Dr. Oz Talks About M.A.D (Mood Anxiety Disorder) & How To Create A Family Budget
Today’s all new (July 8, 2013) Dr. Oz program talked about how financial stress can really cause havoc on your health just like it can on your pocketbook… Worrying about money problems can continuously mount and become overwhelming and can even lead to “Mood Anxiety Disorder”. During this segment Dr. Oz talks about how to create a family budget to help ease the financial anxiety in your life. Also be sure to check out the followup segment on how to save for vacations & avoiding budget busters.
Money Anxiety Disorder (M.A.D.)
Dr. Oz invited Lynette Khalfani-Cox on to the show to discuss how creating a budget is important so you can realize how much money you can really spend each month and how much you should be saving. Lynette (The Money Coach) explained to Dr. Oz and the audience that Money Anxiety Disorder (M.A.D.) is anxiety induced from financial stress and worries. Money anxiety can be categorized into three types such as :
- Type 1 – Someone who says they never have enough money to pay for everyday expenses.
- Type 2 – Someone constantly worried about future financial expenses that lie ahead (college tuition, retirement, etc…)
- Type 3 – This type of person doesn’t know how to handle their money because they don’t understand finances.
Dr. Oz said that each type of financial stress you may fall under, they can all lead to health problems. Money anxiety disorder causes stress and can be harmful towards your health. Fortunately you can ease your financial anxieties by creating a family budget!
How To Create A Family Budget
Lynette Khalfani Cox explained to Dr. Oz and the viewers the correct way in which you should calculate your income and come up with a family budget that works. According to Lynette the average American household has a combined salary of $45,000 (after taxes).. So the average American family brings home about $3,750 to divide between expenses, savings, food, entertainment, etc… Here is the breakdown of how you should make a family budget :
- Housing – 33 percent of your income (the Average family income shouldn’t be spending more than $1,200 per month on housing)
- Debt 15 percent should be spent towards your debt
- Food – 8 percent of your monthly budget should be allocated towards food. Dr. Oz mentioned that he feels it’s ok to spend a little more here because paying a little extra for healthy food will keep you healthy and thus saving you money in the future.
- Savings – 10 percent of your income should be devoted towards savings.
Write Down What You Spend Each Month
Many people don’t realize how much they are actually spending every month. Lynette made the recommendation of writing down all of your expenditures to help you realize how much you are actually spending in an average month.. Gifts, cell phones, school supplies, entertainment, and other monthly expenditures like that can really add up. You need to get a grasp on how much you are actually spending to make your family budge work effectively.
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