With swim suit season here, getting in shape is top priority for many people. Everywhere you turn, there’s an ad or article about weight loss or staying slim for summer. Here at MMI, we’ve even started our own Biggest Loser competition! With so much focus on getting physically fit this season, don’t let your financial health get out of shape. Below are some of the most common weight loss strategies you may already be using this summer that can also be used to get your finances in tip top condition.
- Write down your goals. Seeing your goals in writing reminds you about what actions are necessary to reach your goals, whether it is weight loss or debt reduction. The act of writing down goals is a conscious commitment to making them happen.
- Keep a diary. You often hear of keeping a food diary to keep track of calorie intake throughout the day. Try to keep track of your spending for two weeks to see where you spend most of your money. At the end of the two weeks, determine where you can cut back.
- Take baby steps. Trying to do too much too soon can really sabotage your plan. Slowly incorporate positive changes to your spending and/or saving style to help you get adjusted to new habits. Reducing or stopping unnecessary spending can help you reach your goals more easily. Remember that small expenses, like a few dollars a day spent at the vending machine, can quickly add up over time.
- Make it a lifestyle change. Most of us like habits and routine, so much that we often keep doing the same things even when we know they aren't good for us. Changing bad habits takes a lot of time and effort, but in order to be successful in the long-term, a change to your lifestyle may be necessary.
Do you have any tips on how to improve your financial health? Please share in the comments section. For more financial tips, check out our Tips for Change gadget, eBooks, and other resources in the Resources section of MoneyManagement.org.