Dr Oz: Get Out Of Debt
Dr Oz wanted to share how you can get rid of your money problems and reduce stress with his “summer debt detox.” Several women with money problems came to Dr Oz hoping for some help solving their financial issues. They’ve hit their spending limits and are ready to make a change.
Dr Oz welcomed “the money coach,” Lynnette Khalfani-Cox, who had a seven day jump-start to financial success. She explained that her plan can help you spend healthier. They started by talking to Kalene, who said she had $2,000 of credit card debt. She said she was so excited upon getting approved for a credit card that she went crazy.
Dr Oz: Track Spending With A Money Journal
The first step in Lynette’s debt detox was to keep a money journal. She explained that people who track their spending tend to spend less and have less debt. It’s important that you write down every single thing you buy, no matter how big or small. Once you’ve written down everything you bought, you want to look back and pay attention to the essential items like your mortgage payment. Highlight the non-essential items that you don’t have to spend money on, and eliminate three of them.
Once you choose what three things to eliminate, add those three things up and see how much it would save you to cut out those things. If you can save $9.58 in one day like Kalene, it can save you $67 over the course of a week, which adds up to $3,487 in a year.
Dr Oz: No-Spend Day + Eat Dinner At Home
The next step in the debt detox is to make change slowly. Lynette said the idea is to do things that are sustainable. Megan joined them and admitted that she tries to make a change but then she’ll revert back to her old ways. Lynette suggested that for just one day, you don’t spend money on a single thing. Then, over the course of a week, cook at home in order to save money. Plus, it’d be great for your health.
Dr Oz said the big thing is realizing how the little things slowly add up to become big things, so these small changes can have a big effect.
Dr Oz: Freeze Your Spending
Next, for Lynnette’s debt detox you should eliminate temptation. Lynnette pulled a container out of a freezer and showed that it was actually a credit card frozen into the middle of an ice block. She explained that spending is way too accessible, and some people have used this method very effectively. By literally freezing your credit card, it makes you slow down and really think about what you’re going to spend money on. This can be especially effective for impulse shoppers.
Lynnette also suggested carrying cash so you’re less inclined to spend it. Plus, carry big bills to avoid temptations like vending machines, which won’t take the larger bills.
Dr Oz: Share Your Debt
The next step may be difficult for some, but it’s a great way to be held accountable. Lynnette suggested you tell a friend or family member about your financial situation and how you’re taking action to improve it. They can help you and keep you motivated.
One audience member named Emily admitted that she was $1,600 in debt. Lynnette said that telling your friends about your situation can also encourage them to make it easier for you. Dr Oz then shared that he actually polled his audience members to find out which topic was most uncomfortable to talk about; 46% actually said that money was the most uncomfortable thing to talk about, beating out the other topics such as weight.
Dr Oz said to shed your shame of spending and go ahead and talk about it. Would you be willing to go public about your debt? Were you previously in debt and then got out of it? Share how you did it!