Money Management

Don’t be afraid to be loud about your financial goals. A popular TikTok trend, “loud budgeting,” embraces this practice. Find out if this method can help you. [[{“value”:”

One of the latest viral trends taking over TikTok is “loud budgeting.” The movement encourages people to be more transparent about their financial limitations. Instead of feeling guilty about turning down invitations to expensive outings, the trend inspires others to speak up and communicate what they’re willing to spend their money on. Learn more about the benefits of loud budgeting to decide if you should try this hot new trend.

What is loud budgeting?

Every day, we’re bombarded with advertisements that push us to spend more money. Unfortunately, many people struggle with overspending, resulting in costly debt.

Many videos on social media glamorize overspending, but the loud budgeting trend hopes to change that. Instead of feeling pressured to overspend beyond their means, this fad inspires people to talk openly about their money goals with friends and family.

It also lets people know they shouldn’t feel embarrassed about being unable to or unwilling to spend money on expenses that don’t align with their goals. They should focus on their goals and do their best to ignore outside pressures that could deter them from reaching them.

The benefits of loud budgeting

Being clear about what financial goals you’re working toward and your current financial limitations can have its benefits. You’ll clarify what you’re willing to spend your money on and what purchases don’t align with your goals.

Doing this may result in you getting more support from the people closest to you. When they know what you’re dealing with financially, they can help you stay motivated.

Openly communicating about money with those closest to you may encourage your loved ones to make their own positive financial changes. It’s easier to make changes when the people around you are taking similar actions.

Building an emergency fund, paying off credit card debt, or saving for a future home down payment are examples of great financial goals to work on. When we’re clear about how we want to spend our money and resist the pressure to overspend, it frees up more money to put toward important financial goals like this.

Is loud budgeting right for you?

Could loud budgeting be a good strategy for you? If you’re working hard to boost your high-yield savings account balance and hate overspending on costly outings and activities, being loud about your financial goals could help you be more successful.

Three tips for success

Want to stay on track as you tackle your financial goals in 2024? These tips may help:

Keep your goals top of mind: Outline your goals and then keep them in mind as you go about your everyday life. Using digital tools like budgeting apps or creating a pen-and-paper goal tracker may help you stay motivated.Spend your money on what matters: It’s OK to spend on things that bring you joy. But be clear about what matters to you and be choosy with how you spend money. You’ll feel more empowered when you spend money on things that matter to you. Lean on your support system: Being clear about your financial goals will attract more like-minded people. Lean on your support system if you’re struggling to stay motivated or need help along the way. You can be there for each other.

For additional tips, check out our personal finance resources.

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Scammers, scammers everywhere. No one wants to be a target. Keep reading to learn a few smart tips for staying on top of your financial information this year. [[{“value”:”

Americans lose a ton of money to fraud — according to the Federal Trade Commission, we lost $8.8 billion in 2022 (which was up more than 30% over 2021). With a number like that, you might assume there’s nothing you can do to keep your money safe. Thankfully, you’re wrong.

Here are three smart ways to improve your financial security and keep your cash out of the hands of scammers in 2024.

1. Keep tabs on your credit

If you’ve been told your credit score is irrelevant — no, it’s not. 2024 is a great year to start keeping track of your credit score and credit report, and seeing how the financial moves you make have an impact. You likely have access to your credit score via your bank or a credit card issuer, but it might not be the most useful credit score. It’s your FICO® Score you want, as it’s used by 90% of lenders when they decide whether you can borrow money — and at what interest rate.

FICO® Score access comes for free with some credit cards, and this is a great perk indeed. Your score will be updated monthly, as your creditors report your payments and other activities to the credit bureaus every month. You can access your credit report for free too — just hit up AnnualCreditReport.com. You should do this a few times a year, unless you are going through a big financial change (like a divorce), are gearing up to make a big money move (like applying for a mortgage), or you suspect your identity or financial accounts have been compromised.

Another smart move could be signing up for a credit-monitoring service this year. It’ll give you an early warning — if someone who isn’t you uses your information to open a new credit card account or take out a loan, you’ll be notified and can take action to report the fraud.

2. Improve your account security

If you’re using the same login and password for all your various accounts across the internet, I hate to be the bearer of bad news — but your data is most definitely at risk. Honestly, having to create new logins and passwords all the time is the bane of my inching-toward-middle-aged brain, but doing so is absolutely crucial.

If it’s been a while since you beefed up your bank and credit card account security, now is a great time to do it; after all, it’s freezing outside and you probably need to stave off impending cabin fever.

Change those passwords (make them long and difficult to guess, with special characters and numbers along with letters), and while you’re at it, opt in for multi-factor authentication. This will mean that you’ll need to respond to a push notification or enter a code that’s been emailed or texted to you before you’ll be able to log in. Yes, this adds a few seconds, but it can help keep your financial data safe and secure. You might also consider using a password manager to keep all your logins straight.

3. Be more alert to phishing attempts

Picture this: You’re rushing around, getting ready for work one busy morning, and you receive a random text message claiming to be from your bank or credit card issuer. The message has a link, and asks you to click and provide your account login and password. What do you do?

You don’t click that link! This is an example of a phishing scam, and they’re very common — over 500 million were reported in 2022. If you fall for one of these scams, it can be devastating. Had you provided your bank account information, you could find your accounts emptied out.

Don’t click links or open attachments in unsolicited emails or text messages. Read all communication purporting to be from a financial institution carefully — you might spot typos or email addresses suggesting that the message is not, in fact, from your bank. And if you have any reason to suspect a problem with your account, log into it yourself, from a new browser window and by going to its actual website (or using the mobile app). And if you receive a suspicious message, don’t reply — hit that “report spam” button.

There are a lot of scammers out there, just itching to get your money and put a serious crimp in your personal finances. But you know the old saying — being forewarned is being forearmed. Use these tips to keep your money safe in 2024 and beyond.

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When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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Consider which redemption method will get you the most value when redeeming credit card points for travel. Find out why you may want to book economy flights. [[{“value”:”

Many travelers use credit cards to earn rewards. Redeeming points or miles for flights, hotel expenses, and other travel costs can be an excellent way to make travel more affordable. Going, a flight deal service, recently released its State of Travel in 2024 report. The study found that many travelers are redeeming their credit card points for economy flights.

Travelers are maximizing the value of their credit card points

While the thought of flying to Europe in a lie-flat seat may be enticing, your airline ticket will come at a higher cost. That means more dollars, miles, or points. Instead, an economy seat ticket is a more affordable option. While it might not be as fancy or comfortable, it’s more affordable.

In its State of Travel in 2024 report, Going examined how travelers use credit card points. The majority of respondents use their points to book flights. Here are some notable stats:

58% redeem points to book economy flights11% use their points to book hotels 10% use their points for premium economy flights 7% redeem them for flight upgrades 6% redeem points to book business-class flights 4% use their points for cash back 3% haven’t used their points yet

This study suggests that many travelers focus on the best redemption strategy that gets them more value from their points. Since economy flights are priced lower than premium economy and business-class flights, they also require fewer points or miles to book an award ticket. With this in mind, it’s easy to see why people who love travel use their rewards this way.

Should you use your points for economy or business-class flights?

Only you can decide the best way to use your credit card points. You should consider your travel preferences before making a decision. Everyone has different needs and expectations.

It’s also wise to consider how long your credit card rewards stash took to accumulate. Once you use your points, you’ll need to earn more if you want to book award flights in the future.

You can stretch your rewards further by using them for economy flights. This redemption move may be ideal if you don’t require more space or added comforts and amenities when flying.

Here’s an example: Let’s imagine you have 100,000 points saved up and can book a one-way economy flight for 25,000 points or a one-way business-class flight for 80,000 points. Which would you choose? I’d pick economy because I could use my points to take two round-trip journeys.

If you want to experience business-class travel without depleting your credit card points collection, consider investing in a flight deal service. These subscription services help travelers find the best airfare deals to avoid overpaying for flights.

Don’t miss this redemption strategy

Many travel credit cards allow travelers to transfer their points to travel transfer partners to book flights and hotels through popular airline and hotel loyalty programs. While this redemption strategy takes more effort, it’s an excellent way to maximize the value of your points or miles.

While cash back is an easy redemption choice, it’s usually one of the worst redemption methods for maximum value. But it may be the best option for your current needs. Before redeeming your credit card rewards, explore how to use your points or miles to make a more informed choice.

Check out our best rewards credit cards list to learn more about how you can earn rewards.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

They just revealed what they believe are the 10 best stocks for investors to buy right now…

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*Stock Advisor returns as of February 6, 2024

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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