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Money Blog: Big Budget – The Taboo-Breaking Money Hack You Can Do Without Giving Up Your Daily Coffee | UK News
‘Big budget’: The money-saving trend that has nothing to do with giving up your daily coffee
Per Jess Sharpmoney team
Money-saving trends are constantly popping up on social media — but one in particular has been getting a lot of attention.
Accidentally created by a comedian, Loud Budget is breaking the taboo of talking about money.
The idea is based on being firmer/more vocal about your financial limits in social situations and defining what you would like to spend your money on rather than “keeping up with the neighbors”.
On TikTok alone, videos posted under the hashtag #loudbudgeting have garnered more than 30 million views – and that number continues to rise.
We spoke to Lukas Battle – the 26-year-old who unintentionally created the trend as part of a comedy sketch.
Based in New York, he coined the term in a skit about the “quiet luxury” hype that spread online in 2023, inspired by shows like Succession.
The term was used to humbly boast of one’s wealth with expensive items that were subtle in their design – for example, Gwyneth Paltrow’s £3,900 moss green wool coat from The Row, which she wore during her ski resort tryout …
“I’ve never been a big fan of the quiet luxury trend, so I simply changed the words and wrote ‘high budget is in’. I’m tired of spending money and I don’t want to pretend I’m rich,” Lucas said.
“That’s how it all started and the TikTok comments were obsessed with the original idea.”
That was the first time he mentioned it…
Lukas explained that it wasn’t about “being poor” but about not being afraid to share your financial limits and “what is profitable for you personally.”
“It’s not ‘skip one coffee a day and you’ll become a millionaire’.”
Although talking about money is seen as rude or taboo, he said it’s something his generation feels more comfortable doing.
“I’ve seen more debate around the issue and I think people are really intrigued and attracted to the idea,” he said.
“It’s just focusing your spending and time on the things you enjoy and cutting out the things you might feel pressured to spend your money on.”
He incorporated big budgets into his own life, telling friends that “it’s free to go out” and opting for cheaper dining alternatives.
“Having the terminology and knowing it’s a trend helps people understand it and there’s no awkward conversations about it,” he said.
The trend has been a big hit among so-called American “finfluencers”, or “financial influencers”, but people in the UK have also started practicing it.
Mia Westrap took on a big budget as she embarked on a shopping-free year and shared her finances with her 11.3K TikTok followers.
Earning around £2,100 a month, she spends around £1,200 on essentials such as rent, fuel and car insurance, but limits what else she can buy.
Clothes, soft drinks, beauty treatments, makeup, dinners out and train tickets are just a few things on her “red list”.
The 26-year-old PhD student first came up with the idea in 2017, but decided to take on the challenge this year after realizing she was living “paycheck to paycheck.”
She said her “biggest fear” at first was that her friends wouldn’t understand what she was doing, but she found that a high budget helped.
“I’m still trying my best to agree with what everyone wants to do, but I’m just not going to spend money while we’re doing it and my friends don’t care about it, we don’t make a big deal out of it. ,” she said.
So far, she has managed to save £1,700 and said talking openly about her money has been “really helpful”.
“I wouldn’t have gotten this far if I hadn’t been baring my soul to the internet about the money I spent. It’s been a really motivating factor.”
Financial expert John Webb said a big budget has the ability to help many “feel empowered” and create a “more realistic” relationship with money.
“This is helping to normalize open and honest conversations about finances,” said Experien’s consumer affairs manager.
“It can also reduce the anxiety some may feel by keeping your financial worries to yourself.”
However, he warned that it is important to be cautious and take the realities of life into consideration.
“This can cause problems in friendship groups if they are not on the same page as you or if they have different financial goals,” he said.
“This challenge is not meant to stop you from having fun, but is designed to help people become more aware and intentional when it comes to money and reduce the stigma around talking about it.”