Is It Time For A Money Diet?
Overspending? It might be time to trim the fat by going on a money diet, skinny budget, or financial cleanse.
Whatever you call it, more and more women are getting serious about debt payoff plans while pumping up that savings account.
And just like any diet, you need a plan in order to succeed. Well, we are here to please. Check out what the experts say:
How To Go On A Money Diet
- Identify and list your essential monthly expenses like housing, utilities, food, medications, and transportation.
- List expenses that could be reduced. Examples include shopping, travel, entertainment, and eating out.
- Now write down your goal. Do you want to pay off a credit card or put more money in your savings account? Make sure that goals are specific and measurable. “I want to pay off two credits cards totaling $3,800.
- Determine if there is any way to reduce costs on your list of essential items. For example, what about looking at ways to save money on utilities, or why not shop around until you find a pharmacy to fill your medications for less?
- Now comes the hard part, so brace yourself… it’s time to take a serious (I do mean serious) look at cutting out the nonessential expenses that are weighing you down. Could you cut out cable and find another solution? Or be open-minded and look at a less expensive mobile phone/service, and really you could avoid or limit eating out.
- Okay! Since you have now reduced those “excesses” it’s time to look for opportunities to increase your income. Consider a part-time job, hustle up some freelance work, or house sit. And truth be told, you know you have things that you can sell. So, clean house and get rid of all that stuff that’s weighing you down.
Not only is a money diet good for your bank account, it’s also great for reducing stress and anxiety.
Don’t you feel better already?