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How Managing Your Finances is Like Losing Weight

April 07, 2017
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Sometimes you have the ability to apply life lessons from one realm of your life to another. Believe it or not, getting a grip on your financial health can be achieved by using some of the same steps that you would use to help improve your physical health. In this post you will learn how managing your finances can benefit from some of the same approaches used during weight loss. The key to success lies in changing your habits in favor of positive habits.

 

Find a System that Works

 

There is no such thing as a one-size-fits-all diet. When people want to lose weight, they find the system that works for them. For some individuals, the right system is one in which they count the number of calories consumed, while others eliminate certain foods. USNews.com points out that managing your finances requires an equally effective system. It might be the use of a budgeting app to keep you on track or taking advantage of your bank's online balance to keep your checking account in line. Once you find the system that works for you, set goals and stick to them.

 

Make Good Finances a Habitual Thing

Getting your finances back on track is not a one-time goal you strive for and then back away from. It is a permanent lifestyle change that keeps your finances steady for the duration of your lifetime. You can make minor tweaks and changes over time to your goals to meet certain short-term goals, but the long-term outlook needs to remain the same or your financial fitness will fall apart. The goal is to find a set of habits that are not too strict to meet, but not so easy that the result is ineffective change.

 

 

 

Remove Temptations from View

Theweek.com notes there is a lot of psychology behind both weight loss and financial fitness. Both overeating and overspending have an initial burst of satisfaction, such as buying the brand-new car model when the used one would have been just as good with a lower price. Following that initial satisfaction, you are hit with subsequent guilt for what happened. Shopping sprees are a great example of the psychological positive burst followed by guilt. The best bet here is to steer clear of the threats to your financial fitness.

 

 

Attitude is Everything

If you approach a diet believing it will fail, you are bound to meet that low expectation. The same holds true for a financial goal. If you do not think you could possibly get out of debt or balance your personal budget, odds are you will end up sabotaging yourself in the process. Remember that a positive attitude can equal success, while a negative attitude is almost certain to result in disaster.

 

 

Good Behavior Adds Up Over Time

Most of all, remember that meeting these new financial goals will not happen overnight. No one drops 100 pounds, if that is their physical fitness goal, in a short period of time. Likewise, if your financial goal is to get out from under debt, that is not likely to occur in a short period of time either. Be patient, and focus on the long-term goals you have set for yourself. Following those good behavior patterns over time will add up to ultimate success.

 

There are many ways to go about achieving greater fiscal health. Take the time to find the system that works for you, implement achievable goals, and then focus on the types of good behaviors (fiscally) that can help you achieve those objectives. For more information, please contact Manhattan Ridge Advisors.