Budgeting Mistakes You Should Avoid
#CreditChat
#CreditChat
bit.ly/budgetmistakesLearn 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.
Q1: Do you think budgeting is important?
#CreditChat
Keep in mind, you’re never too young and it’s never too late to start a budget.
- @Steph_Steinberg
#CreditChat
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.
Most personal finance experts recommend building an emergency fund worth 3 to 6 months of your income.
- @Steph_Steinberg
#CreditChat
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.
Budgeting is important to gauge your spending and to make sure you pay yourself first.
- @magnify_money
#CreditChat
If you stick to a budget, you’ll have lessfinancial distress & it’s easier to save for retirement.
- @Steph_Steinberg
#CreditChat
The sooner a child learns how to “budget” the easier it will be to manage their money when they get older.
- @MsMadamMoney
#CreditChat
Budgeting is super important! It can help by freeing up some cash,cutting back on things not needed, and giving you control.
- @AdvantageCCS
#CreditChat
#CreditChat
Set a realistic budget. Otherwise, you’ll just get frustrated and fail.
- @Steph_Steinberg
When I hear “budget,” I hear diet and deprivation. So I have a spending plan that incorporates savings and investing.
- @MsMadamMoney
#CreditChat
Q2: What items on your budget do you spend too much on?
#CreditChat
#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
Gas is another major expense. To get better gas mileage make sure your tires are well inflated. - @LeslieHTayneEsq
#CreditChat
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
Q3: How can you save money on groceries?
#CreditChat
Head to the store with a list & stick to it.Limit time browsing so you don’t make impulse buys.
- @Steph_Steinberg
#CreditChat
Save on groceries by using coupons, shopping at farmers’ markets for fruits and veggies & meats,
buy in build for nonperishables. - @MsMadamMoney
#CreditChat
#CreditChat
I like to use @IbotaApp when I head to the grocery store. - @Wisebread
Q4: What are ways to save money on a Friday or Saturday night?
#CreditChat
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
Consider cooking dinner and having a movie night at your house! Invite friends and ask
them to bring something!. - @LeslieHTayneEsq
#CreditChat
Q5: What are your favorite apps and websites to help you save money?
#CreditChat
I love @RetailMeNot for finding coupons.@RedLaserApp is good for comparison shopping.
- @Steph_Steinberg
#CreditChat
#CreditChat
Money-Saving Apps: Groupon, LivingSocial, FatWallet, RetailMeNot, eBay, Amazon Deals, 6pm, Zappos - @AdvantageCCS
Q6: How can you save money on electricity bills?
#CreditChat
A programmable thermostat can save you up to 30% on your electricity bill.
- @Steph_Steinberg
#CreditChat
Take a look at your appliances. Upgrading to more energy-efficient models can save a lot of money in the long run.- @Krissylynn
#CreditChat
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
You can save 3% on your heating bill for every 1 degree you lower the thermostat.
- @Steph_Steinberg
#CreditChat
Q7: How can you reduce spending on cable bills?
#CreditChat
If you pay for Internet, you can stream many programs for a small fee. Netflix and Hulu come to mind.
- @consumeraction
#CreditChat
#CreditChat
If you’re a news junkie like me and need cable, call your provider and try negotiating a lower rate. - @Steph_Steinberg
Over 7.6 million U.S. homes or 6.5% households are cord-cutters, up from 5.1 million in 2010.
- @mikedelgado
#CreditChat
Best way to keep yourself from making memories is staring at make believe ones. Cut cable.
- @phroogal
#CreditChat
Q8: Any final tips to help others save more money?
#CreditChat
Pay yourself first. No exceptions. - @BrokeMillennial
#CreditChat
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
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
#CreditChat
Join us every Wednesday at 3 p.m. on Twitter!@Experian_US
#CreditChat
Join us every Wednesday at 3 p.m. on Twitter!@Experian_US
Click here to find out about our next chat!