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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

Financial tips and advice from Gail Cunningham from The National Foundation for Credit Counseling and others in our weekly #credtichat

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  • 1. SAVE MONEY OR PAY OFF DEBT ?
  • 2. 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
  • 3. 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
  • 4. #CreditChat The NFCC is the largest and longest-serving network of community based, nonprofit credit counseling agencies in the nation. #CreditChat
  • 5. Tweet by @AmericaSaves Less than ⅓ of low-income households have a savings account. #CreditChat
  • 6. 51% of Americans don’t have extra funds available Tweet by @AmericaSaves to pay for an unexpected expense of $1K. #CreditChat
  • 7. #CreditChat 50% of household decision-makers believe they Tweet by @AmericaSaves “just don’t earn enough money to save regularly”
  • 8. Why is it difficult for many to save? #CreditChat
  • 9. #CreditChat Tweet by @JosephBrownUFL You must have an emergency savings before paying off debt otherwise you’re susceptible to incurring more debt.
  • 10. Tweet by @MyMoneyCoach.Ca Not having a budget makes it difficult to save and spend money wisely. #CreditChat
  • 11. Tweet by @ReadyForZero Living paycheck to paycheck is probably the hardest #CreditChat situation to be in when trying to save money.
  • 12. #CreditChat Tweet by @Magnify_Money People don’t realize how much they’ll pay in interest alone.
  • 13. #CreditChat Tweet by @MoneyCrashers If you do your savings first (automate it!) It makes it so much easier. Pay yourself first.
  • 14. What are simple ways to save more money while still enjoying life? #CreditChat
  • 15. Three keys to successful savings: set a goal, Tweet by @AmericaSaves make a plan, and save automatically.
  • 16. Creating a budget shows you where your hard-earned money is going. #CreditChat Tweet by @NFCCdebtadvice
  • 17. 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
  • 18. #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.
  • 19. How do you stay motivated to pay off debt? #CreditChat
  • 20. 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!
  • 21. 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.
  • 22. How do you decide how much you should save vs. pay down debt? #CreditChat
  • 23. It’s a good idea to have an emergency fund on hand #CreditChat Tweet by @NFCCdebtadvice before you decide to pay down debt.
  • 24. #CreditChat Tweet by @MoneyWisdoms When it comes to saving, just start. Build your savings muscle.
  • 25. #CreditChat Tweet by @MoneyCrashers to negotiate your debt payments so you can still save. Always put your emergency fund first and don’t forget
  • 26. What should you look for in a financial counselor? Any warning signs to watch for? #CreditChat
  • 27. #CreditChat #CreditChat HOW TO CHOOSE A FINANCIAL ADVISOR One of the best tips I’ve heard is to ask them what *their* finances look like. If they divulge (and good), A+ Tweet by @BudgetsAreSexy
  • 28. 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!
  • 29. Tweet by @NFCCdebtadvice Look for a certified counselor at a nonprofit agency #CreditChat that is accredited by an independent third party.
  • 30. Any final tips for those looking to save money and pay down debt? #CreditChat
  • 31. Tweet by @NFCCdebtadvice Take charge of your financial situation and take the first step. #CreditChat
  • 32. 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
  • 33. Find a career that gives you a purpose greater than yourself. Tweet by Brian @FinEdChat #CreditChat
  • 34. Join us every Wednesday at 3 p.m. on Twitter!

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