Getting into a perfect Shape, Financially — Spending Diet
We often hear our friends saying that they are on a diet program, it is to either lose few pounds or gain few pounds and ultimately get in a perfect shape, think about the challenges when you are in diet, emails, social media, television and hoardings are there to tempt you and eventually you end up breaking your diet plan, very few can stick with a diet plan and they will reap the rewards, a diet commonly referred to eating and it can be applied to other things as well, and especially if you are trying to have a perfect financial position, a spending diet is the most appropriate solution.
What is a Spending Diet?
Starting a Spending Diet
You have to understand one thing, you are on a diet and not a fast, and thus you will have your luxuries in a controlled manner, saying that, some days you might have to fast too. Let’s look at the steps of a spending diet.
1. Goal Setting
What are the expected results of your diet program? it can be any financial goal such as saving a particular sum within a period, settling a debt, buying an asset or anything associated with your finances
2. Set reminders and motivators
Temptation is the biggest enemy of any diet plan, thus make sure to have small reminders around you, simple gestures like changing your pc and mobile wallpaper to the image of your diet goal, the car you want to buy or the college you want to enter or the girl you want to marry, these simple reminders and motivators will keep you in the track.
3. List the must do expenses
There are some expenses which cannot be controlled, list out the must-do expense to survive the month, list other possible expenses and see what you adjust, omit or postpone. Spend on the must-have needs first and have a record of expenses. Now you will know how much you can direct towards your goal and stick to that without compromise.
4. Have a cheat budget
All diet programs have a cheat day, you can eat anything you want as per your heart’s content, same applies here, and you have to set a limit for your temptations, a small vacation, a friendly outing, and a romantic dinner. But make sure to limit your expenses within the set budget, once the limit is reached it is gone and you must not take your credit card out to swipe one more time.
5. Identify the trigger
What triggers your spending behavior? What was the reason for your last unwanted purchase? Was it an advertisement or a promotional email or temptation? Think about all the unnecessary purchases you’ve made so far and identify the trigger. Once you’ve identified the trigger, you can figure out ways to eliminate or avoid them.
Only you can decide on how much you want to save or spend, and a spending diet can be a solution to either control or eliminate your unwanted spending, Just like the food diet, you are the only responsible person for the results.
