Saving Money or Pay Off Debt?

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Do you forgo savings to pay off debt? Great tips from personal finance experts on Experian's #CreditChat. Follow me on Twitter @MoneyWisdoms

Transcript of Saving Money or Pay Off Debt?

  • 1. SAVE MONEY OR PAY OFF DEBT ?

2. Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked with Gail Cunningham from The National Foundation for Credit Counseling. Check Out All the Tweets and Resources: bit.ly/nfcc-chat 3. Gail Cunningham is a financial expert for the nations top media outlets and chief spokesperson for the National Foundation for Credit Counseling (NFCC). Follow her @NFCCGAIL FEATURING 4. #CreditChat The NFCC is the largest and longest-serving network of community based, nonprofit credit counseling agencies in the nation. #CreditChat 5. Tweet by @AmericaSaves Less than of low-income households have a savings account. #CreditChat 6. 51% of Americans dont have extra funds available Tweet by @AmericaSaves to pay for an unexpected expense of $1K. #CreditChat 7. #CreditChat 50% of household decision-makers believe they Tweet by @AmericaSaves just dont earn enough money to save regularly 8. Why is it difficult for many to save? #CreditChat 9. #CreditChat Tweet by @JosephBrownUFL You must have an emergency savings before paying off debt otherwise youre susceptible to incurring more debt. 10. Tweet by @MyMoneyCoach.Ca Not having a budget makes it difficult to save and spend money wisely. #CreditChat 11. Tweet by @ReadyForZero Living paycheck to paycheck is probably the hardest #CreditChat situation to be in when trying to save money. 12. #CreditChat Tweet by @Magnify_Money People dont realize how much theyll pay in interest alone. 13. #CreditChat Tweet by @MoneyCrashers If you do your savings first (automate it!) It makes it so much easier. Pay yourself first. 14. What are simple ways to save more money while still enjoying life? #CreditChat 15. Three keys to successful savings: set a goal, Tweet by @AmericaSaves make a plan, and save automatically. 16. Creating a budget shows you where your hard-earned money is going. #CreditChat Tweet by @NFCCdebtadvice 17. Tweet by @MsMadamMoney Most of us spend first then save whats left (usually nothing). We should save first then spend whats left. #CreditChat 18. #CreditChat Budgets are imperative, but so is understanding the financial Tweet by @magnify_money #CreditChat products youre using. Know interest rates on loans and credit cards. 19. How do you stay motivated to pay off debt? #CreditChat 20. A budget is not designed to tell us what we cant do, Tweet by @MsMadamMoney #CreditChat rather it is to show us everything we can do! 21. Tweet by @NFCCdebtadvice It doesnt matter which method you choose to pay off your debt, pick one that motivates you and keep at it. 22. How do you decide how much you should save vs. pay down debt? #CreditChat 23. Its a good idea to have an emergency fund on hand #CreditChat Tweet by @NFCCdebtadvice before you decide to pay down debt. 24. #CreditChat Tweet by @MoneyWisdoms When it comes to saving, just start. Build your savings muscle. 25. #CreditChat Tweet by @MoneyCrashers to negotiate your debt payments so you can still save. Always put your emergency fund first and dont forget 26. What should you look for in a financial counselor? Any warning signs to watch for? #CreditChat 27. #CreditChat #CreditChat HOW TO CHOOSE A FINANCIAL ADVISOR One of the best tips Ive heard is to ask them what *their* finances look like. If they divulge (and good), A+ Tweet by @BudgetsAreSexy 28. Tweet by @Magnify_Money #CreditChat If someone keeps pushing products on you then walk away. They should have your best interests in mind not commission! 29. Tweet by @NFCCdebtadvice Look for a certified counselor at a nonprofit agency #CreditChat that is accredited by an independent third party. 30. Any final tips for those looking to save money and pay down debt? #CreditChat 31. Tweet by @NFCCdebtadvice Take charge of your financial situation and take the first step. #CreditChat 32. Tweet by @CecilliaBarr Talk to your lender/creditor. Grab the reins and take control. You can do it! Dont get overwhelmed by your debt. #CreditChat 33. Find a career that gives you a purpose greater than yourself. Tweet by Brian @FinEdChat #CreditChat 34. Join us every Wednesday at 3 p.m. on Twitter!