that wouldn’t otherwise present themselves. Whether it’s taking a small loan from a bank or family member, consolidating your bills through a third party or even filing for bankruptcy, there’s no shame in starting over with a clean slate. Building credit again will take some time, but it’s better than swimming in a mound of debt that’s crippling you and your family.

7. Sell what you don’t need – If your closet is overrun with clothes that haven’t been worn in five years, a car in the garage collecting dust or furniture that no longer serves a purpose, it’s time to chuck your junk. Your trash might just be another man’s treasure, so slap a price tag on it and rake in a few extra dollars. Make a plan to hold a yearly yard sale with neighbors or friends to draw in even bigger crowds for extra profit.

8. Become a DIY master – Gifts made by hand from the heart can go a long way, and not just for your pocketbook. Creating homemade gifts allows you to tap into your creative juices in easy and affordable ways without the hassle of pricey, last-minute shopping. Why pay full price for a gift you can make at home with your own personal touch?

9. Keep away from credit cards – If you have a bad habit of using credit cards instead of cash, it’s a smart choice to keep the plastic at home in a safe place. Out of sight, out of mind. Plus, if you don’t have the cold hard cash to purchase whatever it is you are charging on your card, then chances are you shouldn’t be buying it anyway (remember, buy only the necessities!).

10. Buy generic – Today’s society is so hung up on brand names that consumers can easily fall into the trap of paying extra for items that are, by their nature, almost identical. Try buying generic or store brand items at the supermarket and other shopping locations. The extra money you spend on brand names is solely due to marketing, and when you compare ingredients, chances are they’re exactly the same. Even if you find the savings aren’t that drastic, it’s important to remember that even the smallest savings is still a savings, and it will definitely affect your bank account over the course of time.

11. Become a fixer – When your toilet backs up, your dishwasher is on the fritz, your favorite jeans have ripped and your kids’ favorite toy is broken, don’t turn to a professional for help. A simple way to save your money is to learn to fix things on your own that are broken or in need of repair around the house. Plumbers, electricians and seamstresses all charge a hefty price tag for their services, but thanks to Google, it’s simple to find tutorials and videos online to show step-by-step solutions for whatever’s out of order in your home. And the best part – they’re free! Extending the life of your appliances and even your clothes has never been simpler so long as you’re willing to learn a new trait such as sewing or basic handyman techniques.

12. Cancel unused club memberships and subscriptions – Paying dues at clubs for services you never use really rack up. If you’re paying $45 a month for a gym membership and going only twice a year (sigh, guilty), then it’s time to cut the cord and add that money to your savings account. The same goes for magazine or newspaper subscriptions. If your stack of magazines have gone untouched for weeks and are covered in a thick layer of dust, get rid of them and the unused subscriptions that are slowly draining your bank account.

The post 12 Simple Ways to Save Money (Even When You’re Broke) appeared first on AKAMom Magazine.

As more Americans make strides towards responsible spending and debt management, there are still ways to improve the control of family finances.

According to a survey recently conducted by Bank of America, which asked respondents about their credit card usage, balance and rewards, less than half of cardholders always pay their entire credit card balance. With more than half of individuals carrying credit card debt, Jason Gaughan, card products executive for Bank of America, said to think about personal spending before taking on a credit card.

“Credit cards provide consumers an efficient and protected way to make purchases,” said Gaughan. “They are more convenient than cash and they are incredibly useful in an emergency. The key to successfully managing your credit card account is to understand your budget and stick to a plan that works for you when borrowing. You want a card with a rewards program that fits your lifestyle and how you manage your finances. If you typically carry a balance, look for a card that has low interest and reinforces good payment practices.”

Along with these practices, there are other ways to promote good spending and personal finance habits, such as:

Limit Number of Credit Cards

According to the survey, three out of 10 respondents carried four or more credit cards. Limiting the number of cards you own can help limit your spending and increase the likelihood you can pay above the minimum balance. Before you start cutting up your plastic, remember having more than one credit card can have merits. If you need money for an emergency, the immediate buying power of a credit card can be a lifesaver. Try a card with no annual fee and a generous credit line to cover unexpected expenses. One idea is to have three cards: one in a safe place at home for emergencies and two with you at all times.

Reap the Rewards

With so many rewards programs available for credit card holders, it’s important to do your homework so you can cash in on things your family really needs. While some credit cards will offer rewards to use at your favorite hotels and airlines, others will give you special discounts for the purchases you make on a frequent basis. The most popular of these programs is cash back for spending. Some cards, such as the BankAmericard Cash Rewards credit card, let you earn more cash back where you spend the most money, like gas stations and grocery stores. The BankAmericard Better Balance Rewards credit card helps customers responsibly manage their credit card balance. Whatever rewards you are seeking, there is likely to be a card suitable for you.

Track Spending Habits Now

If you’ve been lax about keeping track of your spending, take the first step towards tracking as soon as possible. Include info on where you spend, when you spend and how much you spend. Making note of all of those little purchases — a cup of coffee here or a gift store trinket there — will help you see how quickly they add up. Whether you’re the old-fashioned, pen-and-paper type, or if you prefer a more modern, digital form of tracking, the importance is in the act itself.

Evaluate All Debts

Many carry debts beyond credit cards, including student loans, car payments and mortgages. While some may consider these types as necessary debts, it is important to keep track of the balance due for each as well as the interest rate you are paying. According to the survey, when respondents were asked what they would do with $1,000, nearly half (44 percent) revealed they would pay off debt. Evaluate your debts and decide which ones have the highest interest rates. Making it a priority to pay down these debts first will save you more money in the long run.

Create a Budget

It’s never too soon to put yourself in control of your money and stop letting it control you. A budget will give you financial peace of mind and it can help you stretch the income you have. First, write down the financial goals you want to achieve in the next few years and the ones you want to accomplish for the long term. Then, gather all of the purchasing information for the household and categorize each type of spending. Divide your expenses into fixed expenses (those that stay the same from month to month, such as a mortgage payment or cable television bill) and variable ones (those that may change, such as fuel bills or entertainment). Be sure to also set aside some money for personal savings and an emergency fund. Once you’ve calculated your income and expenses a month ahead of time and set your budget, you can focus on the most important part — adhering to the plan. Find ways to decrease spending. Adopt just one new way of trimming expenses each week and you’ll find your overhead shrinking fast. Though you may not be on-point every month, the simple act of tracking and communicating your family’s finances will be a huge step forward in your quest towards responsible spending.

For more information, visit www.bankofamerica.com/creditcard.

Feature photo courtesy of Getty Images

The post Simple Ways to Improve Personal Finances appeared first on AKAMom Magazine.

New York, NY [September 5, 2012] – There’s no arguing that having a good grasp of how to handle money is one of the most important life skills a parent can help foster in their child. According to the National Financial Educators Council, over 92 percent of parents agree that developing good habits around money is an important element to having a successful life.[i]

However, parents struggle with imparting strong financial know-how to their kids. In a recent survey conducted by T. Rowe Price, 39 percent of adults disagreed when asked if their parents did a good job educating them about money and 59 percent felt their own kids were not equipped to manage their own money. [ii] How can parents give kids a head start in developing the right childhood money habits so they become successful adults?

Here are some tips from personal finance expert, dad, blogger, philanthropist and successful entrepreneur Doug Lebda to help support adults and kids of all ages in the mission to build a money smart world: 

1.       Change “I want!” to “How do I earn?”: Parenting is tough but it gets way tougher when kids don’t get what they want. Instead of saying no or yes during the next demand-driven fit, try diverting your child to think about what they can do to earn the things they want so they start developing a strong work ethic.

2.       See like a bird but save like a squirrel: Encourage kids to take a bird’s eye view of the money they have coming in like allowance, reward for tasks accomplished or birthday gifts. Then discuss the portions of any income they will put towards saving, giving and spending. This helps your kids develop healthy patterns and plans around money that they can carry with them as they get older.

3.       Be consistent about expectations and rewards: Make sure your kids know what they’re expected to do before they get their allowance. Be consistent in rewarding a job well done as well as withholding rewards if they don’t fulfill their responsibilities. 

4.       It takes a village, so get it involved: Inform extended family and friends about your mission and get them involved! Work together to teach and encourage your kids to save and get rewarded for achieving milestones. Consider having family matching their savings for birthdays or treat kids to non-cash rewards like a special family outing for good financial planning.

5.       Make learning fun: Make it a fun family project to teach your kids how to make money by starting a lemonade stand. Turn saving money into a game by celebrating and rewarding kids for meeting savings goals. Lastly, don’t forget the Internet! 85 percent of kids say that an online game would be helpful for them to learn more about the basics of money. [iii] With today’s digitally savvy kids, it’s important to meet kids where they are already. Apps like Tykoon.com help parents use the powers of virtual gaming for good and streamline the workflow of instilling healthy financial habits early.

Doug Lebda is the cofounder of Tykoon.com and founder and chairman of Lending Tree and the LendingTree Foundation, which empowers individuals in their personal financial lives through education, action and support by matching clients with personal financial coaches. He’s the Chairman of the Board of Recyclebank (recently named one of the 50 most innovative companies in the world) and is an active mentor, angel investor and personal finance blogger for The Huffington Post. In his free time, he enjoys time with his three daughters, is an avid runner and enjoys an occasional round of golf.

Tykoon (www.tykoon.com) is an online rewardbank for kids and parenting tool (Web & iOS) that makes it easy to apply all the tips above. It turns chores and parent-assigned tasks into an engaging virtual experience that helps kids learn about money by playing. Kids play by completing tasks to earn both virtual and real-life rewards.

About Tykoon

Based in New York City and founded in 2011, Tykoon is a fun online kid rewardbank and parenting tool (Web & iOS). It turns chores and tasks into an engaging virtual experience that helps kids learn about money through real life experiences.  Kids engage by completing tasks to earn both virtual and real-life rewards, developing strong financial values and practices. Built for parents and kids by parents and kids, the platform introduces the core concepts of earning, saving, giving and spending so families can build a money smart world, one kid at a time. For more information, please visit www.tykoon.com.

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