Looking to Create Successful Money Habits? Do What the Weight Loss Industry Recommends

Life lessons are everywhere. The weight loss industry or the mountain bike trail.

I went mountain biking this weekend with a girlfriend of mine.  In between my huffing and puffing, we were discussing our plans for the weekend.  I was set to teach a young marrieds class on Sunday and asked her for topic suggestions. Specifically, she shared a money tip her daughter had shared with her.  It was a great tip, one I wished I had implemented long ago. I landed on teaching about relationships, but I continued to mull over the tip.  In general, my brain is like a popcorn machine. Once an idea pops, they are soon popping all over the place.  Perhaps it was this random thought of food that lead to the ultimate idea for today’s post. When we are looking to create successful money habits we need look no further than the weight loss industry.

Five weight loss tips you can apply to your finances.

  1. Daily allowance. In weight loss, you have a daily allowance. For example, it could be points, calories, or some meals a day.  Nonetheless, you are counting. Likewise, break your budget down into a daily allowance.  Especially those areas that tend to wreak havoc on your finances like eating out or birthday gifts.
  2. Tracking. Consequently, a daily allowance is useless if you don’t track what you’re spending.  I like My Fitness Pal app for tracking what I eat. It’s free and connects with my Map My Ride and Map My Walk apps. Similarly, there are tons of money apps for tracking.
  3. Weekly check-in. If money is truly important, then you will make weekly progress checks a priority. Certainly, don’t wait for the overdraft notice or the statements to pile up. Indeed, regular check-ins can boost our confidence or allow us to make adjustments so that we can finish the month in a more positive place. Preferably, have a partner or two for the weekly check-in. Which leads me to the next item – accountability.
  4. Accountability. Find a partner and outline an agreement. Explicitly, set these three guidelines
    1. A limit that you will text/call one another to discuss.
    2. An amount that you will text to discuss as well as sleep on the decision for 24 hours.
    3. And a larger amount that you will discuss but also give a three-day cooling off period before deciding.
  5. Celebrate the wins with friends. Unfortunately, creating strong money habits is a challenge which is precisely why this one is crucial. Without delay, make plans with your accountability partner(s) how you will celebrate a good week. Perhaps a game night, a walk on the beach, the winner makes dinner or something else that adds fun to an otherwise arduous task.

Grab your journal; it’s your turn to grow.

Take a few moments and reflect on your personal finances and journal your answers to the following questions.

  1. From the above items, which would you benefit from the most? When will you take action to incorporate that into your financial plans?
  2. Who is your accountability partner(s)?  What ideas came to you that would make your partnership more beneficial?
  3. If money is not the issue, is there somewhere else in life that this tips might be useful to you? Relationships, a goal at work, etc.?

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