Money Monday: Say it Loud!

“Loud Budgeting” for Careful Consumers

In 1968 James Brown released a song that became one of the anthems of the civil rights movement. That song was “Say it Loud- I’m black and I’m proud.”

But in the current financial literacy ecosystem there is a new meaning to the phrase- say loud. It’s the TIKTOX phenomenon known as “Loud Budgeting”. Loud Budgeting is the concept that allows one to become vocal about how ones spends money, making better choices and living within their means and a budget. You can simply say to your friend that you are not able to go shopping this weekend because you are living on a budget and cannot afford to spend right now. Since budgeting is now once again en vogue, perhaps we should talk about some of the best tools for budgeting.

Admittedly, budgeting in the past brought to mind spreadsheets and adding machines, but today, you can engage in budgeting through using budgeting Apps. Here are some budgeting options to consider.

  • Budgeting for Couples: If you are a couple attempting to get your finances under control, the Honeydue Budgeting App could provide some assistance. The feature I like best about this App for couples is that it provides access to budgeting for their joint accounts. Many couples may have a joint account where they operate, manage and execute their monthly home affairs, while maintaining separate individual accounts. This budgeting App allows couples to operate in a manner which will allow each spouse to retain privacy over their own personal account while still maintaining family budgeting. Talk it over with your spouse and see what he or she says. The Honeydue App is free.
  • Learning to Budget on an App: For those who hate budgeting but are willing engage, now that it has become digitized, you can consider Simplifi. This allows you to adjust or tweak your budget as your expenses change; create a personalized spending plan with features that are easy to navigate. The app can also help you to plan for the future based upon your cash flow and expenses so that you could reconsider your spending options.
  • If you like an App which looks or feel like a spreadsheet, then you can consider the Tiller App. This App provides templates that you can use to prepare your budget. Also, once you link your accounts to the App it automatically draws in your updated spending information and can send you a daily balance update of your accounts relative to your budget. While I would like to tell you that these apps are free, Simplifi cost an estimated $3.99 per month and Tiller can run you $79 annually. There is a 30 days free trial for Tiller. You can go www.quicken.com/products/simplifi.
  • Need a Budget: If you are at ground zero and need to create a budget one app to consider is ynab.com. What I like about this app is that it presents options in creating a budget. For example it introduces the concept of zero budgeting, which means that every dollar is assigned to some line item in your budget. This App also allows you to budget for large or major cost or purchases, allocating some of your income accordingly. Lastly, it also includes in your budgeting options retirement savings and spending.

The takeaway here should be whether or not you are now into “ loud budgeting,” budgeting should always be a fundamental and structural part of your finances. No one should be shamed or canceled because he or she or they, as a couple, cannot afford to engage in irresponsible or reckless spending because they are on a budget. So go ahead and do like James Brown, say it loud! “I’m on a budget!”

THAT’S WHAT’S UP!

Today’s What’s Up is about real estate commissions. If you are in the market to purchase a home, because of several lawsuits filed against realtors, changes may be coming. In a recent lawsuit against realtors, the jury found that the National Association of Realtors (NAR) conspired to artificially inflate commissions. The jury awarded the home buyers  $1.8 Billion. The NAR is now appealing the verdict. Stay tuned. And that’s what’s up!

Ruthven R. Phillip, Esq., is a tax attorney, Stewardship and Philanthropy Ministry Assistant, and CEO of Give2Getrich, LLC. Give2Get Rich, LLC 2024. All Rights Reserved. Any distribution or reproduction of part or all of the contents in any form is prohibited.

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