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In 2024, there’s an idea taking hold that overtly rejects the urge to overspend and promotes speaking up about saving money — welcome to the era of “loud budgeting.”
Being vocal about your financial constraints can help curb unnecessary spending, reduce anxiety and achieve broader goals, financial experts say.

TikTok’s latest financial trend, “loud budgeting,” has been gaining steam, and experts say it’s easier to accomplish than many might think.
The concept encourages consumers to take control of their finances and be vocal about making money-conscious decisions, rather than modeling purchase behaviors after celebrities and their bottomless pockets.

It can be as simple as saying, “Hey, I don’t want to spend money right now,” Lukas Battle, a comedian and writer who coined the term loud budgeting, said on CNBC’s “Power Lunch.”
Battle said his idea has been largely met with relief, which is why it has proved popular.
“There’s a lot of pressure to spend, especially when you are seeing so many products being advertised to you all the time or lifestyles that aren’t very attainable,” he said.
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Just months ago, we were coveting Gwyneth Paltrow’s “quiet luxury” courtroom style with $1,450 black Prada boots and a $300 Smythson notebook while justifying such expensive purchases using “girl math.”

Alternatively, “loud budgeting” is centered around the everyday person, or the “average Joe,” according to Battle’s viral TikTok video.
“Let’s send a message to corporations about the national inflation level. Let’s take a stand,” Battle said in the video.
“It’s not ‘I don’t have enough,’ it’s ‘I don’t want to spend,'” Battle added.
In fact, the truly ultrarich are less interested in conspicuous consumption, he contends. In that way, loud budgeting is “almost more chic, more stylish, more of a flex.”

Financial experts love loud budgeting

“Being loud can be empowering,” Erica Sandberg, personal finance expert at CardRates.com, recently told CNBC.com. “With this process, you become proud that you bring a bag lunch, make your own coffee, or take the bus.”
Further, being open about your financial constraints can also help reduce anxiety and can crowd-source solutions, she added.
“Not only can consumers find commonality with budgeting concerns, they can also find community to achieve broader goals and cut down on impulse purchases,” Sandberg said.

Although most Americans say they are living paycheck to paycheck, consumers routinely spend more than they can afford on impulse purchases, many studies show — particularly on sites such as TikTok, Instagram and Facebook.
One report by online lender SoFi found that 56% of consumers said that more than half of their online purchases are spontaneous, driven largely by changing habits post-Covid and the surge in online shopping.
There are a growing number of catchy phrases, such as “bougie broke” and “de-influencing,” which all aim to consciously stop overspending on social media and start saving.
“When opening Instagram and routinely seeing photos of that friend who travels to Europe every month, or near daily dinners in $100 per person downtown restaurants, it can become easy to feel that doing the opposite, putting more into savings for a single annual vacation, isn’t really ‘living,'” said Yuval Shuminer, CEO of budgeting app Piere.
Yet, Battle is spot-on, Shuminer said.
“Deprivation isn’t the goal or the outcome,” she said. “It’s the creation of a lifestyle that creates real individual value. It’s about spending money and allocating resources on what you prioritize in life, and cutting ruthlessly on what you don’t.”

How you can jump on the loud budgeting trend

Quiet the noise altogether, consumer savings expert Andrea Woroch recently told CNBC.
“The most simple way to dodge temptations is to get off the list by unsubscribing from emails, opting out of text alerts, turning off push notifications in retail apps and unfollowing brands on social,” she said.
In addition, deleting payment details stored online helps create a “purchase hurdle” that forces you to think through your buying decisions, Woroch said.
Jacqueline Howard, head of money wellness at Ally, recommends trying “the 48-hour rule,” which requires waiting a full two days before making a purchase, even if it’s on sale.
“This small window of time allows you to calm your emotions from the urgency of the sale and helps you decide if you really want or need the item,” she said.
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Bitcoin miner CleanSpark climbed on Tuesday after the company said it will acquire new mining facilities.
The company said it expects the sites to support about 14% of its revenue shortly after closing.
The crypto industry expects consolidation among bitcoin miners as their mining revenue is set to be slashed after the much-anticipated halving in the spring.

An array of bitcoin mining units inside a container at a CleanSpark facility in College Park, Georgia, on April 22, 2022.
Elijah Nouvelage | Bloomberg | Getty Images

Bitcoin miner CleanSpark climbed on Tuesday after the company said it will acquire new mining facilities that will give it the power and infrastructure to potentially double its hashrate within the first half of the year.
CleanSpark shares were last higher by 12%, also helped by a midday rise in the price of bitcoin.

The company agreed to buy three “turnkey” sites — meaning they need only to plug their existing hardware into the facility — in Mississippi for $19.8 million in cash. That transaction will close within 21 days. The company expects the sites to support about 14% of its revenue shortly after closing.
Additionally, CleanSpark plans to acquire a facility in Dalton, Georgia, for an initial cash payment of $3.4 million. Then, it will invest another $3.5 million to complete the project by April. The facility will expand its presence in Dalton to three sites.
“Our move into Mississippi is all about growing our operations and diversifying our data center portfolio in a measured way,” CEO Zachary Bradford told CNBC. “Our operations in Georgia have given us significant experience in southeastern power markets. … Mississippi is in the same electric reliability region, so we see a lot of synergies there.”

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CleanSpark jumps as much as 10% after acquisition announcementOther than the mining machines themselves, electricity is one of the highest costs for bitcoin mining companies. Some have a contract with a power producer where they buy a certain amount of power annually at a fixed price. Miners who buy power at spot prices stand to lose from any spike in power prices, often in the summer or winter.

The crypto industry has been expecting consolidation among bitcoin miners — particularly those that are smaller, have higher costs or older and less efficient hardware — as miner rewards are expected to be cut in half after the much-anticipated bitcoin halving in the spring.
Bradford previously told CNBC that CleanSpark expects some miners to fall by the wayside after that point, adding that the company was eyeing potential facilities it could plug its own machines into easily. About a month ago, CleanSpark purchased 160,000 mining machines.

“The exciting thing about this expansion is that we’ll be able to quickly slot in our own servers so that we are operating almost immediately after closing the deal, shortening the path to ROI in a very attractive way,” he said Tuesday.
Generally, the mining stocks benefit from bitcoin price increases because those translate into higher mining revenue for the company.
Bitcoin miners were top performers in 2023, outperforming even bitcoin. CleanSpark gained about 440% last year, compared to bitcoin’s 157%.
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Smart Tax Planning

Experts warn that last year’s tax withholding errors could trigger an unexpected bill.
It’s easy to under withhold taxes when you have multiple jobs or change employers, experts say.
Major life events, such as divorce, without updating your Form W-4, can also cause issues.

Guido Mieth | Stone | Getty Images

As millions of Americans start filing returns, experts warn that last year’s tax withholding errors could trigger an unexpected bill.
The IRS requires tax payments throughout the year and many workers do that via automatic employer paycheck withholdings. Typically, you could expect a refund if you overpaid. By contrast, you may see a tax bill if you didn’t pay enough.

For filers with multiple jobs, withholding issues are “always a surprise,” according to certified financial planner JoAnn May, principal at Forest Asset Management in Berwyn, Illinois. She is also a certified public accountant.

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For example, let’s say you made a combined $60,000 from three jobs — $20,000 each — and the companies withheld taxes from your paychecks.
“Those employers are going to withhold a pretty low percentage” since the companies don’t know your combined earnings, May explained.
A similar withholding issue can happen when changing jobs.
For example, if you made $100,000 during the first eight months of 2023 with one company and $50,000 during the last four months with a second employer, it’s likely the second didn’t withhold enough. “That’s where I see it often,” May added.

Your withholding shouldn’t be ‘one-and-done’

Errors can also happen when you’ve had a major life event and don’t ask your employer to update your withholding via Form W-4, said CFP and enrolled agent John Loyd, owner at The Wealth Planner in Fort Worth, Texas.
For example, if you get divorced, your filing status changes from married filing jointly to single filer, which cuts your standard deduction in half, he said. For 2023, the standard deduction is $27,700 for married couples filing jointly, compared to $13,850 for single filers. If you didn’t adjust your withholding to reflect your new single status, you may not pay enough taxes during the year.

Other life changes that may affect your withholding include childbirth, job loss or receiving unemployment income. Making adjustments can “help avoid an unexpected result,” according to the IRS, such as a big refund or balance due.
While making adjustments early in the year is recommended, experts say it’s important to double-check periodically and make changes when necessary.
Tax withholdings “really shouldn’t be a one-and-done,” Loyd added. More

Collectively, Americans owe $1.13 trillion on their credit cards, according to a new report from the Federal Reserve Bank of New York.
Higher prices have largely caused consumers to spend down their savings and lean on credit cards to make ends meet.
Now, young adults, who are also burdened by high levels of student loan debt, are increasingly falling behind on the payments, the New York Fed found.

Americans now owe a collective $1.13 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York.
Credit card balances increased by $50 billion, or roughly 5%, in the fourth quarter of 2023, the New York Fed found. Credit card delinquency rates also jumped — particularly among younger millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt.

“This signals increased financial stress, especially among younger and lower-income households,” said Wilbert van der Klaauw, economic research advisor at the New York Fed.

Why so many Americans are under pressure

Credit card rates top 20%

Credit card rates were already high but spiked along with the Federal Reserve’s string of 11 rate hikes, including four in 2023.
Since most credit cards have a variable rate, there’s a direct connection to the Fed’s benchmark. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit.
The average annual percentage rate is now more than 20% — also an all-time high.

Why credit card debt keeps rising

“Even though $1 trillion in credit card debt is a staggering number to wrap your brain around, the unfortunate truth is that it is only going to keep climbing from here,” said Matt Schulz, chief credit analyst at LendingTree.
“Americans are still struggling with lingering inflation and rising interest rates,” he added, “forcing them to lean on credit cards more and more.”
Despite the steep cost, consumers often turn to credit cards, in part because they are more accessible than other types of loans, Schulz said. However, that comes at the expense of other long-term financial goals, he added.

Until recently, most Americans benefited from a few government-supplied safety nets, including the large injection of stimulus money during the pandemic, which left many households sitting on a stockpile of cash that enabled some cardholders to keep their credit card balances in check.
But that cash reserve is largely gone after consumers gradually spent down their excess savings from the Covid-19 years.

What to do if you’re in credit card debt

If you’re carrying a balance, try calling your card issuer to ask for a lower rate. Or you might consolidate and pay off high-interest credit cards with a lower interest home equity loan or personal loan, or switch to an interest-free balance transfer credit card, Schulz advised.
To optimize the benefits of their credit card, consumers should regularly compare credit card offers, pay as much of their balance as they can as soon as they can and avoid paying their bill late, according to Mike Townsend, a spokesperson for the American Bankers Association.
“Any credit card holder who finds themselves in financial stress should always contact their card issuer to make them aware of their situation,” Townsend said. “They may be eligible for some relief or assistance depending on their individual circumstances.”
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The U.S. Department of Education announced Monday it is introducing a support strategy with additional personnel, funding, resources and technology to help colleges process FAFSA forms without further delay.
However, it is still likely college award letters will be late.

The U.S. Department of Education announced Monday it is introducing a “FAFSA College Support Strategy” with additional personnel, funding, resources and technology to help colleges process the new Free Application for Federal Student Aid forms after the rollout was repeatedly complicated by a number of setbacks.  
“We are determined to get this right,” U.S. Secretary of Education Miguel Cardona said in a statement. “We must, and we will.”

However, the consensus among college financial aid administrators seems to be that it is “too little, too late,” said higher education expert Mark Kantrowitz.
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Under the new strategy, federal experts will work with high-need institutions, including historically Black colleges, to make sure they have the tools they need to process applicant data, the department said on a press call Monday. It will also offer a “concierge service” to answer questions from colleges about the new form and help schools drive FAFSA completion so students can get their aid packages in time.
Last week, the Department of Education said colleges won’t receive FAFSA applicant information until early March, instead of late January as initially estimated, potentially delaying financial aid award letters until April or later.

Award letters are typically sent around the same time as admission letters so students have several weeks to compare offers ahead of National College Decision Day on May 1, which is the deadline many schools set for admitted students to decide on a college.

For most students and their families, which college they will choose hinges on the amount of financial aid offered and the breakdown between grants, scholarships, work-study opportunities and student loans.
This year, schools are now waiting on that FAFSA information to begin building financial aid packages and to give students and families enough time to weigh their options.

3.6 million students submitted a 2024–25 FAFSA so far

Not only is the timing of the FAFSA significantly delayed, but fewer students seem to be filing for financial aid at all, as of Monday’s update.
According to the department, more than 3.6 million students have submitted the 2024-25 FAFSA form. 
In ordinary years, the FAFSA form is used by more than 17 million students and roughly 5,500 colleges and universities in all 50 states, according to the Department of Education.
“While 3.6 million FAFSAs have been submitted, that is half the number that were submitted and processed by the same time last year,” Kantrowitz said. 
And problems remain with completing and submitting the form. Some of the issues have been specifically related to contributors to the form, such as parents, who are not U.S. citizens or don’t have a Social Security number.
“The No. 1 thing the U.S. Department of Education can do is to fix the bugs, so that contributors can get FSA IDs,” Kantrowitz said. “Families cannot file the FAFSA if a contributor can’t get an FSA ID to sign the form electronically.”
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Money dates are becoming a popular way for couples to discuss their finances together.
But when and where you choose to talk about money matters.
Rather than turn a special night out into a detailed meeting, focus on what you already have that’s bringing joy into your lives.

Emirmemedovski | E+ | Getty Images

Imagine this: It’s the most romantic night of the year. You scored the hottest reservation, bought a thoughtful gift and wore the perfect outfit. You sit down. The waiter decants a full-bodied red. You raise your glass to toast your love — and your partner pulls out a financial statement.
It’s not exactly what you had in mind.

Money dates are becoming a popular way for couples to discuss their finances together. By holding these dates on a regular basis, couples can improve their joint problem-solving skills and normalize tough conversations that might otherwise become a source of festering stress in their relationship.
But when and where you choose to talk about money matters. Spending quality time together on Valentine’s Day might lead to meaningful conversations, but venturing too far into the specifics could not only spoil the occasion, but it could also deter you from having these important dates at the right times in the future.
In other words, numbers aren’t romantic. Maybe this time, leave them at home. 

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“Money dates are not just about keeping the budget in check,” says Maggie Vaughan, founder and executive director of Happy Apple, a psychotherapy practice supporting couples in New York City. “They’re opportunities to reinforce the ‘team,’ practice communication skills and display mutual support.”
Vaughan finds that partners who feel anxious about their money might try to assuage their concerns by tracking every dollar. But in talking about it constantly, they’re losing the plot. “It’s an ironic situation given that the point of money, beyond survival, is to facilitate an enjoyable life.”

Rather than turn a special night out into a detailed meeting, focus on what you already have that’s bringing joy into your lives. Even better, you should dream.
Taking time to imagine the future together can be quite intimate, especially when neither partner immediately pivots into strategizing on how to reach certain outcomes. Concoct a bucket list vacation itinerary. Explore towns to live in someday — if Zillow doesn’t spoil your appetite. Listen without judgment or giving criticism.
Both partners should have the floor to share their vision of how wonderful life can look together. If you both feel good, this meaningful conversation could lay the groundwork for a more focused meeting on achieving those goals at a better time.

How to have a successful money date

Rgstudio | E+ | Getty Images

Real money dates should take place once a quarter and after any major life changes.
Hold them anywhere that makes you most comfortable, like sitting down at a quiet restaurant or walking through a park. Make sure you have ample distraction-free time cleared on both of your schedules to avoid anyone feeling rushed or slighted. Mute all your devices to give the date your full attention.
Two technical sources of information will guide a great money date: your net worth table and your budget. They are your North Star, because they illustrate what you own, what you owe and how money flows in and out of your lives.

Your net worth is the difference between your assets and liabilities. A net worth table should include all your assets, such as your cash savings and your investments (including the current value of real property, if you own any), and your liabilities, such as your mortgage and any student loan or consumer debts. This is less important as a stand-alone snapshot of your wealth and more for you to understand whether your wealth is growing or decreasing.

Your budget exists to shed light and keep tabs on your spending behaviors. Base it on specific data captured over at least six months, but a year is even better. Calculate your monthly lifestyle costs by combining the average balances on your credit cards, withdrawals from your checking accounts, and deductions from your paychecks for expenses such as health insurance. Is your monthly lifestyle more or less than what you’re earning? Dive deeper from there. Examine both of your larger fixed expenses such as housing and transportation and work your way down to smaller discretionary expenses including dining out, clothing and entertainment. Do you need to make changes? Can you both agree on where to spend less? The important part is to listen to your partner, who might have a different opinion on which expenses matter more. Don’t discount them — validate them and leave room for compromise. 

Back to those feelings again. Make sure your money date includes a broader temperature check. Are you both feeling secure at work? Have you incurred any new or unexpected expenses? Are you comfortable with them, or are they causing you stress?
Talk about your goals — maybe even the new ones discussed over Valentine’s Day. Do either of you think it’s time to begin planning for them in earnest? If so, where should they fall on your priority list?
Trying to answer these questions can be emotional. That’s why they deserve their own dedicated time. Just remember the goal isn’t to solve for every single issue at once but to discover your mutual understanding and work as a team.  
— By Douglas and Heather Boneparth of The Joint Account, a money newsletter for couples. Douglas is a certified financial planner and the president of Bone Fide Wealth in New York City. Heather, an attorney, is the firm’s director of business and legal affairs. Douglas is also a member of the CNBC Financial Advisor Council. More

Nearly two-thirds, 63%, of young adults believe the stock market is a great place to build wealth and invest, but many are not participating, according to the latest Youth & Money in the USA poll by CNBC and Generation Lab.
Almost half, 48%, do not have enough savings to cover more than two months’ worth of living expenses.

Rockaa | E+ | Getty Images

Despite earning more, many Gen Z adults and millennials are having a hard time finding room in their budgets to invest.
To that point, 63% of young adults believe the stock market is a great place to build wealth and invest, but many are not participating, according to the latest Youth & Money in the USA poll by CNBC and Generation Lab. In fact, 61% are not saving for retirement each month.

The survey polled 1,013 people ages 18 to 34 in the U.S. in late January.

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A prime culprit: higher expenses that have limited their ability to put money aside for savings and investments. Only 11% have enough savings to cover the cost of living for more than a year if they had no income, while 48% cannot cover more than two months’ worth of expenses, according to the report.
“We can’t overlook this,” said Cyrus Beschloss, founder of Generation Lab.
Even though younger adults are earning a bit more than a year ago, they’re having a hard time saving for emergencies and investing in retirement accounts as they grapple with the high cost of living. It’s a major factor the cohort will focus on in the upcoming presidential election season.
“They’re cutting costs, they’re tipping less, they’re trying to spend less eating out … living with parents … they’re not acting like the economy is as good as it is,” Beschloss said.

‘People want to invest but generally can’t’

Most younger adults are making a bit more money than 12 months ago (32%), a lot more (10%) or about the same income (31%), according to the Youth & Money in the USA survey.
However, the “generation doesn’t really have much cash saved up,” said Clifford Cornell, a certified financial planner and associate financial advisor at Bone Fide Wealth in New York.
“That’s very indicative of why more people aren’t saving for retirement, why people want to invest but just generally can’t right now,” he said.
Only 3% say they make enough to be “extremely comfortable” and 18% say they have enough to “live pretty comfortably,” while 38% describe themselves are living paycheck to paycheck.
“They know they need to have cash reserves. They know they need to have a couple of months’ expenses before they start looking to invest in their retirement accounts,” said Cornell.

When asked about their living arrangements, 40% said they live with family while 27% have roommates. Only 13% are living on their own, the poll found.
“They’re making more money, but they’re not really acting or spending like it,” Beschloss said.
The number of young adults still living with their parents is at historic levels due to unaffordable housing costs, according to Susan M. Wachter, a professor of real estate and finance at The Wharton School of the University of Pennsylvania.
It “takes us all the way back to 1940, the end of The Great Depression,” Wachter said.Don’t miss these stories from CNBC PRO: More

The cost of car insurance has surged 26% between last year and this year, according to Bankrate.
High inflation that began in 2020 prompted the cost of vehicles and parts to go up.
Here’s why personal factors, such as your credit score, can prompt higher costs.

Catherine Falls Commercial | Moment | Getty Images

If you’ve noticed the cost of your car insurance policy has gone up, you’re not alone. Inflation takes some of the blame, but your credit score may have a role as well.
The national average cost for full-coverage car insurance has gone up to $2,543 per year, according to Bankrate. That’s up from $2,014 in 2023 and $1,771 in 2022.

Today’s national average represents 3.41% of the median household income, according to the personal finance website, at a time when many Americans are still grappling with higher prices.
“We saw an increase of 26% between last year and this year,” Bankrate analyst Shannon Martin said.
The spike in prices is the result of multiple events that happened in a short period of time, she said.
High inflation that began in 2020 prompted the cost of vehicles and parts to go up, while there was also an increase in extreme weather claims, Martin noted. There was also a 10% increase in car crash fatalities in 2021.
“Insurance companies are trying to recoup those losses, and then project and estimate what the future risk will be,” Martin said.

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The cost of car insurance varies across the country. For example, Detroit drivers stand to pay the highest average annual expense, with $5,687, or 7.98% of the median household income.
Other cities in Bankrate’s ranking of top five most expensive cities for car insurance include Las Vegas, Miami, Philadelphia and Tampa.
The least expensive city for full-coverage car insurance is Seattle, where drivers spend an average of $1,759 per year, or 1.65% of the median household income.
Other cities that were also categorized as least expensive include Boston, Minneapolis, Portland and Washington, D.C.

How credit score influences car insurance costs

Regardless of location, certain events will prompt higher car insurance costs.
The biggest culprit, according to Bankrate, is adding a teenage driver to your policy, which can result in an added $2,878 to average annual premiums, even higher than a drunk driving conviction, which can add an average of $2,247. 
If your credit score decreases from good to poor, that can increase average annual costs by $1,795.
Credit can have a bigger effect than receiving a speeding ticket, which can add $523 in average annual costs, or a lapse in auto insurance coverage, which can prompt a $276 increase.
The good news is there are steps you can take as a driver to help mitigate some of those increases.
Not all states use credit as a rating factor to determine the price of your auto insurance policy, Martin noted. However, most do.

If you’re in a situation where your credit score is low enough to adversely affect your car insurance costs, you likely have recent delinquencies or other issues with debts that have not yet been resolved, noted Bruce McClary, senior vice president at the National Foundation for Credit Counseling.
“Try to make progress towards improving your score and improving your overall financial well-being to help get things back on track,” McClary said.
Having lower credit scores can raise the cost of other borrowing costs, such as credit cards, auto loans and mortgages.
To improve your score, it helps to pay your balances down and pay your bills on time.
You may also want to check for potential errors on your credit report, which may drag down your rating, McClary noted. Consumers can currently check their credit report from each of the three major credit reporting agencies every week by visiting AnnualCreditReport.com.
If you successfully raise your credit score, be sure to report that change to your auto insurer to have your policy adjusted, Martin said.

Other ways to reduce what you pay

If you have a teenage driver, you can have your child take an extra driver training class, which can result in an extra discount on your car insurance policy, according to Martin.
Students who have a certain grade point average in school may also be eligible for discounts, according to AAA, a provider of travel and insurance services.
Adult drivers may also be able to get discounts on their policies by completing drivers training courses or programs.
Drivers may also save by bundling insurance on their vehicle, home and other valuables, according to AAA.
They may also pay less by paying the policy in full up front, rather than in installments, which can come with fees.
Driving fewer miles may also qualify for car insurance discounts.
In addition, by increasing the deductible on the auto policy, or the amount you have to pay upfront in the event of a claim, you may lower the cost of your policy. Before you do that, be sure you have ample cash set aside.Don’t miss these stories from CNBC PRO: More