Lately, I have gone off the rails with my diet. I have been drinking soda from the time I get up until I go to bed. I eat whatever I want, whenever I want. Recently I developed an obsession with cheese crackers, and didn’t bat an eye at eating half a box for a “snack.” Honestly, I feel out of control. After thinking about it, I realized that it’s very easy to fall into the same habits with your finances. Is it time for you to go on a financial diet?
We are going to go over some ways to get you motivated and moving in the right direction when you need to go on a financial diet. If you’re feeling out of control, here are some tips that might help!
Detox
It often helps if you quit your bad spending habits cold turkey. If you’re online shopping excessively, delete the app. If you’re eating out too much, make a meal plan. To truly detox, do a “no spend” month to put yourself on the right path.
Develop Healthy Habits
It’s not enough to just stop your bad habits. Instead, you have to develop healthy habits to fit with your new goals. The best way to develop a healthy relationship with money is to start saving. Having money in your bank account is a game changer. You’ll think twice about every financial purchase when you are watching all of your hard fought savings dwindle away.
Lifestyle Changes
For long term success, you have to develop lifestyle changes that you can live with indefinitely. Every month can’t be a “no spend” month. You have to decide which things are most important to you, and prioritize how your money is allocated. Maybe you love eating out? Work that into your new lifestyle. Maybe you don’t really care about organic produce. Cut these items from your grocery list. Remember, find what works best for you and don’t deprive yourself long term.
Unfortunately, there is no magic bullet for a healthy bank account. You have to put in the hard work of spending less and saving more. Changing your mindset about money is the key to changing your life. This quote from Ayn Rand sums it up perfectly, “Money is only a tool. It will take you wherever you wish, but it will not replace YOU as the driver.” You’re in control. You get to decide where your money takes you. Make sure you choose wisely.