The Oprah Winfrey Show: The Podcast The Debt Diet Part 5
Sep 3, 2024
Gene Chatsky, a debt coach and financial advisor, shares insights on budgeting and debt prioritization. He introduces a 'magic formula' for spending, recommending 35% for housing and 10% for savings. The discussion includes practical tips on lowering credit card rates and the importance of focusing on essential debts. Listeners share inspiring success stories of cutting expenses and increasing income, while emphasizing the transformative power of planning and discipline in achieving financial freedom.
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Victor's Spending Log Saved $500+
- Victor Blackpools tracked spending daily and saved $500–$600 a month by changing commuting and purchasing habits.
- He carries a spending log and found simple swaps like taking the train reduced costs significantly.
Use Balance Transfers Carefully
- Call card companies and request lower rates or balance-transfer deals using the scripted approach shown on Oprah.com.
- Shop 0% offers but read fine print for transfer fees and penalty rate triggers.
Follow The 35/15/25/15/10 Rule
- Limit housing costs (mortgage, taxes, insurance, repairs) to about 35% of take-home pay.
- Keep transportation to ~15% and save the rest for other categories and debt reduction.
