Jim Wang

@Experian A10. Stop trying to wing it. We spend more than we think and the only way to "prove" it to yourself is by tracking. If you aren't using a budgeting app, you're flying blind. #creditchat

Q10. What’s one habit or mindset shift that can help someone move from guessing about money to truly knowing their financial situation? #CreditChat

@Experian A9. That awareness means you have enough in your checking to pay off all your spending that month. If you're savvy and use a credit card to pay for purchases (earning rewards), this is great. If you don't, carrying debt is very expensive. #creditchat

Q9. How can improving cash flow awareness help people avoid relying on credit for everyday expenses? #CreditChat

@Experian A7. Build in a buffer so that your higher income months can supplement your lower income months. Or figure out an average (again with a nice buffer) and work your budget off that number rather than your actual pay. #creditchat

Q7. How can people best plan for irregular expenses or fluctuating income? #CreditChat

@Experian A6. I get bill notifications so I always know how much it'll cost me. The bills are paid automatically but I still want to know. For example, our electricity bill has been incredibly high lately (mostly due to data centers!) so I'm not surprised at the prices I see. #creditchat

Q6. What are some simple ways to stay on top of bills and avoid cash flow surprises? #CreditChat

@Experian A5. There's a phrase that "what gets measured gets managed" and if you're not tracking your income and expenses, you can't make an informed decision. You can make decisions, but it'll be based on your gut and intuition which could be badly misinformed. #creditchat

Q5. How can tracking income and expenses help people make more informed financial decisions? #CreditChat

@Experian A4. You have to budget and get a good accounting of how much you're taking in and how much you're sending out each month. There's no way around it, especially if that cash flow is irregular. #creditchat

Q4. What’s the first step someone can take if they want to get a clearer picture of their monthly cash flow? #CreditChat

@Experian A3. If it's uneven or irregular, those changes can be stressful and make it difficult to budget and plan each month. Human beings like predictability and so any departure creates stress. #creditchat

Q3. What are some common reasons people might feel unsure or stressed about their cash flow? #CreditChat

@Experian A2. Cash flow is more than what you earn in a paycheck. It can be dividends, rental income, and other sources that aren't directly related to your day to day work. If you don't account for it, it's easy to lose track. #creditchat

Q2. Why is understanding your cash flow just as important as knowing your income or savings? #CreditChat

@Experian A1. When my income exceeds my expenses, bc I can put money towards savings, emergency funds, retirement, and various short-term goals like a vacation. Logically I know wealth isn't cash flow but there's something comforting about taking in more than I send out. #creditchat

Q1. What does “cash flow confidence” mean to you, and why is it important for financial well-being? #CreditChat

@Experian Excited to be here!

Hey #CreditChat family! We’re looking forward to today’s conversation. We have an amazing panel joining us today!

Don’t miss tomorrow’s Financial Literacy Month focused #CreditChat about cashflow! We’ll be joined by: @itsmymoney_, @aboutthatwallet, @debtfreegonnabe, @UA_TCToday, @citygirlsavings, @WellKeptWallet, and @wallethacks: experian.com/blogs/news/abo…

@KevinEspiritu The internet is amazing!

It's the time of year where the most viral piece of content I've ever made goes viral again That tiny spike at the end of the graph is ~9mm more views, just on YouTube This stupid-ass video I made in an hour has done nearly a billion views on all platforms

@Experian A10. Know your why - you do these things to ensure your future, for you, your partner, kids, family, etc. Those don't require as much (if any) motivation to pursue. #creditchat

Q10. How do you stay motivated to maintain good financial habits once the excitement of the New Year fades? #CreditChat

@Experian A9. It really depends on the situation. If the situation makes the goals unreasonable or irrelevant, we reset/change them just as we would at the start of the year. Otherwise, we tend to just roll with it. #creditchat

Q9. How do you approach adjusting your financial goals if your situation changes during the year? #CreditChat

@Experian A8. I've found monthly check-ins with my wife have been great for this. It helps put everyone on the same page but also forces me to know what I'm talking about (and her too), which takes stress out of the nebulous realm and into the concrete. Works for all stress tbh #creditchat

Q8. What habits or routines help you calm financial stress during this busy season and set a steady foundation for the New Year? #CreditChat

@BeverlyHarzog @Experian Thank you! It's been a long time coming and we're excited!

@WalletHacks @Experian I remember that was a huge expense! Congrats!

Q6. What’s something you want to leave behind this year to improve your financial health next year? #CreditChat

@Experian A7. I used to use a budgeting tool but once our finances were "stable" we stopped, I found those to be very helpful. Nowadays we track net worth monthly and check in on accounts to make sure everything is OK. #creditchat

Q7. What tools or resources do you find most helpful for staying on track with your credit or financial goals throughout the year? #CreditChat

@creditscoop @Experian haha thank you!

@WalletHacks @Experian I remember learning all that~! Good luck!

Q5. As we head into the New Year, what financial change are you most motivated to start? #CreditChat