Save Money or Pay Off Debt?
We had a #CreditChat on Twitter with Gail Cunningham from The National Foundation for Credit Counseling (NFCC) to discuss ways to save money (while paying down debt). Gail Cunningham is a financial expert for the nation’s top media outlets and chief spokesperson for the NFCC.
During this tweetchat, we also had a Google+ video hangout to discuss this topic. The video panel included: Gail Cunningham – NFCC, Katie Bryan – AmericaSaves, and Maxine Sweet – Vice President, Consumer Education – Experian. The video chat was hosted by Mike Delgado – Experian.
Questions we discussed:
Q1: What are you saving for? Any big financial goals?
Q2: Why is it difficult for many people to save? What are common roadblocks?
Q3: What are simple ways to save more money while still enjoying life?
Q4: Do you have any big debts you’re paying down? How do you stay motivated to pay it off?
Q5: How do you decide on how much you should save vs. pay down debt?
Q6: Where can people go if they need help reducing debt – while saving money?
Q7: What should you look for in a financial counselor? Any warning signs to watch for?
Q8: What are some great tools, resources or books to help us use money wisely?
Q9: Any final tips for those looking to save money and pay down debt?
Join our #CreditChat every Wednesday at 3 p.m. ET.
Highlights
Resources Shared:
Tweetable Tips:
51% of Americans don’t have extra funds available to pay for an unexpected expense of $1k [Retweet]
Less than 1/3 of low-income households have a savings account. [Retweet]
50% of household decision-makers believe they “just don’t earn enough money to save regularly” [Retweet]
The NFCC is the largest and longest-serving network of community based, nonprofit credit counseling agencies in the nation. [Retweet]
Creating a budget shows you where your hard-earned money is going. [Retweet]
Three keys to successful savings: set a goal, make a plan, and save automatically. [Retweet]
It doesn’t matter which method you choose to pay off your debt, pick one that motivates you and keep at it. [Retweet]
It’s a good idea to have an emergency fund on hand before you decide to pay down debt. [Retweet]
Look for a certified counselor at a nonprofit agency that is accredited by an independent third party. [Retweet]
Take charge of your financial situation and take the first step. [Retweet]
