Buzz
Managing a budget can feel similar to dieting – both involve restrictions, and without discipline, you can easily fall into old habits. Like when trying to 'eat healthier,' it's easy to get trapped in cycles of bad spending habits too.
Sure, budgeting takes discipline, careful planning, and trade-offs. But just like Mytour’s senior health editor Beth Skwarecki suggests losing weight without subscribing to diet culture, I believe you can save money without falling for superficial 'financial guru' advice. Follow these tips to make your budget work like a successful weight-loss plan.
Start by determining your 'calorie' limit for your budget, just as you would with a diet plan.
If you're having difficulty managing your spending and savings, creating a budget is essential—something like the 50/15/5 rule is a perfect place to begin. To truly establish healthy financial habits, think of your budget in the same way you would a diet.
Start by calculating your monthly net income. This is the total amount of 'calories' you're able to 'spend.' Then, list out all your essential monthly expenses, such as rent, car payments, and insurance. These are non-negotiables in your financial 'diet.' What remains is your budget for discretionary spending like dining, entertainment, and shopping.
Plan your expenses like you would meals
Plan in advance how you’ll allocate your budget calories for the month. Similar to meal prepping, decide beforehand how much to spend in each category. Focus on meeting your needs before your wants. Allow a bit of room for occasional indulgences, but keep them limited. Set up automatic payments for savings and bills to avoid spending temptations.
Stick to your shopping list while you're at the store
My suggestion is to physically jot down the items you want to buy before making the purchase. Use your bank statements to help determine what belongs on your official 'to-buy' list. By reviewing this list, you can make a more deliberate decision about what you truly need.
Shopping with a list makes it much easier to resist the temptation of impulse buys. Avoid aimlessly wandering through aisles as if you're starving at the grocery store. Unsubscribe from retail emails that push you to spend unnecessarily. Prioritize needs over wants.
Control portion sizes and manage leftovers
Stick to the amounts set in your budget and don't let any extra funds carry over or go to waste. For instance, if you've budgeted $50 for dining out this week and only spend $40, don’t spend the 'leftover' $10 elsewhere. Instead, transfer that $10 into savings or toward next week's dining budget.
Allow yourself to indulge every now and then
Cutting out all treats entirely can result in bingeing once willpower fades. On the other hand, allowing yourself the occasional budget-friendly splurge helps avoid feelings of rebellion and prevents overspending.
For restriction to be effective, it’s important to be kind and adaptable with yourself. Without that, you risk falling into financial bingeing—either overspending or disregarding your budget completely. Developing a healthy relationship with money means practicing thoughtful indulgence. Reflect on this: 'How do I anticipate this purchase will make me feel? What emotions do I expect it to create? What feelings am I trying to avoid through this purchase?'
Be mindful in your spending: limit how often and how much you indulge, and plan for occasional splurges within your budget. If your compensatory spending has spiraled, here’s more on how to combat 'revenge spending.'
Stay flexible and make necessary adjustments as situations change.
Review your budget every month to make updates based on your evolving financial situation, goals, or identified spending triggers. Similar to dieting for weight loss, a strong budget promotes financial health. The key is to maintain a structure, but also leave room for the flexibility needed to achieve sustainable results.
