The Road to Financial Wellness

The Road to Financial Wellness

Wednesdays | 3 p.m. ET#CreditChat

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

http://www.experian.com/blogs/news/about/expecting/

How do you define financial wellness?


Financial Wellness is being in control of your finances, and having the

freedom to live without fear or doubts about financial control.

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”FSAstore.com@FSAstore

Financial wellness is having the ability to take care of today’s needs and save

for tomorrow’s wants.

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Wednesdays | 3 p.m. ET

AFCPE@AFCPE #CreditChat

”

Financial wellness is being financially literate and living a long-term

sustainable lifestyle.

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Operation HOPE@OperationHOPE #CreditChat

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Financial wellness is being financially literate, empowered and in control. It

means you are proactive with your financial life.

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”Douglas A. Boneparth@dougboneparth

What are bumps people may encounter on the road to financial wellness?


Picking up bad financial habits. Abusing credit, making buying instead of saving a priority and not understanding needs

vs. wants.

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”Leslie H. Tayne, Esq@LeslieHTayneEsq

Debt, poor credit and unexpected events can slow you down, but everyone can

achieve financial wellness.

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Southeast Financial@SFCUNews

Unexpected expenses can make for some big bumps in the road- having an emergency fund can make these

hurt less.

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”Emerge@emergebenefit

Health issues. Many people are a diagnosis away from a financial crisis.

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”

AFCPE@AFCPE

Low income communities are often targeted by predatory lenders who can make it VERY hard to achieve financial

wellness.

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”Philadelphia F.E.C.@FEC_Philly

Fearing the word ‘budget’. Call it what you will, it’s a map for the road

to financial wellness.

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Rod Griffin@Rod_Griffin #CreditChat

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Discipline is a major roadblock to financial wellness… not knowing when to say no to yourself hurts

your bottom line.

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”Alexandria Cummings@UrMoneyMentor

What are some common debts people struggle with?


The main debts that have trended on #TheRoad are student loans,

credit card debt and medical bills.

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”

Juliana@UncommonJules

Credit card debt, personal and payday loans, homes and car loans

and store accounts.

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”

Piggie Banker@PiggieBanker

Debt preys on the uninformed. Arm yourself with the knowledge to

wrangle and tame it before it runs your life.

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For millennials, student debt is the biggest struggle. The cost of

education is out of hand. For others it’s mortgages and credit cards.

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What are steps people can take to get out of debt?


Education is an important part of getting out of debt. Teach yourself

about basic personal finance.

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”

Phroogal@Phroogal

Take stock of how much you owe. Stop hiding from it and get a clear picture of

the situation.

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”Money Crashers@MoneyCrashers

Trim the fat off your monthly spending (clothes, alcohol, restaurants) and start putting that money toward your debt.

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”

Kasasa@Kasasa

The first step is making a commitment to yourself to get out of debt. Being honest with yourself

your needs and wants.

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”Payoff@Payoff

Know your financial personality, make a plan to money for past debt, present

spending and future saving.

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Dani Hart@DaHartattack

Create a bare bones budget and stick to it! You’ll be amazed how much extra money you’ll have.

Invest it.

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”Will Lipovsky@firstqfinance

How important is budgeting on the path to financial wellness?


It’s important to create a spending plan! Know where your money is

going!

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”

MoneySavingPro.com@_MoneySavingPro

Essential. Without a budget, you’re traveling without a map.

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”

Money Crashers@MoneyCrashers

Budgeting is the blueprint to financial wellness. Planning and not diverging can

ensure financial success.

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”

Operation HOPE@OperationHOPE

Budgeting it absolutely central to achieving financial wellness. It puts you in the driver’s seat

of your finances.

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”Emerge@emergebenefit

It’s hard to get a handle on your finances if you don’t even know how much you’re spending! Budgets are

crucial.

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How does credit affect financial wellness?


Having a good credit score is part of being financially healthy. Don’t take unnecessary debt, but a little is okay.

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”


Good credit allows big item purchases. If abused, it can take years

to repair. Spend wisely and stay in your budget.

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”Operation HOPE@OperationHOPE

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.

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Good credit can lower interest rates making debt less costly and more

manageable.

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”

AFCPE@AFCPE

Credit can help or hinder your financial wellness depending on how responsible you are being with it. The

key is responsibility.

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”Kasasa@Kasasa

Credit will always play a role in our finances, but you get to decide if it’s

the villain or hero.

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”

Payoff@Payoff

Remember, credit is not the same as debt. Credit is a tool. Debt is a

problem.

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Rod Griffin@Rod_Griffin #CreditChat

”

What are ways to save when struggling with debt?


Start with your emergency savings first so you can deal with unexpected

issues that might arise while you work to pay off debt.

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”AFCPE@AFCPE

Automate! Make sure you take at least 10 percent off the top for

savings.

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”MoneySavingPro.com@_MoneySavingPro

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.

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”Southeast Financial@SFCUNews

Set up automatic savings and start paying off high-interest debts first (credit cards). You can do both at

once.

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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!

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When should you seek help from a financial expert? Any nonprofits you can recommend?


Everyone can benefit from talking to a financial planner. They may see

problems or opportunities that you don’t.

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”Southeast Financial@SFCUNews

When to contact professional help will vary from person to person. But the important thing is to not fear asking

for help!

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Education is an important part of getting out of debt. Teach yourself

about basic personal finance.

“


”

Phroogal@Phroogal

Financial planners can help you map out your financial journey before

you get off the beaten path.

“


”

Juliana@UncommonJules

No matter who you are, you deserve to treat yourself to a financial

professional. It’s like preventative medicine.

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”Payoff@Payoff

The notion that you need money to talk to a financial professional is

bothersome. There are financial advisers that will invest in you first!

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Any final tips to help the community stay financially well?


It’s never too late to achieve financial wellness. Find tools, make a plan and

work hard. You can do it.

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”


Don’t beat yourself up over past decisions. Start with a clear slate today

and use lessons learned to improve going forward.

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”AFCPE@AFCPE

Encourage learning and teaching. TALK about money. Understand how

it works.

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”Melanie@DearDebtBlog

Remember - money is just a tool. You’re always in control!

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”

Emerge@emergebenefit

Become financially literate, educate yourself and stay disciplined. I can’t say

enough about discipline. Emotion has no place with money.

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Learn something new every day about personal finance; save early and often;

live below your means.

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”

Dr. Barbara O’Neill@moneytalk1

Check out videos, podcasts, and list of upcoming chats:

experian.com/creditchat

http://experian.com/creditchat

Subscribe & Check Out:

http://www.slideshare.net/Experian_US/save-money-or-pay-off-debt-37519531



http://www.slideshare.net/Experian_US/how-to-strategically-manage-and-pay-off-debt


http://www.slideshare.net/Experian_US/how-to-juggle-debt-retirement








The Road to Financial Wellness

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