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SAVE MONEY OR PAY OFF DEBT ?

Save Money or Pay Off Debt?

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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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Page 1: Save Money or Pay Off Debt?

SAVE MONEY OR PAY OFF DEBT ?

Page 2: 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.“

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!