Here are some tips on how to navigate the online world of personal finances

Budgeting and personal finances are currently trending on social media, where some people share information about what they do with their money online.

It’s a new concept called “loud budgeting.”

Marc Rouleau, senior vice president of Doyle Salewski Inc. told CTV Morning Live that talking about budgeting isn’t necessarily a bad thing, as it’s an important topic and it makes people feel they’re not alone.

“Budgeting is important. Universally, we all have an income. We all have expenses, right? All we want to do is keep the most in our pocket as possible. That's the universal thing. So, loud budgeting is that concept of bringing it online,” Rouleau said.

Loud budgeting can help people find the best deal and collect all the necessary information before making big purchases, such as buying a car or buying a house, Rouleau adds.

“You go out there, you find a car online and you say, 'Okay, well, I'm going to go to this dealer. I'm going to deal with that particular car. Now they're offering me upgrades. They're offering me financing on it. What's the refinancing they're offering me? Eight per cent? Why (not) go to the next dealer and he's offered me seven per cent? I didn't know there was a difference,'" Rouleau explained.

“Loud budgeting puts those situations out in public.”

What can you do to safely navigate loud budgeting?

While Rouleau suggests to set a specific goal before going online, he notes that each person has a unique financial situation.

“If you're looking, for instance, to reducing your debt (or) if you're looking to invest, you want to find the great application. So, I think social media is good for that,” Rouleau said.

He notes that people can join particular groups that are specific to what they're looking for.

“So, here I find a really good app. This thing really tracks what I make and tracks how much I spend on food, how much I spend on restaurants, how much I spend on gas, or finding the cheapest gas in town,” Rouleau added.

He says that it’s not a very good idea to overshare information online, as budgeting and financing remain personal topics.

“I wouldn't post any income information. I wouldn't post anything with respect to credit cards, or where you bank or where you work,” he said.

Meanwhile, seeking advice from professional experts is recommended at all times, Rouleau adds.

“Well, I have my own business. And I'm not sure if I'm doing my returns right. Go find somebody who knows how to do it. If a good professional is doing his or her job, it's worth the money to pay for that,” he said. “Going online and getting that advice with somebody who doesn't have a credential is dangerous and each person is so unique as well.”

Rouleau warns people of online scammers.

“The last thing you want to do is send money to a place or a person you don't know. Once you give that credit card number out there, it's accessible to everybody,” Rouleau explained.