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Budgeting Mistakes You Should Avoid
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Budgeting Mistakes You Should Avoid

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In this #CreditChat, Stephanie Steinberg from U.S. News & World Report shares ways you can avoid making budgeting mistakes.

In this #CreditChat, Stephanie Steinberg from U.S. News & World Report shares ways you can avoid making budgeting mistakes.

Published in Economy & Finance , Technology
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  • Some good budgeting tips here to help you save a few hundred dollars a month and pay down debt and save money for retirement.
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  • 1. Budgeting Mistakes You Should Avoid #CreditChat
  • 2. #CreditChat bit.ly/budgetmistakes Learn more about this #CreditChat with Stephanie Steinberg: Every Wednesday at 3 p.m. ET, we feature a favorite personal finance writer in our Experian #CreditChat on Twitter. This week, we were honored to have Stephanie Steinberg from U.S. News and World Report as our guest. Follow her on Twitter @Steph_Steinberg.
  • 3. Q1: Do you think budgeting is important? #CreditChat
  • 4. Keep in mind, you’re never too young and it’s never too late to start a budget. - @Steph_Steinberg #CreditChat
  • 5. Keep in mind, you’re never too young and it’s never too late to start a budget. - @Steph_Steinberg #CreditChat Click hashtag on any slide to retweet.
  • 6. Most personal finance experts recommend building an emergency fund worth 3 to 6 months of your income. - @Steph_Steinberg #CreditChat
  • 7. Most personal finance experts recommend building an emergency fund worth 3 to 6 months of your income. - @Steph_Steinberg #CreditChat Click hashtag on any slide to retweet.
  • 8. Budgeting is important to gauge your spending and to make sure you pay yourself first. - @magnify_money #CreditChat
  • 9. If you stick to a budget, you’ll have less financial distress & it’s easier to save for retirement. - @Steph_Steinberg #CreditChat
  • 10. The sooner a child learns how to “budget” the easier it will be to manage their money when they get older. - @MsMadamMoney #CreditChat
  • 11. Budgeting is super important! It can help by freeing up some cash, cutting back on things not needed, and giving you control. - @AdvantageCCS #CreditChat
  • 12. #CreditChat Set a realistic budget. Otherwise, you’ll just get frustrated and fail. - @Steph_Steinberg
  • 13. When I hear “budget,” I hear diet and deprivation. So I have a spending plan that incorporates savings and investing. - @MsMadamMoney #CreditChat
  • 14. Q2: What items on your budget do you spend too much on? #CreditChat
  • 15. #CreditChat People spend too much on eating lunch out everyday and takeout dinners. Save money by cooking at home and bringing meals to work. - @Steph_Steinberg
  • 16. Gas is another major expense. To get better gas mileage make sure your tires are well inflated. - @LeslieHTayneEsq #CreditChat
  • 17. If you’re a coffee drinker like me, go easy on the lattes. One a day can add up to $100 a month. - @Steph_Steinberg #CreditChat
  • 18. Q3: How can you save money on groceries? #CreditChat
  • 19. Head to the store with a list & stick to it. Limit time browsing so you don’t make impulse buys. - @Steph_Steinberg #CreditChat
  • 20. Save on groceries by using coupons, shopping at farmers’ markets for fruits and veggies & meats, buy in build for nonperishables. - @MsMadamMoney #CreditChat
  • 21. #CreditChat I like to use @IbotaApp when I head to the grocery store. - @Wisebread
  • 22. Q4: What are ways to save money on a Friday or Saturday night? #CreditChat
  • 23. You don’t have to spend money to have fun. A movie marathon or game night with friends or family doesn’t cost a cent. - @Steph_Steinberg #CreditChat
  • 24. Consider cooking dinner and having a movie night at your house! Invite friends and ask them to bring something!. - @LeslieHTayneEsq #CreditChat
  • 25. Q5: What are your favorite apps and websites to help you save money? #CreditChat
  • 26. I love @RetailMeNot for finding coupons. @RedLaserApp is good for comparison shopping. - @Steph_Steinberg #CreditChat
  • 27. #CreditChat Money-Saving Apps: Groupon, LivingSocial, FatWallet, RetailMeNot, eBay, Amazon Deals, 6pm, Zappos - @AdvantageCCS
  • 28. Q6: How can you save money on electricity bills? #CreditChat
  • 29. A programmable thermostat can save you up to 30% on your electricity bill. - @Steph_Steinberg #CreditChat
  • 30. Take a look at your appliances. Upgrading to more energy-efficient models can save a lot of money in the long run. - @Krissylynn #CreditChat
  • 31. Unplug appliances when you’re gone. The Energy Dept says 5-10% of your electricity is from devices plugged in 24 hrs/day - @Steph_Steinberg #CreditChat
  • 32. You can save 3% on your heating bill for every 1 degree you lower the thermostat. - @Steph_Steinberg #CreditChat
  • 33. Q7: How can you reduce spending on cable bills? #CreditChat
  • 34. If you pay for Internet, you can stream many programs for a small fee. Netflix and Hulu come to mind. - @consumeraction #CreditChat
  • 35. #CreditChat If you’re a news junkie like me and need cable, call your provider and try negotiating a lower rate. - @Steph_Steinberg
  • 36. Over 7.6 million U.S. homes or 6.5% households are cord-cutters, up from 5.1 million in 2010. - @mikedelgado #CreditChat
  • 37. Best way to keep yourself from making memories is staring at make believe ones. Cut cable. - @phroogal #CreditChat
  • 38. Q8: Any final tips to help others save more money? #CreditChat
  • 39. Pay yourself first. No exceptions. - @BrokeMillennial #CreditChat
  • 40. Pretend you make less money than you do. Once you get used to living below your means, you can save a whole lot. - @GenY_Girl #CreditChat
  • 41. Don’t be afraid to tell your friends and family, you’re on a budget. They can help you stick to it. - @Steph_Steinberg #CreditChat
  • 42. #CreditChat Join us every Wednesday at 3 p.m. on Twitter! @Experian_US
  • 43. #CreditChat Join us every Wednesday at 3 p.m. on Twitter! @Experian_US Click here to find out about our next chat!