Evaluating Needs vs. Wants in a High Inflation and High-Cost Environment 

Our weekly #CreditChat started in 2012 to help our community learn about credit and important personal finance topics (e.g. saving money, paying down debt, improving credit scores). Each chat is hosted by @Experianon X (formerly Twitter) and all are welcome to participate. DM us any questions.

In an era of soaring prices and increased financial strain, distinguishing between necessities and luxuries is more crucial than ever. Join our discussion as we navigate strategies to prioritize spending, manage finances effectively, and make informed decisions amidst economic challenges.

Topic: Evaluating Needs vs. Wants in a High Inflation and High-Cost Environment

When: Wednesday, June 26, 2024 at 3 p.m. ET.

Where: Join the live hashtag discussion

The panel will include: Jeanne Kelly: Credit expert, identity theft expert, speaker and founder of\ JeanneKelly.net; Lawrence Sprung: CFP® and Author of Financial Planning Made Personal; Deacon Hayes: Founder of Well Kept Wallet; Leslie H. Tayne, Esq: Founder and Managing Director of Tayne Law Group, P.C. (f/k/a The Law Offices of Leslie H. Tayne,P.C.); Beverly Harzog: Credit Card Expert, Bestselling Author, columnist and podcast host at BeverlyHarzog.com; Tatiana Jackson: Social Media Manager at GreenPath Financial Wellness; Rod Griffin: Senior Director, Consumer Education and Advocacy, Experian; Jennifer White: Consumer Education and Advocacy Team, and Christina Roman: Consumer Education and Advocacy Manager at Experian.

Gift Card Giveaway

Enter here for a chance to win a $50 Amazon gift card! We will be announcing a winner at the end of the chat. Entry Period: Raffle open now and closes at the end of this chat at 4 p.m. ET. Complete rules here.

Questions we will discuss:

1. What are the key differences between needs and wants, especially in today’s economic climate?
2. What strategies can people employ to prioritize their needs over wants during times of high costs?
3. How important is it to regularly review and adjust your budget to accommodate changing economic conditions?
4. How do current societal influences shape our perceptions of needs and wants in the face of inflation?
5. How can you use financial literacy to better understand and manage the impact of inflation on your budget?
6. What are some practical tips for budgeting and saving money when facing rising costs for both necessities?
7. What impact does high inflation have on credit card use, and how can you manage credit responsibly during such times?
8. How can technology and digital tools assist individuals in managing their expenses effectively in a high-cost environment?
9. What are some creative ways to fulfill wants without compromising on needs in a high-cost environment?
10. How do you involve family members in discussions about prioritizing needs over wants, especially in a tight budget scenario?

Check out our complete list of upcoming personal finance Twitter chats here