Saving Money or Pay Off Debt?
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SAVE MONEY OR PAY OFF DEBT ?
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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
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Gail Cunningham is a financial expert for the nation’s top media outlets and chief spokesperson for the National Foundation for Credit Counseling (NFCC).Follow her @NFCCGAIL
FEATURING
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#CreditChat
The NFCC is the largest and longest-serving networkof community based, nonprofit credit counseling
agencies in the nation.
#CreditChat
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Tweet by @AmericaSaves
Less than ⅓ of low-income households have a savings account.
#CreditChat
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51% of Americans don’t have extra funds available
Tweet by @AmericaSaves
to pay for an unexpected expense of $1K.
#CreditChat
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#CreditChat
50% of household decision-makers believe they
Tweet by @AmericaSaves
“just don’t earn enough money to save regularly”
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Why is it difficult for many to save?
#CreditChat
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#CreditChat
Tweet by @JosephBrownUFL
You must have an emergency savings before paying off debt otherwise you’re susceptible to incurring more debt.
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Tweet by @MyMoneyCoach.Ca
Not having a budget makes it difficult to save and spend money wisely.
#CreditChat
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Tweet by @ReadyForZero
Living paycheck to paycheck is probably the hardest
#CreditChat
situation to be in when trying to save money.
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#CreditChat
Tweet by @Magnify_Money
People don’t realize how much they’ll pay in interest alone.
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#CreditChat
Tweet by @MoneyCrashers
If you do your savings first (automate it!) It makes it so much easier. Pay yourself first.
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What are simple ways to savemore money while still enjoying life?
#CreditChat
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Three keys to successful savings: set a goal,
Tweet by @AmericaSaves
make a plan, and save automatically.
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Creating a budget shows you where your hard-earned money is going.
#CreditChat
Tweet by @NFCCdebtadvice
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Tweet by @MsMadamMoney
Most of us spend first then save what’s left (usually nothing).We should save first then spend what’s left.
#CreditChat
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#CreditChat
Budgets are imperative, but so is understanding the financial
Tweet by @magnify_money
#CreditChat
products you’re using. Know interest rates on loans and credit cards.
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How do you stay motivated to pay off debt?
#CreditChat
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A budget is not designed to tell us what we can’t do,
Tweet by @MsMadamMoney
#CreditChat
rather it is to show us everything we can do!
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Tweet by @NFCCdebtadvice
It doesn’t matter which method you choose to pay off your debt, pick one that motivates you and keep at it.
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How do you decide how much you should save vs. pay down debt?
#CreditChat
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It’s a good idea to have an emergency fund on hand
#CreditChat
Tweet by @NFCCdebtadvice
before you decide to pay down debt.
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#CreditChat
Tweet by @MoneyWisdoms
When it comes to saving, just start. Build your savings muscle.
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#CreditChat
Tweet by @MoneyCrashers
to negotiate your debt payments so you can still save.
Always put your emergency fund first and don’t forget
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What should you look for in a financial counselor? Any warning signs to watch for?
#CreditChat
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#CreditChat#CreditChat
HOW TO CHOOSE A FINANCIAL ADVISOR
One of the best tips I’ve heard is to ask themwhat *their* finances look like.
If they divulge (and good), A+
Tweet by @BudgetsAreSexy
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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!
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Tweet by @NFCCdebtadvice
Look for a certified counselor at a nonprofit agency
#CreditChat
that is accredited by an independent third party.
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Any final tips for those looking to save money and pay down debt?
#CreditChat
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Tweet by @NFCCdebtadvice
Take charge of your financial situation and take the first step.
#CreditChat
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Tweet by @CecilliaBarr
Talk to your lender/creditor. Grab the reins and take control. You can do it!
Don’t get overwhelmed by your debt.
#CreditChat
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Find a career that gives you a purpose greater than yourself. Tweet by Brian @FinEdChat
#CreditChat
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Join us every Wednesday at 3 p.m. on Twitter!