Last Friday, Moven teamed up with the folks over at Money Crashers and co-hosted a TweetChat on the topics of banking and budgeting. Some of our findings were just as to be expected while others were quite shocking. Here are the key take aways from last weeks #MCChat:

Q1: What kind of budget do you use?

In asking this question, our intention was to find out what kind of format, product, service, or method—if any—people used. Judging by the short answer, which was most commonly: “a tight one,” people tend to do their own thing as far as budgeting and spending planning goes. Once we inquired a little further, an excel spreadsheet seems to be the common denominator amongst personal finance pros.

The budgets people put themselves on accounts for needs rather than wants. This was another common theme amongst attendees.

A1 a tight budget that requires lots of monitoring. #mcchat

— Finovera (@Finovera) September 13, 2013

 

Q2: What is your worst spending habit?

While there are an array of different spending traps people get into, one of the biggest one is impulse spending. Whether it’s spending in emotional distress, just on a whim, or finding an unexpected sale, it seems this is the biggest trap people fall into.

@getMoven @moneycrashers q2 impulse buying #MCChat

— kim barnes (@mommy3sons) September 13, 2013

 

Q3: Why do you think so many people fail at budgeting?

Again, people think the impulse purchase is one of the biggest offenders. This came with a larger character flaw though that was chalked up to not being disciplined enough.

@MoneyCrashers @getMoven Q3 No discipline! #mcchat

— @n210ss_jail (@n210ss_jail) September 13, 2013

 

Another thing that seems to be a common trend is that people trying to budget don’t account for varying monthly expenditures (i.e. the holidays, birthdays, other events) that only happen once in a while. Your monthly budget definitely needs to be shaped and molded to each unique month so that you can budget for birthday dinners or your Christmas shopping in order to be effective!

Q4: When was the last time you got advice from your bank?

Now here is where we were shocked. Most people said, NEVER. While a few outliers claimed they have gotten advice from their bank, it was usually partnered with questionable intentions.

@getMoven @MoneyCrashers Q4 Can’t remember, don’t like them, I research online, money blogs if we need advice. #mcchat

— Betsy Barnes (@bbpinktaz) September 13, 2013

 

@getMoven @MoneyCrashers #mcchat A4 Ha. Today I take it with a grain of salt though. Their incentives are different from mine.

— Debt Blag (@debtblag) September 13, 2013

 

@bbpinktaz @getMoven @MoneyCrashers That makes me ask, what is out there that makes my money work for ME?? #MCChat

— Edna Myers (@sweetsaver_68ja) September 13, 2013

 

Q5: Do you use an electronic “pay a friend” service? If so, which? If not, why not?

Most participants had no idea these kinds of things existed. The ones that did, noted PayPal as their preferred service.

Q6: What was the best money advice you have ever received?

good advice…RT @mommy3sons @getMoven @moneycrashers q6 never spend more money than you make! #MCChat

— Finovera (@Finovera) September 13, 2013

 

This one varied through all participants, all very good advice though. We got a lot of great insight from the crowd, and are looking forward to the next #MCCHat!

We’d love to hear your feedback! Leave your answer to this question, and any others in the comments below.

---

Image Source: Chooseworkttw.net