Financial IQ

#HowWeSpend Twitter Chat Recap

In case you missed it, last week we hosted a Twitter chat on the topic of #HowWeSpend, where we covered everything from the biggest spending trends of 2014, tips on spending wisely in 2015 to hot topics like mobile payments and millennial spending habits.

With over 128 Twitter chat contributors and 697 mentions of #HowWeSpend, the chat was packed with great content and tips from consumer financial experts, Mint partners and Minters alike.

Check out some of our favorite tips and chat highlights below, or to follow all that was shared during last week’s chat, just plug #HowWeSpend in the Twitter search bar.

Thanks again to all of you who followed along!

#HowWeSpend Twitter Chat Highlights:

 

Q: How do you expect spending trends to vary in 2015 vs. 2014?

  • I expect that there will be a rise in spending by the “IndieWoman”: 27 & older, lives alone & has no kids. – @TheBudgetnista 
  • Many economists predict 2015 may be the year more millennials finally enter the housing market – @Glink 
  • Low gas prices and a strong dollar will mean more travel spending. Budget travel tips: http://bit.ly/1EBacox  – ‏@hperez 

Q:  How are mobile payments changing #HowWeSpend?

  • Mobile is convenient 4 sure, but avoid impulse purchases and monitor spending. – ‏@hperez 
  • I pay every bill that comes in mail or email via my bank’s mobile app. Easy way to track spending. – @sharon_epperson
  • Pay all your bills (utility, cable, credit cards) w/the #MintBills app – it’s easier than ever to stay on top of it all – @mintbills 

Q: Let’s talk millennials. How are they saving differently than their parents?

  • Studies show millennials less likely to have savings to cover unexpected expenses. – @CHLebedinsky
  • Mint survey found millennials focus on fulfilling immediate needs (like rent, student loans) more than future saving – ‏@mint 
  • Millennials are far more comfortable with using smartphones, apps and online tools to help spend & save – @TheBudgetnista 

Q: Best tip on finding the right balance between spending vs. saving?

  • Think of life on both sides of the = sign.  income should be >/= to expenses and if not, one side needs adjusting – @OysterRiverPart 
  • It’s important to understand the difference between items you actually NEED & those you simply WANT – ‏@EFXFinanceBlog 
  • Spend, spend, spend will lead to poverty while save, save, save will lead to resentment. Be responsible but also have fun! – @Steve_Repak 

Q: What’s your personal secret to financial success?

  • Automate savings and bill paying. Use app such as #Mint to track spending. Don’t try to keep up with Joneses – @CHLebedinsky
  • Make saving and budgeting into a social game and enjoy it! When your having fun you will always succeed. – @pennypinchbros 
  • My secret to financial success: 1. (again, my) BUDGET –@TheBudgetnista