Financial fitness and physical fitness have a lot in common. Both require determination and if you stick with them, your efforts will be rewarded! Read on to learn some tips on how you can keep a healthy financial lifestyle.
Be Disciplined. Stick to a realistic budget and make sure you have a good sense of your overall financial situation. If you are spending too much money on things you don’t need or hobbies that require a lot of money, replace those activities with more frugal alternatives. Sometimes a particular hobby is a beneficial stress reliever that you may not want to replace. If so, find different ways to enjoy that activity that could save you money. For example, if you love to play golf, some courses drop their greens fees later in the day. Or, take advantage of a yearly flat rate if you love the particular course and go there often enough.
Stay Motivated. Whenever you feel like giving up, try something to help you envision the benefits of being frugal. For example, keep images of your financial goals, such as a vacation or newer car, where you can see them often. Feel free to keep a photo in your wallet so every time you open it you can see what you are working for and reconsider that unwise purchase. You can also find a “savings buddy” to team up with such as a friend or family member who also wants to save money.
Prioritize Goals. Don’t start out setting the bar so high that you get discouraged quickly. Instead, challenge yourself by setting a series of small goals that you can work toward and achieve as you move through your debt settlement program. Being fit requires a certain amount of sacrifice, so learning to say ‘no’ to unnecessary spending will be an important process. This may be stopping at a coffee shop on your way to work or eating out with co-workers. Instead, make it a goal to brew your coffee at home and bring your lunch to work for two weeks. Your savings will help you see the trade off and will help you change your daily habits. Of course, it’s okay to join your colleagues for an afternoon lunch every once in a while. This exercise is to help with routine spending.
Track Your Progress. Fitbit might not measure your financial progress, but there are plenty of apps and websites that do. A few examples include Financial Fitness Info (iPhone and Ipad); PersonalCapital.com; BillGuard (free for Android and iPhones); and Moneytrackin.com.
What If You Fall Off The Wagon? If you’ve ever caved in and said “yes” to a sweet snack that you swore you’d never eat again, it’s also likely that at times you will say “yes” to that digital device or great pair of pants that can be classified as a want and not a need. If you make a mistake, move forward. Either return the item if possible, or keep it and forego a meal out for the next few weeks or another item that you set money aside for in your budget.