From the very same kids who brought us brain rot speak like '+1000 aura points' and 'skibidi Ohio' (that's quite literally 'very good' and 'very bad' for the millennial dinosaurs) is the latest viral lifestyle to adopt. And it's actually pretty good.
The trend—sorry, I mean core—is basically sexy anti-consumerism. It spells out in the name: Underconsumption. This blowback reaction, like the last one about personal finances, makes perfect sense in the economic climate Gen Zs are navigating.
The frugality may be a direct result of inflation, or the social impact of environmental awareness. All very mindful, cutesy and demure, yet you can't disregard that there's a deeper root to acknowledge. Because if budget is what's holding you back, what happens when circumstances allow you to splurge?
Don't get me wrong. The call for conscious purchasing and alternative consumption is single-handedly resurrecting the first two "R"s of the infamous 3Rs boyband that everyone casually ignores. That's much more constructive than recycling; efforts which have proven to be negligible without the cooperation of big corporations.
We will certainly take this over the one where affluent Chinese influencers flushed the Rolexes that daddy paid for down the toilet, but Underconsumption Core has to be more than just minimalism.
It's not even about bringing back Quiet Luxury. All these seem to carry a notion of romanticising. The way the word 'core' itself refers to an aesthetic, as opposed to a practising habit. The way critics have argued how it is rather #NormalCore, except society is too accustomed to excess that we deem it "under" not to waste.
Stop to think about how crazy it is that majority of us live like kings (or better than, depending on how far back in time you go) with the "basic" amenities we have. Or how we can afford our favourite indulgences that would have been considered luxuries in our parents' day. It really puts things into perspective.
Instead of simply buying less because it's trendy or even the "right" thing to do, perhaps we should find contentment with what we already have, than remain convinced a new version will satisfy. Do we really need a new phone, tablet, laptop, smartwatch, headphones and speakers every two years?
A fool-proof, admittedly dramatic, method I like to use to resist a purchase is to imagine it amid the hypothetical context of war: probably not so necessary. There are countless occasions I forget what it was I initially desired to own or—shocker—felt completely fine without it.
The good news about abstinence though, is uncovering a greater level of appreciation for the item when you do make the rare splash of cash. We take for granted our easy access to treat ourselves that we become immune to the pleasures it brings.
So, can we rebrand Underconsumption Core to just Appreciation Core?
Guess what—being a Scrooge is cool now. Thrifty is the new sexy. Being cheap is being rich. Can't say we never saw this coming. General equilibrium theory and all that jazz. Every oversaturation has to one day come to a reset, and it's no different with people and their spending habits.
Perhaps learning their lesson from millennials who couldn't afford houses thanks to avocado toast tendencies, Gen Zs are now taking a financial responsibility a lot more seriously than the generation before.
In so many words, Loud Budgeting is a trendy name for the personal finance strategy (if you will) that is all about unabashedly making wise spending decisions. Explained by TikTok-er Lukas Battle, it opposes 2023's 'Quiet Luxury' (please don't make us explain this), and because the rich allegedly hate spending money, following their cue is in fact "more chic, more stylish, more of a flex".
Don't you just love the TikTok generation? Casually, singlehandedly eradicating the negative stigmas surrounding saving so we can finally prioritise and reach financial goals without shame. The "Loud" bit attributes to the communication part of it. Setting honest boundaries and having open dialogues about your newfound relationship with money; basically unapologetically rejecting invites because it costs too much.
Kidding. Besides coming up with alternative plans to uh, financially unaligned hangouts, recommendations include opening high-yield savings account to earn interest, canceling under-utilised credit card subscriptions or renegotiating rates with current providers.
In local context, this rides on the back of a recent report on minimum household income required amid inflation impact. With latest figures rising by five percent, researchers found that the “reasonable starting point” for a living wage in Singapore was SGD2,990 monthly.
If anyone is feeling the pinch, it's surely in one of the most expensive cities in the world. Throw in the tired trope about being Crazy, Asian, but not rich. And while many particularly of Chinese descent may have had a frugal mindset indoctrinated in us since youth, it has never been a lifestyle to flaunt. So this trend, while eyeroll-worthy in hype, is essentially useful these nine percent GST days.
When done without being extreme about it, we can see how Loud Budgeting will truly benefit us all in the long run. You go, Gen Z.
