Dr Oz: Tips to Save for a Vacation While Sticking to a Budget
Dr. Oz talked with The Money Coach, Lynette Khalfani-Cox, about Money Anxiety Disorder and what causes it along with the most common types of anxiety people feel when it comes to their finances. Lynette is also sharing her three steps to restore your financial health and the second one is to conquer frugal fatigue by rewarding yourself. She says it is not only important to reward yourself immediately, but also set aside some money for something fun in the future (like saving for a vacation) because this will help you stick to your financial plan.
Dr Oz: Immediate Financial Rewards Keep Your Budget on Track
An example of an immediate reward is visiting the manicurist every couple weeks to treat yourself to a little pampering. Lynette says that money can be taken from the “everything else” category of your budget, so you do not have to feel guilty about spending that money.
Dr Oz: Saving For a Vacation
A long-term goal to save for in the future could be something fun, like a cruise. Lynette recommends putting away 1-2% of your income in a separate fun each month until you reach your goal and you are able to that dream vacation you have always wanted. She recommends involving the entire family as a way to make it fun and to show them with a little sacrifice there will be a reward in the future.
Dr Oz: Adjust to Avoid Budget Busters
The final step to restoring your financial health is to adjust so you will avoid budget busters. Unexpected expenses happen to all of us. From needing new tires on our car to the washer and dryer both dying on the same day, budget busters are those things that come up out of the blue to throw your finances off track.
Lynette Khalfani-Cox says you just have to be prepared because these things are a part of life and simply cannot be avoided. She uses the acronym L.I.F.E. to outline some of the most common budget busters that could cause your finances to get out of control.
- Listed items in your budget that you under-calculated
- Impulse purhases
- Forgotten bills or expenses – things like subscriptions that only come up once a year, but still need to be calculated into your monthly budget.
- Emergencies – Like a broken appliance or flat tires.
Lynette explained how emergency expenses should be looked at the same way as your health. She says preventative measures can help to prevent big emergencies that cause you a great deal of financial and physical stress from occurring.
Dr Oz: Write Down Your Fears to Take Control of Your Life
Dr. Oz recommends writing down three of your biggest financial fears that would fall into the emergency category that Lynette Khalfani-Cox spoke about earlier. He says once you acknowledge your fears you will be able to take back control of your life.