Save Money or Pay Off Debt?

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    17-Aug-2014

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Financial tips and advice from Gail Cunningham from The National Foundation for Credit Counseling and others in our weekly #credtichat

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<ul><li> SAVE MONEY OR PAY OFF DEBT ? </li> <li> 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 </li> <li> 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 </li> <li> #CreditChat The NFCC is the largest and longest-serving network of community based, nonprofit credit counseling agencies in the nation. #CreditChat </li> <li> Tweet by @AmericaSaves Less than of low-income households have a savings account. #CreditChat </li> <li> 51% of Americans dont have extra funds available Tweet by @AmericaSaves to pay for an unexpected expense of $1K. #CreditChat </li> <li> #CreditChat 50% of household decision-makers believe they Tweet by @AmericaSaves just dont earn enough money to save regularly </li> <li> Why is it difficult for many to save? #CreditChat </li> <li> #CreditChat Tweet by @JosephBrownUFL You must have an emergency savings before paying off debt otherwise youre susceptible to incurring more debt. </li> <li> Tweet by @MyMoneyCoach.Ca Not having a budget makes it difficult to save and spend money wisely. #CreditChat </li> <li> Tweet by @ReadyForZero Living paycheck to paycheck is probably the hardest #CreditChat situation to be in when trying to save money. </li> <li> #CreditChat Tweet by @Magnify_Money People dont realize how much theyll pay in interest alone. </li> <li> #CreditChat Tweet by @MoneyCrashers If you do your savings first (automate it!) It makes it so much easier. Pay yourself first. </li> <li> What are simple ways to save more money while still enjoying life? #CreditChat </li> <li> Three keys to successful savings: set a goal, Tweet by @AmericaSaves make a plan, and save automatically. </li> <li> Creating a budget shows you where your hard-earned money is going. #CreditChat Tweet by @NFCCdebtadvice </li> <li> Tweet by @MsMadamMoney Most of us spend first then save whats left (usually nothing). We should save first then spend whats left. #CreditChat </li> <li> #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. </li> <li> How do you stay motivated to pay off debt? #CreditChat </li> <li> 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! </li> <li> Tweet by @NFCCdebtadvice It doesnt matter which method you choose to pay off your debt, pick one that motivates you and keep at it. </li> <li> How do you decide how much you should save vs. pay down debt? #CreditChat </li> <li> Its a good idea to have an emergency fund on hand #CreditChat Tweet by @NFCCdebtadvice before you decide to pay down debt. </li> <li> #CreditChat Tweet by @MoneyWisdoms When it comes to saving, just start. Build your savings muscle. </li> <li> #CreditChat Tweet by @MoneyCrashers to negotiate your debt payments so you can still save. Always put your emergency fund first and dont forget </li> <li> What should you look for in a financial counselor? Any warning signs to watch for? #CreditChat </li> <li> #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 </li> <li> 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! </li> <li> Tweet by @NFCCdebtadvice Look for a certified counselor at a nonprofit agency #CreditChat that is accredited by an independent third party. </li> <li> Any final tips for those looking to save money and pay down debt? #CreditChat </li> <li> Tweet by @NFCCdebtadvice Take charge of your financial situation and take the first step. #CreditChat </li> <li> 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 </li> <li> Find a career that gives you a purpose greater than yourself. Tweet by Brian @FinEdChat #CreditChat </li> <li> Join us every Wednesday at 3 p.m. on Twitter! </li> </ul>