budgeting mistakes you should avoid

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Budgeting Mistakes You Should Avoid #CreditChat

Post on 20-Sep-2014

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

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Page 1: Budgeting Mistakes You Should Avoid

Budgeting Mistakes You Should Avoid

#CreditChat

Page 2: Budgeting Mistakes You Should Avoid

#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.

Page 3: Budgeting Mistakes You Should Avoid

Q1: Do you think budgeting is important?

#CreditChat

Page 4: Budgeting Mistakes You Should Avoid

Keep in mind, you’re never too young and it’s never too late to start a budget.

- @Steph_Steinberg

#CreditChat

Page 5: Budgeting Mistakes You Should Avoid

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.

Page 6: Budgeting Mistakes You Should Avoid

Most personal finance experts recommend building an emergency fund worth 3 to 6 months of your income.

- @Steph_Steinberg

#CreditChat

Page 7: Budgeting Mistakes You Should Avoid

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.

Page 8: Budgeting Mistakes You Should Avoid

Budgeting is important to gauge your spending and to make sure you pay yourself first.

- @magnify_money

#CreditChat

Page 9: Budgeting Mistakes You Should Avoid

If you stick to a budget, you’ll have lessfinancial distress & it’s easier to save for retirement.

- @Steph_Steinberg

#CreditChat

Page 10: Budgeting Mistakes You Should Avoid

The sooner a child learns how to “budget” the easier it will be to manage their money when they get older.

- @MsMadamMoney

#CreditChat

Page 11: Budgeting Mistakes You Should Avoid

Budgeting is super important! It can help by freeing up some cash,cutting back on things not needed, and giving you control.

- @AdvantageCCS

#CreditChat

Page 12: Budgeting Mistakes You Should Avoid

#CreditChat

Set a realistic budget. Otherwise, you’ll just get frustrated and fail.

- @Steph_Steinberg

Page 13: Budgeting Mistakes You Should Avoid

When I hear “budget,” I hear diet and deprivation. So I have a spending plan that incorporates savings and investing.

- @MsMadamMoney

#CreditChat

Page 14: Budgeting Mistakes You Should Avoid

Q2: What items on your budget do you spend too much on?

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Page 15: Budgeting Mistakes You Should Avoid

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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

Page 16: Budgeting Mistakes You Should Avoid

Gas is another major expense. To get better gas mileage make sure your tires are well inflated. - @LeslieHTayneEsq

#CreditChat

Page 17: Budgeting Mistakes You Should Avoid

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

Page 18: Budgeting Mistakes You Should Avoid

Q3: How can you save money on groceries?

#CreditChat

Page 19: Budgeting Mistakes You Should Avoid

Head to the store with a list & stick to it.Limit time browsing so you don’t make impulse buys.

- @Steph_Steinberg

#CreditChat

Page 20: Budgeting Mistakes You Should Avoid

Save on groceries by using coupons, shopping at farmers’ markets for fruits and veggies & meats,

buy in build for nonperishables. - @MsMadamMoney

#CreditChat

Page 21: Budgeting Mistakes You Should Avoid

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I like to use @IbotaApp when I head to the grocery store. - @Wisebread

Page 22: Budgeting Mistakes You Should Avoid

Q4: What are ways to save money on a Friday or Saturday night?

#CreditChat

Page 23: Budgeting Mistakes You Should Avoid

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

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Page 24: Budgeting Mistakes You Should Avoid

Consider cooking dinner and having a movie night at your house! Invite friends and ask

them to bring something!. - @LeslieHTayneEsq

#CreditChat

Page 25: Budgeting Mistakes You Should Avoid

Q5: What are your favorite apps and websites to help you save money?

#CreditChat

Page 26: Budgeting Mistakes You Should Avoid

I love @RetailMeNot for finding coupons.@RedLaserApp is good for comparison shopping.

- @Steph_Steinberg

#CreditChat

Page 27: Budgeting Mistakes You Should Avoid

#CreditChat

Money-Saving Apps: Groupon, LivingSocial, FatWallet, RetailMeNot, eBay, Amazon Deals, 6pm, Zappos - @AdvantageCCS

Page 28: Budgeting Mistakes You Should Avoid

Q6: How can you save money on electricity bills?

#CreditChat

Page 29: Budgeting Mistakes You Should Avoid

A programmable thermostat can save you up to 30% on your electricity bill.

- @Steph_Steinberg

#CreditChat

Page 30: Budgeting Mistakes You Should Avoid

Take a look at your appliances. Upgrading to more energy-efficient models can save a lot of money in the long run.- @Krissylynn

#CreditChat

Page 31: Budgeting Mistakes You Should Avoid

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

Page 32: Budgeting Mistakes You Should Avoid

You can save 3% on your heating bill for every 1 degree you lower the thermostat.

- @Steph_Steinberg

#CreditChat

Page 33: Budgeting Mistakes You Should Avoid

Q7: How can you reduce spending on cable bills?

#CreditChat

Page 34: Budgeting Mistakes You Should Avoid

If you pay for Internet, you can stream many programs for a small fee. Netflix and Hulu come to mind.

- @consumeraction

#CreditChat

Page 35: Budgeting Mistakes You Should Avoid

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If you’re a news junkie like me and need cable, call your provider and try negotiating a lower rate. - @Steph_Steinberg

Page 36: Budgeting Mistakes You Should Avoid

Over 7.6 million U.S. homes or 6.5% households are cord-cutters, up from 5.1 million in 2010.

- @mikedelgado

#CreditChat

Page 37: Budgeting Mistakes You Should Avoid

Best way to keep yourself from making memories is staring at make believe ones. Cut cable.

- @phroogal

#CreditChat

Page 38: Budgeting Mistakes You Should Avoid

Q8: Any final tips to help others save more money?

#CreditChat

Page 40: Budgeting Mistakes You Should Avoid

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

Page 41: Budgeting Mistakes You Should Avoid

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