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Start Your Own Financial Diet Plan

Mar 29, 2008
There is a lot of negative talk in the financial blogosphere right now. Discussion is rampant about slow economic growth, the poor housing market, mortgage foreclosures, and the increase in bankruptcies. Concern about looming financial instability is rampant.

The reality of the issue if that many of us need to be on a financial diet. Is it the right time to shed those extra financial commitments you made when times were much rosier?

Just as with dieting, keeping your finances under control is mostly a psychological battle. You have to create a plan of attack where you detail how much you're going to spend and what you're going to give up. Then you have to develop techniques to keep yourself on the straight and narrow.

Convincing yourself to avoid binge spending is one of the most important commitments you can make to your plan. When we have extra money to spend, buying non essentials is a big part of the fun. But once you've decided on a slimmed down budget, it is important that you not see compulsive spending as an option. If it's not in the budget, don't buy it.

At the same time, we're all human and we make mistakes. If you do slip up and buy something you don't really need don't berate yourself. Just go back to your economic plan and be wiser next time.

It can also be a great idea to reward yourself with small perks occasionally just to make your diet not seem so awful. That goes for normal diets or personal financial ones. Reward yourself from time to time - even budget for these extra perks. Then stay within your budget and you'll have it both ways: you'll stay on track and enjoy the struggle a little bit more.
About the Author
Visit CVNMoney.com for financial advice videos , and financial news videos. For first class commercial financing and commercial real estate lending see East Coast Commercial Finance.
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