What is loud budgeting? How your savings goals can help you save more
Keen social media users will have heard of ‘loud budgeting’ - a new financial strategy where you share your money aspirations out loud with the people in your life.
Since it was conjured late last year, #loudbudgeting has apparently garnered millions and millions of views on Tik Tok.
In a sense it’s like setting basic budgeting or savings goals, but the goals aren’t kept to yourself. By telling others why you’re choosing not to spend money on something and by being transparent about the reason you are putting money into your savings account, you essentially make an ‘out-loud’ commitment.
The practice of loud budgeting has since gained traction among many financial commentators and experts, too, because they typically endorse the idea of talking about money matters and committing to financial goals.
Loud budgeting and setting goals in 2024
Setting savings goals always comes up this time of year, generally used to help us plan the year ahead and make it a financially successful one.
Until now, most of us would typically write down things like, ‘create a budget’, ‘put some money in my savings account each month’, ‘cut down on spending’, and ‘track where I spend the most money’.
And yet, nobody really keeps us accountable with a ‘quiet budget’. A loud budgeting approach at least puts some pressure on ourselves to meet our savings goals, and perhaps even the praise of others if we indeed reach them.
In this way, mere goal setting takes on a heightened role.
According to an article produced by Deakin University, striving for goals gives a sense of achievement and is therefore crucial to our general wellbeing.
“Working towards a goal allows us to feel like we’re actively engaging in a strategy to achieve a target,” writes Dr Melissa Weinberg, of Deakin’s Faculty of Health.
“The great thing is we don’t have to actually achieve our goal in its entirety in order to feel a sense of achievement. As we make progress towards that goal, our progressive achievement both makes us feel good and motivates us to keep working towards it. Feeling in control of the progress we’re making also helps us to keep striving.”
Making savings goals matter - loud or quiet
ANZ head of financial wellbeing, research and design, Mohamed Khalil says financial goals make saving, paying down debt and managing money easier.
“Setting goals is an important step in creating lifelong financial wellbeing habits,” says Khalil. “Using a milestone event to set financial resolutions is a great way to get on track for 2024.”
So whether you’re writing goals down or calling them out loud, where do you start?
ANZ has a few basic tips around money goals:
- Break down your goals into smaller tasks – celebrating smaller accomplishments more frequently increases your motivation and makes a goal feel more achievable.
- Regularly monitor your progress towards your goal – periodically checking in on your progress towards a goal almost doubles your chances of achieving your objectives.
- Restrict your ability to deviate from your goal – wherever possible, make acting on your goal effortless or automated. Tools like ‘round ups’ or scheduled transfers on pay day allow a hands off approach to saving, putting money aside before it can be spent elsewhere.
- Share your goals with friends, peers, or family (loud budgeting!) – the positive influence of peers has shown to increase accountability and motivation to stay on track.
With your goals and tactics in place, it’s time to review your savings account and the rate of interest you’re earning. A good interest rate is integral to a successful savings goal and so if you’re not currently on an above average savings interest rate (the current average according to the Mozo database is 3.55%), you’re potentially leaving money on the table.
Start comparing some of the top savings interest rates available below and be sure to make the switch if your current savings account doesn't measure up.
Compare top savings accounts
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Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
CompareCompareBonus Saver Account
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
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