SEROUSLY.......
If you don't want to fork out $30-$40 for a degaussing coil, Here is a cheap solution.
First of all I used to work in a TV shop many years ago. The degaussing coil is just a coil of 20-24 gauge wire (about 200 feet or so) wound into a coil anywhere from 12-16" in diameter and wrapped with tape to keep the wires in a circular bundle with a pushbutton switch inline with the cord. It is plugged into a 110 VAC outlet. The polarity of the coil reverses 60 times per second. You turn it on, wave it in front of the screen in a circular motion several times and you will see pretty patterns on the screen. While it is still on and you are still waving it in a circular motion, you slowly move it further and futher away from the screen. When you are about 3 to 5 feet from the screen you turn the coil 90 degrees perpendicular to the screen and turn it off. The screen is now degaussed (demagnetized).
This works on CRT's (Cathode Ray Tubes - Glass picture tubes). If you have a projection tv then you are on your own.
Now the poor mans degausser.....
Get your trusty Black & Decker electric hand drill, a 1/4" wooden dowel about a foot long (or a new pencil) and a 1/2" to 3/4" rare earth magnet (about $1 - $2).
Tape the magnet to the SIDE of the dowel (or pencil) at one end. Now chuck the other end in your drill. Spin it up and wave it SLOWLY about 1/2" to 1" in front of the tv screen in a random pattern where the color smear is located. Don't hit the screen with the magnet and make sure it is turning before you get it close to the screen. Slowly pull back from the screen 3 to 5 feet while still waving it in a random pattern and then turn off the drill. The action of rotating the magnet is just like changing the polarity of the degaussing coils electromagnetic field. As long as the drill turns at least 50 to 60 rpms that is the same as the 60 hz polarity shift of the coil. Sometimes faster is better. It makes a smaller footprint on the screen than a 12-16" coil, but it still works.
Don't be tempted to see if the magnet will just stick to the screen. There is a metal mask behind the glass that has holes in it for the electron beams to hit the screen phospher. Putting the magnet up close to the screen without it turning CAN cause PERMANENT DAMAGE that can't be fixed.
If you have an old 3 1/2" computer hard drive that you don't want anymore, you can disassemble it and get the magnet from the head actuator. It is usually bonded to a metal arm. You can leave it on that arm and just tape it to the dowel.
WARNING: these magnets can pinch fingers if you get them between the magnet and any metal surface like a filing cabinet or metal door. Trust me - it hurts like a son of a gun.
Good luck !