Save Money or Pay Off Debt?

SAVE MONEY OR PAY OFF DEBT ?

Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked with Gail Cunningham from The National Foundation for Credit Counseling.“

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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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The NFCC is the largest and longest-serving networkof community based, nonprofit credit counseling

agencies in the nation.

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Tweet by @AmericaSaves

Less than ⅓ of low-income households have a savings account.

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51% of Americans don’t have extra funds available

Tweet by @AmericaSaves

to pay for an unexpected expense of $1K.

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50% of household decision-makers believe they

Tweet by @AmericaSaves

“just don’t earn enough money to save regularly”

Why is it difficult for many to save?

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Tweet by @JosephBrownUFL

You must have an emergency savings before paying off debt otherwise you’re susceptible to incurring more debt.

Tweet by @MyMoneyCoach.Ca

Not having a budget makes it difficult to save and spend money wisely.

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Tweet by @ReadyForZero

Living paycheck to paycheck is probably the hardest

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situation to be in when trying to save money.

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Tweet by @Magnify_Money

People don’t realize how much they’ll pay in interest alone.

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Tweet by @MoneyCrashers

If you do your savings first (automate it!) It makes it so much easier. Pay yourself first.

What are simple ways to savemore money while still enjoying life?

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Three keys to successful savings: set a goal,

Tweet by @AmericaSaves

make a plan, and save automatically.

Creating a budget shows you where your hard-earned money is going.

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Tweet by @NFCCdebtadvice

Tweet by @MsMadamMoney

Most of us spend first then save what’s left (usually nothing).We should save first then spend what’s left.

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Budgets are imperative, but so is understanding the financial

Tweet by @magnify_money

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products you’re using. Know interest rates on loans and credit cards.

How do you stay motivated to pay off debt?

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A budget is not designed to tell us what we can’t do,

Tweet by @MsMadamMoney

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rather it is to show us everything we can do!

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.

How do you decide how much you should save vs. pay down debt?

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It’s a good idea to have an emergency fund on hand

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Tweet by @NFCCdebtadvice

before you decide to pay down debt.

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Tweet by @MoneyWisdoms

When it comes to saving, just start. Build your savings muscle.

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Tweet by @MoneyCrashers

to negotiate your debt payments so you can still save.

Always put your emergency fund first and don’t forget

What should you look for in a financial counselor? Any warning signs to watch for?

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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

Tweet by @Magnify_Money

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If someone keeps pushing products on you then walk away. They should have your best interests in mind not commission!

Tweet by @NFCCdebtadvice

Look for a certified counselor at a nonprofit agency

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that is accredited by an independent third party.

Any final tips for those looking to save money and pay down debt?

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Tweet by @NFCCdebtadvice

Take charge of your financial situation and take the first step.

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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.

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Find a career that gives you a purpose greater than yourself. Tweet by Brian @FinEdChat

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Join us every Wednesday at 3 p.m. on Twitter!