Dr Oz: Separating Financial Wants From Needs
When it comes to spending money, do you know how to separate the wants from the needs? Patrice Washington, author of “Real Money Answers for Every Woman” was back to help viewers do just that, in order to take better control of their finances. Patrice began by explaining that separating wants from needs is the most important part of financial success, but it’s often overlooked. “The reality is a lot of us disguise the wants in the midst of our needs,” Patrice stated.
To better manage your money, Patrice advised viewers to follow the 50-30-20 rule to separate emotions from money. 50% of your money should go toward your needs, 30% should go toward wants, and 20% toward savings.
Dr Oz: Needs VS Wants
To show exactly how to separate the needs from wants, Patrice explained that a “need” is one of the basic things needed to survive. Needs include food, shelter, clothing, transportation, insurance, and child care. Wants include eating out, entertainment, travel, gifts, morning coffee, and ‘fun’ clothes.
As for savings, 20% may sound like a lot, but it’s certainly achievable. Saving money for retirement or to pay off debt beyond the minimum payment can relieve a lot of financial anxiety. Before you spend money, ask yourself to list three ways the purchase will benefit your life. Those three things can show you pretty clearly whether it’s a necessity or a want.
Dr Oz: Skip Subscriptions To Save $1,000 A Year
Then, to save as much as $1,000, financial expert Nicole Lapin shared a few of her money-saving secrets. First, skip the subscriptions! Whether it’s a gym membership you’re not using or a subscription to a magazine you don’t even read. Try to cut the premium cable because the average person spends an average of $1,200 on premium cable a year. Instead you can use an online service with movies and TV shows that costs about $8 a month of $96 a year which means you’re saving $1,104 a year!
Dr Oz: Auto Transfer Savings Account + Don’t Charge Small Stuff
Another way to save $1,000 is to use an auto-transfer savings account. Auto-transfer a specific amount of money each week into a savings account and you won’t even have to think about it because it’s like it’s not even there! To save $1,000, auto-transfer just $20 a week! Typically, the bigger banks or online banks will give you the best interest rates out there.
Finally, you don’t want to charge the small stuff. A $10 purchase, if not paid off after a month, then becomes an $11.50 purchase. After six months, it then becomes a $116 purchase, and after three years, a $10 purchase can cost you $1,290 if not paid off!
Dr Oz: Prioritize Your Debt
Another great tip is to prioritize your debt because not all debt is created equal. Start with your credit cards that have the highest interest rates. Set up a comfortable, manageable schedule to pay off the debt and stick to it. Third, you want do what is called a balance transfer. That’s when you take all your credit cards and put them all together into one credit card. You have to be ready to pay it off in one year, or else the interest rate can skyrocket.
Dr Oz: Negotiating Salary VS Benefits
Nicole then turned to the audience to take their questions, beginning with a woman who wondered about asking her boss for a raise, without her saying no. Nicole explained that 7% of women negotiate their salary, while 57% of men negotiate their salary. Remember that salary isn’t the only form of compensation. She could also ask for a day working from work or a more robust healthcare package!
As for whether debt can be a relationship deal breaker, Nicole responded “absolutely” because it can potentially affect your life as well as theirs. Nicole also advised a woman that asking for help is nothing to be ashamed of. The National Foundation for Credit Counseling us a great place to start.
Dr Oz: Meal Replacement Shake For Weight Loss
One of the ways thousands of people are losing those last ten stubborn pounds is by drinking their meals. Dr Oz introduced Emmy award-winning sports caster Jenn Brown, a soon-to-be mom of two. Jen found out she was pregnant again just nine months after having her first child. She gained about 45 pounds during her first pregnancy, but worked hard to lose it. She’s worked out through both the pregnancies, but learned that it’s all about what you put in your mouth.
For Jenn, the one thing that really helped her lose the last 10-15 pounds, was meal-replacement drinks that kept her full, lose weight, and keep the weight off after. Jenn used USANA shakes because they were high in protein and fiber, low in sugar, and full of vitamins and sugars. She would add two scoops of the whey, soy, or plant protein powder to 10-12 ounces of water and then mix in a flavor enhancer. Another optional add-in is fresh fruit!
Jenn would also hold her son while doing squats and shoulder presses, because it’s a great workout for her, and a lot of fun for her son! USANA is a trusted sponsor of The Dr Oz Show.