How to Juggle Debt & Retirement

Wednesday | 3 p.m. ET#CreditChat

How to Juggle Debt & Retirement

Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about juggling debt and retirement planning.“

Check Out All the Tweets and Resources:

bit.ly/juggle-debt

Wednesdays | 3 p.m. ET#CreditChat

What is it easy to fall into debt?

No one ever intends to go into debt.

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Tweet by @NFCCdebtadvice

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Job loss is any easy way to fall into debt. Tweet by @AdvantageCSS

Credit cards are incredibly tempting and that debt can grow fast. Tweet by @AmericaSaves

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Shopping sprees can be an easy way to fall into debt.

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Tweet by @AdvantageCCS

Easiest debts to get into: credit cards, personal loans

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Tweet by @DeeOnMoneyZA

and clothing accounts

Not having an emergency fund can result in unexpected debt.

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Tweet by @MoneyCrashers

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How does emotion impact the waywe spend money?

Fear, insecurities and stress can lead to retail therapy.

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Tweet by @CreditDotOrg

We spend to feel comforted, but need to keep spending

Tweet by @Phroogal

to feel that same joy. Spending makes many feel in control.

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Spending money because we think we “deserve” something.

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Tweet by @SenseofCents

Emotional spending stems from conflating consumer goods

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Tweet by @FrugalWoods

with happiness & mentality of paying away problems.

Avoid emotional spending at all cost.

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Tweet by @GraceKvantas

When people spend for emotional reasons they think

Tweet by @NFCCdebtadvice

it may solve a problem or add temporary relief.

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Emotions and psychology play a huge role in how

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Tweet by @Magnify_Money

we spend (and save) our money.

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What advice do you have for thosestruggling with debt?

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Prioritize. Set a goal. Make a plan. Seek out help. Tweet by @AmericaSaves

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Tweet by @TeamFSINC

If you’re stuck with a debt load with high interest rates, focus on paying that off.

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Ask for help from a financial professional before you get in too deep.

Tweet by @MSMadamMoney

Don’t ignore it. Debt has no feelings. Face it head on with a plan.

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Tweet by @YoungFinances

Don’t panic. Stop spending, sit down and review your budget line by line. Identify where you can save.

Tweet by @FrugalWoods

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Set money aside for unexpected expenses and emergencies

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Tweet by @NFCCdebtadvice

Put together a detailed plan to get out of debt faster.

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Tweet by @Quizzle

Tweet by @FamZoo

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to avoid early debt traps.

Teach your teens to create an emergency fund early

Make financial decisions with your head, not your heart.

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Tweet by @NFCCdebtadvice

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Maybe we need more impulse saving. Tweet by @csmithraleigh

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How much money should gotoward retirement vs. paying off debt?

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Don’t wait to start investing in your retirement or you’ll miss out on compound interest.

Tweet by @MoneyCrashers

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Important to tackle saving and debt pay down simultaneously. Tweet by @csmithraleigh

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Don’t put off saving for retirement. Attack your debt fiercely. Tweet by @DeeOnMoneyZA

Jumpstart your teen on retirement saving.

Tweet by @FamZoo

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Set up Roth IRA and seed with some of first summer job + parents match.

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Decide to stop growing your debt, and work on a repayment plan.

Tweet by @DeeOnMoneyZA

Make sure it’s realistic. Be as ruthless.

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What are some mistakes to avoidwhen investing for the future?

Make sure you know the fees you’re paying on investments. Don’t be losing too much money in the fine print.

Tweet by @magnify_money

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When investing, avoid the urge to pull your money when the market drops. Tweet by @JayneMakesCents

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One of the biggest mistakes is NOT saving enough!

Tweet by @AdvantageCSS

Think of inflation and what things will cost when you are retired.

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Believe in the power of compounding interest.

Tweet by @FrugalWoods

And don’t pull money out of 401(K) or taxable investments prematurely!

Don’t let recent years scare you off from investing. Stay diversified to protect you from swings.

Tweet by @YoungFinances

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Check out all the resources and tips shared:

bit.ly/juggle-debt

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