When it comes to overindulgence, money and food really aren’t all that different. Both satisfy basic needs in our lives. Yet without boundaries, they can get us in a lot of trouble.
It’s really all about planning and moderation. Here are some diet tips you might consider when starting a money diet:
1. Figure out where you are – and where you need to be: We’ve all seen those charts that tell us what we should weigh based on our height and age. If only money were that simple. That’s why you should get some help if you’ve never tried to assess your money health before. A financial planning professional can ask the right questions and develop a customized plan for you.
2. Write down your long-term goals: You need to think about the things you really want to do with your life and what those things will cost. Putting goals in writing gives them a formality and a starting point for the planning you must do.
3. Track your spending in detail: Whether you do it with a pen and a notebook or a computer program, make a concerted effort to track your everyday spending. Physicians say overweight people should track every morsel of food they eat; with money, it’s the same thing. Knowing where every dollar goes gives a quick picture where money can be saved or invested.
4. Permanently change your spending habits: People who have lost a significant amount of weight – and kept it off – usually report that they’ve made some permanent lifestyle changes to do so. Money success requires similar dedication. It’s all about finding out what you really value and deciding whether saving for retirement or affording their child’s college education outranks buying an expensive car or clothing.
5. Don’t go it alone: Leading weight-loss programs like Weight Watchers have had long-term success because of support and accountability. Working with a financial planning professional on an ongoing basis can help you develop the right plan and stick to it.
Securities offered through Associated Securities Corp. (ASC), member FINRA/SIPC. Advisory services offered through Associated Planners Investment Advisory, Inc (APIA), ASC, David S. Reinders, CFP®, Inc., Registered Investment Advisors. David S. Reinders, CFP®, Inc. is not affiliated with ASC or APIA. The office is located at 25129 The Old Road, Suite 105 in Stevenson Ranch. For more information contact Rebecca Robins, CPA/PFS, CFP®, CA Insurance Lic#0D75745 at 661-222-2331.