Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Budgeting Mistakes You Should Avoid

2,205 views

Published on

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

Published in: Economy & Finance, Technology

Budgeting Mistakes You Should Avoid

  1. 1. Budgeting Mistakes You Should Avoid #CreditChat
  2. 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. 3. Q1: Do you think budgeting is important? #CreditChat
  4. 4. Keep in mind, you’re never too young and it’s never too late to start a budget. - @Steph_Steinberg #CreditChat
  5. 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. 6. Most personal finance experts recommend building an emergency fund worth 3 to 6 months of your income. - @Steph_Steinberg #CreditChat
  7. 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. 8. Budgeting is important to gauge your spending and to make sure you pay yourself first. - @magnify_money #CreditChat
  9. 9. If you stick to a budget, you’ll have less financial distress & it’s easier to save for retirement. - @Steph_Steinberg #CreditChat
  10. 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. 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. 12. #CreditChat Set a realistic budget. Otherwise, you’ll just get frustrated and fail. - @Steph_Steinberg
  13. 13. When I hear “budget,” I hear diet and deprivation. So I have a spending plan that incorporates savings and investing. - @MsMadamMoney #CreditChat
  14. 14. Q2: What items on your budget do you spend too much on? #CreditChat
  15. 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. 16. Gas is another major expense. To get better gas mileage make sure your tires are well inflated. - @LeslieHTayneEsq #CreditChat
  17. 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. 18. Q3: How can you save money on groceries? #CreditChat
  19. 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. 20. Save on groceries by using coupons, shopping at farmers’ markets for fruits and veggies & meats, buy in build for nonperishables. - @MsMadamMoney #CreditChat
  21. 21. #CreditChat I like to use @IbotaApp when I head to the grocery store. - @Wisebread
  22. 22. Q4: What are ways to save money on a Friday or Saturday night? #CreditChat
  23. 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. 24. Consider cooking dinner and having a movie night at your house! Invite friends and ask them to bring something!. - @LeslieHTayneEsq #CreditChat
  25. 25. Q5: What are your favorite apps and websites to help you save money? #CreditChat
  26. 26. I love @RetailMeNot for finding coupons. @RedLaserApp is good for comparison shopping. - @Steph_Steinberg #CreditChat
  27. 27. #CreditChat Money-Saving Apps: Groupon, LivingSocial, FatWallet, RetailMeNot, eBay, Amazon Deals, 6pm, Zappos - @AdvantageCCS
  28. 28. Q6: How can you save money on electricity bills? #CreditChat
  29. 29. A programmable thermostat can save you up to 30% on your electricity bill. - @Steph_Steinberg #CreditChat
  30. 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. 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. 32. You can save 3% on your heating bill for every 1 degree you lower the thermostat. - @Steph_Steinberg #CreditChat
  33. 33. Q7: How can you reduce spending on cable bills? #CreditChat
  34. 34. If you pay for Internet, you can stream many programs for a small fee. Netflix and Hulu come to mind. - @consumeraction #CreditChat
  35. 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. 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. 37. Best way to keep yourself from making memories is staring at make believe ones. Cut cable. - @phroogal #CreditChat
  38. 38. Q8: Any final tips to help others save more money? #CreditChat
  39. 39. Pay yourself first. No exceptions. - @BrokeMillennial #CreditChat
  40. 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. 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. 42. #CreditChat Join us every Wednesday at 3 p.m. on Twitter! @Experian_US
  43. 43. #CreditChat Join us every Wednesday at 3 p.m. on Twitter! @Experian_US Click here to find out about our next chat!

×