Do you want to save some serious cash next month?
Then a thirty-day financial diet may be just the thing for you!
I put myself on a “financial diet” at least twice a year, and this enables me to put away hundreds of dollars that would normally get spent on what I call “stuff.”
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What’s a Financial Diet?
Like a food diet, a financial diet is about cutting back on the fat, so to speak.
Everyone spends money on things that are not absolutely essential to living—eating out in restaurants, lattes on the way to work every morning, movies, and just plain stuff.
So when I need to come up with some extra money or want to save money for travel, I go on a financial diet for a month. I pick two months every year when there isn’t a lot going on in my life (no holidays, big events, vacations, etc.), and I cut my spending back to the bare minimum.
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This means no spending money on anything that is not essential for the entire month.
I pay my bills, buy food, and get gas for my vehicle—and that’s about it. I do allow myself little extra expenses of up to about $2.00 occasionally in case I want to buy something small.
I don’t eat out, go to movies, go shopping, or charge anything unnecessary on my credit card for the entire month.
So What Do I Do for 30 Days?
Glad you asked.
This is the part where losing weight comes in. It is also possible to lose weight while you’re on a financial diet.
During the last month that I did this money diet, I lost 6 pounds. Results will vary, of course, depending on your starting weight and how much you exercise, but it’s a great side benefit of saving money!
I was not eating out during this period, so that saved me a lot of calories right there. No grabbing a meal at McDonald’s, an ice cream treat at Dairy Queen, or overeating at an Italian restaurant.
Preparing food at home is cheaper, and you will generally eat less.
I also have time to exercise more. I have a gym membership, and since I can’t cancel it for just a month, I take advantage of that “paid for” facility to swim and use the exercise equipment. This helps me lose more weight and also occupies more of my time so I’m not tempted to buy stuff or go places where spending money is required.
I also come up with free things to do. I love to read, so instead of buying e-books for my Kindle (even though they are fairly cheap), I go to the library and enjoy spending time browsing through the books to find a new author I would enjoy reading.
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I’m an Amazon Prime member, which enables me to watch free videos on my Kindle. The library also has videos and movies you can check out for free.
One of the other things I do in the winter is visit a nearby conservatory. It is wonderfully warm, humid, and filled with flowers and greenery. It’s an oasis in the middle of a Midwest winter. They ask for a $2.00 donation, which I’m happy to give for the convenience of being able to spend time there. This is one of the reasons why I allow myself those small expenses occasionally.
In the summer months, it’s easier to come up with free activities because the warmer weather opens up many possibilities. Walking, biking, and rollerblading are all free and help with weight loss. I try to avoid events like festivals, where I know I’m likely to spend money.
Other free activities include going on a picnic, hiking, swimming at a lake, exploring a nearby town, taking digital photos, gardening, walking a dog, or simply enjoying the sunshine from your lounge chair.
There are plenty of ways to entertain yourself without spending a dime—you just need to get creative.
How Much Money Can You Save?
The amount you save depends on your spending habits and other factors. If you’re someone who frequently spends on unnecessary items, you’ll save significantly more than someone who doesn’t.
In the past, I’ve saved over $700 in a single month by sticking to a financial diet and saying “no” to all the non-essential stuff.
Of course, your results will vary based on your income, monthly bills, and the cost of food and gas in your area. But I’ve found it incredibly eye-opening to see how much extra money I have when I cut out buying “stuff.”
A Financial Diet Plan is Easy & It Works
Spending money only on necessities isn’t always fun, but it’s effective because it’s temporary.
It’s just 30 days, and then you can return to your regular lifestyle. The difference is that at the end of your financial diet, you’ll likely have several hundred extra dollars to show for your efforts.
Are You Up for the Challenge?
It’s not as hard as it might seem. And if 30 days feels too long, start with a weekend.
Commit to spending absolutely no money from Friday night to Monday morning. I did this recently on a cold winter weekend when I knew I wasn’t going anywhere. I spent the time at home taking care of all those things I’d been meaning to catch up on.
If you’re willing to commit to a financial diet and “just say no” to all extra spending for one month, your checkbook will surely be a little (or a lot!) more flush with cash!
Guest Writer Bio: Dianne Swanson is a travel blogger who occasionally posts about saving money for travel.
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