Financial Crash DietsSubmitted by BCR Wealth Strategies on January 7th, 2020
Happy New Year!
Time for everyone to start their Resolutions. I think the most typical goal people have for their year is to get healthier. I am all for that! It’s actually something I am very passionate about in my own life. Some people have probably decided they are going on a crash diet in conjunction with some type of workout program to reach a goal they have in mind. Some people do very well and change their lives but for a lot of us we’ll quickly decide that enough is enough and don't stick with it.
Financial Crash Diets are similar to crash dieting.
- They usually work for a short period of time
- They end with us being the same or worse off for them
- They are not sustainable for the long-term
In a financial crash diet, you start to deprive yourself and save every extra penny you can. You think this is what will help you get where you want to go, but you’re miserable after a month and take what you saved and treat yourself.
Much like a nutritional plan a financial plan is more about committing to something sustainable. You won’t be able to live a healthy life on 500 calories a day and you are not going to be happy cutting all the things you enjoy that cost money out of your life so that you can save a buck. Deprivation tends to lead to a yo-yo effect of doing very well then very poorly and you’re back where you started.
The key is creating a plan that is sustainable and repeatable leading to long-term results. This means that if you can keep your diet in check (financial or nutritional) you can have the occasional slip up and be perfectly fine.
For a lot of people, I have seen that just getting started can help jump start their efforts. Start by taking a 15- minute walk at work to increase your activity or dedicate 1% more of your paycheck to go to savings per month.
Another great way to keep you going is to have an accountability partner. Health coaches, nutritionists, physical trainers, or a financial planner are all professionals that can help you develop and keep your plan on track… all while having the occasional slice of pizza.