All New: Dr. Phil's Recession Survival Squad
The current economic downturn is dragging more and more people into a state of financial panic. Dr. Phil puts together a recession survival squad of experts to help you conquer this money crisis.
Find Money Hidden in Every Home
"John and Rebecca have to go on a cash diet. I mean everything, from food to eating out. They have to get rid of the plastic," says money guru Mary Hunt.
She gives tips for generating cash as she tours their house. After seeing their closets, Mary recommends they sell or swap some of their designer clothes, leather jackets, handbags and shoes. She recommends Web sites like Swapstyle.com, Freecycle.org, eBay.com and Craigslist.org. Noting the amount of toys and games their children have, she recommends selling what they don't play with anymore to SecondSpin.com. They could also sell used books at Cash4books.net.
Mary tells John and Rebecca to negotiate with their Internet provider and their phone and cable companies to get a better rate.
Upon seeing the couple's cluttered garage, Mary says, "Wow!"
"We just throw stuff in there," John says.
"I don't see stuff. I see money!" Mary exclaims. "Remember to sell the things that are more valuable on Web sites and classified ads. The lower value things: have a great big garage sale."
Mary takes Rebecca grocery shopping, to show her how she can save more money.
She also advises Rebecca to buy the produce that is in season, which means it's cheaper. "Load up on them when they're cheap," she says, seeing a good deal on chicken and asparagus. Mary also notes that it's important to check the unit price, so you can compare what is the better bargain.
At the register, Rebecca learns she saved 30 percent on her groceries!