Top 10 Money Saving Experts To Follow On Social Media

finance and money saving papers and laptop

Image Source: Pexels

Consumer debt has become a national issue within the United States and abroad. In fact, Americans have racked up a combined $11.4 trillion in consumer debt. With marketers becoming increasingly more clever and the costs of higher education climbing at a higher rate than average salaries, it is no wonder on average each household in the United States owes $15,000 in credit card debt.

However, it does not have to continue in this direction. In fact, many emerging money saving experts are setting new trends of striving towards paying off debt and living more financially independent. A quick search of social media will show you financial gurus with a wide range of philosophies and lifestyles. We will show you the top 10 money saving experts to follow on social media, review their teachings, and discuss the pros and cons of each.  

Product FAQ

money saving in a jar

Image via: Pixabay

​​1. What Is Financial Independence? 

​2. What Do Money Saving Experts Do? 

​3. Where Can You Find Them? 

How We Reviewed

​We reviewed the top 10 money saving experts on social media. We discuss who they are, the philosophies behind their financial advice, and the pros and cons to each financial guru. We also show you where to find more information about each money saving expert on social media.

Potential Money You Can Save

​Following the teaching of these financial experts, you can expect to:

  • ​Get out of debt
  • ​Quit the job you hate
  • ​Retire early
  • Live a more frugal lifestyle
  • Make better investments
  • Spend the money you make on the things that are most important to you
  • Find motivation and inspiration during difficult times

What We Reviewed

  • 1
    ​Dave Ramsey
  • 2
    ​Erin Lowry
  • 3
    ​Mr. Money Mustache
  • 4
    Deacon Hayes
  • 5
    Liz Weston
  • 6
    ​Jason Zweig
  • 7
    ​Jason Vitug
  • 8
    ​Suze Orman
  • 9
    Liz Frugalwood
  • 10
    David Ning

Top 10 Money Saving Experts

Dave Ramsey website

​Image Source: Dave Ramsey

Who Are They?

Dave Ramsey is a Tennessee native who is not afraid to admit that he himself struggled with debt early in his life. Since that time, he has not only overcome bankruptcy but also has built an empire of money saving experts (called Dave Ramsey Solutions) and personal finance resources. He has authored countless books, hosts a radio show, and has developed many personal finance programs such as Financial Peace University. He has also developed a budgeting app called EveryDollar.


​Their Advice

Dave Ramsey is a proponent of what he calls the “debt snowball method.” He advises his followers to first write out all of their sources of debt (credit cards, student loans, car payments, etc.). From there, you list the debt in order from smallest to largest remaining balance and pay off your account with the smallest balance first.


Pros and Cons

Pros

  • ​Debt snowball method helps people gain motivation and momentum in the face of overwhelmingly high debt balances  

Cons

  • ​His method for paying off debt is unconventional
  • ​Traditionally financial advisors recommend paying off highest interested debt first

Where to Follow

Erin Lowry website

Image Source: Erin Lowry

Who Are They?

​Erin Lowry is a money saving expert who authors a blog and a book called Broke Millennial. She tailors financial advice to young people with an emphasis on keeping yourself out of debt. Erin Lowry practices what she preaches. She made it through college debt free by consistently making financially savvy decisions.


​Their Advice

​Erin tackles topics like how to have conversations about finances with your significant other, simple budgeting tips, and how to pay off debt while planning for the future. She has a financial independence course that includes a 5-step plan towards gaining control of your finances.


Pros and Cons

Pros

  • Approachable for young people and millennial
  • Helps you start good financial habits early in life

Cons

  • ​Older generations may not find her books and courses quite as appealing

Where to Follow

Mr Money Mustache website

Image Source: Mr. Money Mustache

Who Are They?

​Peter Adeney, also known as Mr. Money Mustache, is a former software engineer who was able to retire with his wife at the age of 30. He now operates a personal finance blog to help others do the same.


​Their Advice

​This money saving expert advises you simply to save at least 50% of your income. Mr. Money Mustache feels that in our culture of consumerism, people spend entirely too much money on physical items (unnecessary clothes, new cars, huge houses, etc.). He argues that by cutting out purchases that are not necessary, people can save money, retire early, live a life they love and benefit the environment, too.


Pros and Cons

Pros

  • ​Advice is simple
  • ​Clarity in a world where finances can be over complicated and overwhelming

Cons

  • ​One-size-fits-all approach might not be realistic for everybody, especially lower salary earners

Where to Follow

Deacon Hayes

Image Source: Deacon Hayes

Who Are They?

​Founder of the Well Kept Wallet, Deacon Hayes is a money saving expert who had to learn some hard financial lessons for himself before sharing them with others. Even though he appeared to be thriving out the outside, when he took a close look at his finances, he realized he had a huge amount of debt. After pulling himself out of debt, Deacon Hayes was inspired to share his lessons learned with others.


​Their Advice

​Through his website, Well Kept Wallet, Deacon Hayes offers advice on how to maximize your income, and then save a large amount of that income so that you can pay off debt and retire early.


Pros and Cons

Pros

  • ​Offers practical financial advice useful for a widespread audience

Cons

  • ​While his book on how to retire early is useful for many, this may not be a goal for everyone

Where to Follow

Liz Weston

Image Source: Liz Weston

Who Are They?

​If you have already looked into personal finance, chances are you have come across the advice of Liz Weston already. Liz is well known in the personal finance realm and has been featured on popular websites like NerdWallet and won several awards for her work.


​Their Advice

​Liz Weston believes in empowering people to make informed decisions. To do this, people need to have a sound understanding of financial concepts. This is where Liz comes in, by helping translate confusing financial jargon into more easily understandable terms.


Pros and Cons

Pros

  • ​Holds the credentials as a Certified Financial Planner
  • ​Really knows her stuff
  • ​Easy to understand

Cons

  • ​Some people prefer a more simple approach to personal finance
  • ​Some may be overwhelmed by the huge amount of information that Liz Weston has to offer

Where to Follow

Jason Zweig wesbite

Image Source: Jason Zweig

Who Are They?

​Jason Zweig has written about personal finance for many of the top financial websites and magazines, including the Wall Street Journal, Money magazine, and Forbes magazine.


​Their Advice

​Jason Zweig helps guide his readers towards setting realistic financial goals. He also helps them form smart investing strategies. Jason has taken a particular interest in what drives financial behaviors. He authored a book entitled Your Money and Your Brain about how brain science and psychology influence the decisions we make about money.


Pros and Cons

Pros

  • ​Financial writer for some of the most prestigious magazines and newspapers

Cons

  • ​Financial decisions may not appeal to most
  • ​Some people prefer to have the expert make all the decisions for them

Where to Follow

Jason Vitug website

Image Source: Jason Vitug

Who Are They?

​Jason Vitug is the founder of the “Road to Financial Wellness” campaign. He has written a best-selling book and given many talks around the country about finance. He believes that the topic of money and finances should no longer be taboo.


​Their Advice

​Jason Vitug was able to quit his job and spend a year backpacking around the world while living off of his savings. Now he wants to share his approach towards financial freedom with others.


Pros and Cons

Pros

  • ​Young writer with practical experience
  • ​Renowned for practicing what he preaches clearly

Cons

  • ​Jason Vitug’s advice is geared towards helping people retire early and leave their jobs behind, which may not appear to those who are more risk averse

Where to Follow

Suze Orman website

Image Source: Suze Orman

Who Are They?

​Suze Orman is a well-known finance expert who has authored many books and is the host of the Suze Orman Show.


​Their Advice

​​Suze Orman shares the story of how a bad investor caused her to lose a large amount of money early on. The story goes that she earned $50,000 to start her own restaurant, but her financial advisor invested the money in a high risk/high reward account that wound up losing her all of her money.Now, she hopes to share her financial knowledge with the world so that people are armed with the information needed to prevent the same mishap from happening to them. Her advice ranges from how to plan for retirement to writing wills and estate planning.


Pros and Cons

Pros

  • ​While many other financial advisors offer books, podcasts, and web resource, Suze Orman is one of the few who also hosts a television show

Cons

  • ​Critics argue that Suze Orman does not have any personal experience with overcoming debt herself, and so argue that she has only a limited perspective on what her followers are dealing with

Where to Follow

Liz Frugalwoods website

Image Source: Liz Frugalwood

Who Are They?

​Liz “Frugalwood,” along with her husband, Nate, and two young children make up the family known as “The Frugalwoods.” The couple, both in their mid-30s, quit their jobs to live on a large homestead in Vermont.


​Their Advice

Liz outlines her families story journey towards extreme frugality in her book, The Frugalwoods. Early on in their marriage, Liz and Nate realized that consumerism and unnecessary spending were not leading to happiness.

They gradually cut back on spending, eventually allowing them to both quit their jobs and purchase a large homestead in Vermont. While they realize this may not be for everyone, they encourage people to take an objective look at their spending habits and determine if it is undermining their long-term goals.


Pros and Cons

Pros

  • ​Shares a way to strengthen the marriage through financial smarts
  • ​Helps you get past consumerism
  • ​Encourages objective looks at spending

Cons

  • ​Frugalwoods encourage a lifestyle of extreme frugality, which may not be realistic for everyone

Where to Follow

David Ning website

Image Source: David Ning

Who Are They?

​David Ning is the founder of the website MoneyNing.com


​Their Advice

​David Ning’s advice is simple. He helps people find ways to make more income while also saving more money at the same time.


Pros and Cons

Pros

  • ​Resources on his website are free, including a free ebook that can be downloaded

Cons

  • ​Although his advice is practical, hearing someone offer advice such as why you should not turn your passion into a job may be a tough pill to swallow for some

Where to Follow

​​​The Verdict

woman holding tablet on a coffee table

​Image Source: Pixabay

Although there is much to be learned from all the money saving experts listed, our favorite financial guru is Dave Ramsey. Having overcome debt himself, he has personal experiences with the challenges his followers are facing. He offers practical advice that can be used by anyone. He also provides a vast number of resources to help people find financial freedom.

Post Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.