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The Road to Financial Wellness

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Join our #CreditChat every Wednesday at 3 p.m. ET on Twitter and YouTube. This week, we discussed the road to financial wellness. Our #CreditChat panel included Jason Vitug – Founder of Phroogal.com, and Dr. Barbara O’Neill- CFP®, Distinguished Professor, and Specialist in Financial Resource Management, Rutgers Cooperative Extension, Carey Ransom- CMO of Payoff.We were also joined by several influencers in the personal finance community on Twitter. This deck features tips from: @FSAstore, @AFCPE, @OperationHOPE, @dougboneparth, @LeslieHTayneEsq, @SFCUNews, @emergebenefit, @PhiladelphiaF.E.C., @Rod_Griffin, @URMoneyMentor, @UncommonJules, @PiggieBanker, Phroogal, @MoneyCrashers, @Kasasa, @Payoff, @DaHartattack, @firstqfinance, @_MoneySavingPro, @DearDebtBlog, and @Moneytalk1

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The Road to Financial Wellness

  1. 1. The Road to Financial Wellness Wednesdays | 3 p.m. ET #CreditChat
  2. 2. Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked to the community about the Road to Financial Wellness. ex.pn/wellness
  3. 3. How do you define financial wellness? Wednesdays | 3 p.m. ET #CreditChat
  4. 4. Financial Wellness is being in control of your finances, and having the freedom to live without fear or doubts about financial control. “ Wednesdays | 3 p.m. ET #CreditChat ” FSAstore.com @FSAstore
  5. 5. Financial wellness is having the ability to take care of today’s needs and save for tomorrow’s wants. “ Wednesdays | 3 p.m. ET AFCPE @AFCPE #CreditChat ”
  6. 6. Financial wellness is being financially literate and living a long-term sustainable lifestyle. “ Wednesdays | 3 p.m. ET Operation HOPE @OperationHOPE #CreditChat ”
  7. 7. Financial wellness is being financially literate, empowered and in control. It means you are proactive with your financial life. “ Wednesdays | 3 p.m. ET #CreditChat ” Douglas A. Boneparth @dougboneparth
  8. 8. What are bumps people may encounter on the road to financial wellness? Wednesdays | 3 p.m. ET #CreditChat
  9. 9. Picking up bad financial habits. Abusing credit, making buying instead of saving a priority and not understanding needs vs. wants. “ Wednesdays | 3 p.m. ET #CreditChat ” Leslie H. Tayne, Esq @LeslieHTayneEsq
  10. 10. Debt, poor credit and unexpected events can slow you down, but everyone can achieve financial wellness. “ Wednesdays | 3 p.m. ET #CreditChat ” Southeast Financial @SFCUNews
  11. 11. Unexpected expenses can make for some big bumps in the road- having an emergency fund can make these hurt less. “ Wednesdays | 3 p.m. ET #CreditChat ” Emerge @emergebenefit
  12. 12. Health issues. Many people are a diagnosis away from a financial crisis.“ Wednesdays | 3 p.m. ET #CreditChat ” AFCPE @AFCPE
  13. 13. Low income communities are often targeted by predatory lenders who can make it VERY hard to achieve financial wellness. “ Wednesdays | 3 p.m. ET #CreditChat ” Philadelphia F.E.C. @FEC_Philly
  14. 14. Fearing the word ‘budget’. Call it what you will, it’s a map for the road to financial wellness. “ Wednesdays | 3 p.m. ET Rod Griffin @Rod_Griffin #CreditChat ”
  15. 15. Discipline is a major roadblock to financial wellness… not knowing when to say no to yourself hurts your bottom line. “ Wednesdays | 3 p.m. ET #CreditChat ” Alexandria Cummings @UrMoneyMentor
  16. 16. What are some common debts people struggle with? Wednesdays | 3 p.m. ET #CreditChat
  17. 17. The main debts that have trended on #TheRoad are student loans, credit card debt and medical bills. “ Wednesdays | 3 p.m. ET #CreditChat ” Juliana @UncommonJules
  18. 18. Credit card debt, personal and payday loans, homes and car loans and store accounts. “ Wednesdays | 3 p.m. ET #CreditChat ” Piggie Banker @PiggieBanker
  19. 19. Debt preys on the uninformed. Arm yourself with the knowledge to wrangle and tame it before it runs your life. “ Wednesdays | 3 p.m. ET #CreditChat ” Leslie H. Tayne, Esq @LeslieHTayneEsq
  20. 20. For millennials, student debt is the biggest struggle. The cost of education is out of hand. For others it’s mortgages and credit cards. “ Wednesdays | 3 p.m. ET #CreditChat ” Douglas A. Boneparth @dougboneparth
  21. 21. What are steps people can take to get out of debt? Wednesdays | 3 p.m. ET #CreditChat
  22. 22. Education is an important part of getting out of debt. Teach yourself about basic personal finance. “ Wednesdays | 3 p.m. ET #CreditChat ” Phroogal @Phroogal
  23. 23. Take stock of how much you owe. Stop hiding from it and get a clear picture of the situation. “ Wednesdays | 3 p.m. ET #CreditChat ” Money Crashers @MoneyCrashers
  24. 24. Trim the fat off your monthly spending (clothes, alcohol, restaurants) and start putting that money toward your debt. “ Wednesdays | 3 p.m. ET #CreditChat ” Kasasa @Kasasa
  25. 25. The first step is making a commitment to yourself to get out of debt. Being honest with yourself your needs and wants. “ Wednesdays | 3 p.m. ET #CreditChat ” Payoff @Payoff
  26. 26. Know your financial personality, make a plan to money for past debt, present spending and future saving. “ Wednesdays | 3 p.m. ET #CreditChat ” Dani Hart @DaHartattack
  27. 27. Create a bare bones budget and stick to it! You’ll be amazed how much extra money you’ll have. Invest it. “ Wednesdays | 3 p.m. ET #CreditChat ” Will Lipovsky @firstqfinance
  28. 28. How important is budgeting on the path to financial wellness? Wednesdays | 3 p.m. ET #CreditChat
  29. 29. It’s important to create a spending plan! Know where your money is going! “ Wednesdays | 3 p.m. ET #CreditChat ” MoneySavingPro.com @_MoneySavingPro
  30. 30. Essential. Without a budget, you’re traveling without a map.“ Wednesdays | 3 p.m. ET #CreditChat ” Money Crashers @MoneyCrashers
  31. 31. Budgeting is the blueprint to financial wellness. Planning and not diverging can ensure financial success. “ Wednesdays | 3 p.m. ET #CreditChat ” Operation HOPE @OperationHOPE
  32. 32. Budgeting it absolutely central to achieving financial wellness. It puts you in the driver’s seat of your finances. “ Wednesdays | 3 p.m. ET #CreditChat ” Emerge @emergebenefit
  33. 33. It’s hard to get a handle on your finances if you don’t even know how much you’re spending! Budgets are crucial. “ Wednesdays | 3 p.m. ET #CreditChat ” Philadelphia F.E.C. @FEC_Philly
  34. 34. How does credit affect financial wellness? Wednesdays | 3 p.m. ET #CreditChat
  35. 35. Having a good credit score is part of being financially healthy. Don’t take unnecessary debt, but a little is okay. “ Wednesdays | 3 p.m. ET #CreditChat ” Southeast Financial @SFCUNews
  36. 36. Good credit allows big item purchases. If abused, it can take years to repair. Spend wisely and stay in your budget. “ Wednesdays | 3 p.m. ET #CreditChat ” Operation HOPE @OperationHOPE
  37. 37. You will have times in your financial life where you need credit. House, car or loan? You might need to have your credit in check. “ Wednesdays | 3 p.m. ET #CreditChat ” Douglas A. Boneparth @dougboneparth
  38. 38. Good credit can lower interest rates making debt less costly and more manageable. “ Wednesdays | 3 p.m. ET #CreditChat ” AFCPE @AFCPE
  39. 39. Credit can help or hinder your financial wellness depending on how responsible you are being with it. The key is responsibility. “ Wednesdays | 3 p.m. ET #CreditChat ” Kasasa @Kasasa
  40. 40. Credit will always play a role in our finances, but you get to decide if it’s the villain or hero. “ Wednesdays | 3 p.m. ET #CreditChat ” Payoff @Payoff
  41. 41. Remember, credit is not the same as debt. Credit is a tool. Debt is a problem. “ Wednesdays | 3 p.m. ET Rod Griffin @Rod_Griffin #CreditChat ”
  42. 42. What are ways to save when struggling with debt? Wednesdays | 3 p.m. ET #CreditChat
  43. 43. Start with your emergency savings first so you can deal with unexpected issues that might arise while you work to pay off debt. “ Wednesdays | 3 p.m. ET #CreditChat ” AFCPE @AFCPE
  44. 44. Automate! Make sure you take at least 10 percent off the top for savings. “ Wednesdays | 3 p.m. ET #CreditChat ” MoneySavingPro.com @_MoneySavingPro
  45. 45. Take a look at your spending and start small if you need to. Maybe don’t go out to eat for a week and save without owing interest. “ Wednesdays | 3 p.m. ET #CreditChat ” Southeast Financial @SFCUNews
  46. 46. Set up automatic savings and start paying off high-interest debts first (credit cards). You can do both at once. “ Wednesdays | 3 p.m. ET #CreditChat ” Philadelphia F.E.C. @FEC_Philly
  47. 47. Pick up a side hustle! Not only will it earn you a little extra cash to put towards debt, but you’ll pick up new skills! “ Wednesdays | 3 p.m. ET #CreditChat ” Leslie H. Tayne, Esq @LeslieHTayneEsq
  48. 48. When should you seek help from a financial expert? Any nonprofits you can recommend? Wednesdays | 3 p.m. ET #CreditChat
  49. 49. Everyone can benefit from talking to a financial planner. They may see problems or opportunities that you don’t. “ Wednesdays | 3 p.m. ET #CreditChat ” Southeast Financial @SFCUNews
  50. 50. When to contact professional help will vary from person to person. But the important thing is to not fear asking for help! “ Wednesdays | 3 p.m. ET #CreditChat ” Leslie H. Tayne, Esq @LeslieHTayneEsq
  51. 51. Education is an important part of getting out of debt. Teach yourself about basic personal finance. “ Wednesdays | 3 p.m. ET #CreditChat ” Phroogal @Phroogal
  52. 52. Financial planners can help you map out your financial journey before you get off the beaten path. “ Wednesdays | 3 p.m. ET #CreditChat ” Juliana @UncommonJules
  53. 53. No matter who you are, you deserve to treat yourself to a financial professional. It’s like preventative medicine. “ Wednesdays | 3 p.m. ET #CreditChat ” Payoff @Payoff
  54. 54. The notion that you need money to talk to a financial professional is bothersome. There are financial advisers that will invest in you first! “ Wednesdays | 3 p.m. ET #CreditChat ” Douglas A. Boneparth @dougboneparth
  55. 55. Any final tips to help the community stay financially well? Wednesdays | 3 p.m. ET #CreditChat
  56. 56. It’s never too late to achieve financial wellness. Find tools, make a plan and work hard. You can do it. “ Wednesdays | 3 p.m. ET #CreditChat ” Southeast Financial @SFCUNews
  57. 57. Don’t beat yourself up over past decisions. Start with a clear slate today and use lessons learned to improve going forward. “ Wednesdays | 3 p.m. ET #CreditChat ” AFCPE @AFCPE
  58. 58. Encourage learning and teaching. TALK about money. Understand how it works. “ Wednesdays | 3 p.m. ET #CreditChat ” Melanie @DearDebtBlog
  59. 59. Remember - money is just a tool. You’re always in control! “ Wednesdays | 3 p.m. ET #CreditChat ” Emerge @emergebenefit
  60. 60. Become financially literate, educate yourself and stay disciplined. I can’t say enough about discipline. Emotion has no place with money. “ Wednesdays | 3 p.m. ET #CreditChat ” Douglas A. Boneparth @dougboneparth
  61. 61. Learn something new every day about personal finance; save early and often; live below your means. “ Wednesdays | 3 p.m. ET #CreditChat ” Dr. Barbara O’Neill @moneytalk1
  62. 62. Check out videos, podcasts, and list of upcoming chats: experian.com/creditchat
  63. 63. Subscribe & Check Out:

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