Oprah and Suze Orman Teach Viewers About What They Can Afford

What can you afford? It is a simple question, but many Americans are still lost when it comes to balancing the family budget with reality. Oprah and Suze Orman are coming to the rescue, with a dose of reality and a plan to save your bank account during this recession.

The Suze Orman Show has been informing viewers about Family Finance 101 on CNBC. The long running show has a following, but no one has a larger following than Oprah. Both Oprah and Suze want their viewers to "Live Your Best Life". Oprah Winfrey has brought Suze in repeatedly as the financial expert, who gives people a shock and a dose of reality when it comes to their debt and finances.

With Suze Orman and Oprah's help, viewers can turn their lives around. As a personal testament, Suze Orman taught me that saving was more important than spending. Money comes and goes, and just because you are making bank today does not mean that your bills will be paid tomorrow. Here are some things that Oprah and Suze taught me, and that can help you too;

What Can I Afford? First Get Real
On Oprah's Show, guests Kerry and Bill talked about wanting a honeymoon after their wedding. After Suze's recession reality check, the couple decided to not take a honeymoon and put the money in their savings account. This story hit close to home, as my husband and I decided against a honeymoon after our wedding. The time was not right, and we had bills to pay. A week in Hawaii or another exotic location would have been heaven, but being financially stable and preparing an emergency fund gave us more satisfaction.

What Can I Afford? You Can't Afford It With A Credit Card
As a faithful watched of Suze Orman's show, I am always surprised that people ask if it's a good idea to charge something to a credit card. If you do not have the cash to pay for it, then you cannot afford it. I remember one caller around Christmas time who mentioned that her family was at a risk of losing their home, yet she and her husband wanted to buy Christmas presents for the kids using credit cards. Suze gave the caller a straight up reality check, and told her that the kids will be happy with just a roof over their heads.

Credit card debt is part of America, kind of like apple pie. It may be from a mistake from your younger days, or due to an emergency, but we all have some sort of credit card debt. Suze Orman has given Oprah's viewers incredible advice on how to avoid debt, or get out of debt. Financial advisors charge money to give this sort of advice, and Suze has been helping out Oprah's audience free of charge.

What Can I Afford? Moms With Jobs
Being a stay at home mom may seem like a good idea, but it hurts family finances. Even those families with built up savings will see their cash funds dwindling down because of one parent not bringing in a steady paycheck.

Suze advised an Oprah viewer, Megan, about becoming a stay at home mom and the way it would affect her family financially. While I believe in the reasons and benefits of being at home with children, I do feel that children can benefit from financial stability.

Moms considering staying at home should not give up on work completely. There are ways to bring in income, even if you are at home. Consider freelancing, or turning a hobby into a part-time paid career. As a work at home mom, I take pride in having financial independence and knowing that the money I make on the side helps my family.

Megan did not meet Suze's criteria for becoming a full time, stay at home mom. Many moms do not meet Suze's criteria, especially in this recession where your husband is at a real risk of losing his job.

Hannah was another Oprah guest I could relate to. She was living a financial lie, spending more than she was making, and treating herself to a lifestyle she could not afford. I would like to say that I was always financially smart, but when I was younger and richer, I too spent money like there was no tomorrow.

Suze Orman's show was something I turned to when I knew that my bank account and my tendency to spend did not match up. Making hard decisions is part of growing up, and learning from mistakes will help you grow financially.

What Can I Afford? Let Suze Orman and Oprah Teach You
Getting free financial advice from Suze Orman is priceless, it can be a life changing experience. I know from personal experience that is made a tremendous difference in the way I look at my family's bank accounts, and review our budget. Being honest with yourself will help you realize that sometimes it is nice to want things, but in reality you cannot afford it. Debt and financial insecurity are not worth luxury handbags and exotic vacations.

Sources:
http://www.oprah.com/dated/oprahshow/oprahshow_20081010_afford