If your financial situation is stressing you out, there is a solution. On Anderson's "Stop Spending, Start Saving! " show on Monday, Farnoosh Torabi talks about her "Four-Week Plan" that will help anyone straighten out their bank account. On the show, Anderson said that by following these guidelines, it could save your family up to 50% in daily spending.
Money Expert Farnoosh
WEEK 1 - FIND A MONEY BUDDY
Start now, and by following Farnoosh's plan, it may only take four short weeks for you to turn things around.
An important aspect of maintaining financial responsibility is finding someone who can be there to support you. You need to find someone who you can call on the phone as you're about to get in line at your favorite department store; this person can help you determine whether or not your purchase is necessary.
WEEK 2 - ONLY USE CASH
Be sure to find someone who is financially stable and a responsible spender. A shopaholic Money Buddy could only make your problem worse.
Using cash only is beneficial both literally and psychologically: literally, you can only spend the amount of money you possess, helping you stay out of credit card debt. Psychologically, it is often harder for people to hand over a stack of cash, or look in their wallet and see how quickly their dollar bills have disappeared.
WEEK 3 - BUY ONLY GENERICS
When grocery shopping, generic brands - typically made of the same ingredients and in the same way as brand name items - are usually a significant savings compared to brand name. Shop only generic on Week 3, and see how big of a savings it is on your grocery bill.
WEEK 4 - HOST SWAP PARTIES
As the old saying goes, "One person's junk is another person's treasure." Host a party encouraging all friends to bring unwanted or old (but usable) items. Create a raffle system that establishes a picking order, and then allow each guest to pick a variety of items from the pile of old goods.
MORE FROM ANDERSON'S MONEY-SAVING SHOW:
The Anderson Viewers' Savings Club
Quiz: When Is the Best Time to Buy?
Viewers' Money-Saving YouTube Tips
Money-Saving Tips from the Show