Achieve's think tank, the Achieve Center for Consumer Insights, conducted the "Cost of Being There" survey to examine how consumers manage the expense of participating in major life milestone events like weddings, bachelorette/bachelor parties, milestone birthdays, baby showers and graduations. Nearly three in four Americans (74%) find that the cost of celebrating major life milestones with their family and close friends affects their financial well-being. Do you feel the same way?

The research found that while most Americans believe participating in these events takes a toll on their financial well-being, less than half (48%) said they are comfortable citing financial reasons for declining to participate in these events. If you have ever had to decline due to financial reasons, are you comfortable sharing that?

"Loud budgeting," a money management technique recently popularized on social media, encourages individuals to be vocal about prioritizing their budgets and commitment to their financial boundaries or goals. "You only have to look at the loud budgeting trend to see that younger Americans are generally more comfortable talking about their financial challenges than older generations," said Sean Fox, President of Debt Resolution at Achieve. "Millennials came of age during the Great Recession, while their Gen Z peers watched their parents and families struggle through both the 2008 financial crisis and COVID-19 pandemic. So for many, these topics are less taboo because they've had a near-constant presence in their lives. Despite the benefits of creating and discussing budgets, the cost of attending oftentimes pricey events can have a lasting impact on finances." Do you practice loud budgeting?