A Personal Financial Diet May Be The Best Thing You Can Do

There is a lot of negative talk in the financial blogosphere right now. Discussion is rampant about slow economic growth, the poor housing market, mortgage foreclosures, and the increase in bankruptcies. Concern about looming financial instability is rampant.

The truth is, many of us need to go on a personal financial diet. Is it time to shed some of that extra weight? In good times we all tend to extend ourselves a bit more than we should. Then when the inevitable slow down hits we have no choice but to cut out the fat.

Like quitting smoking or dieting, it's a psychological battle when it comes to keeping your finances under control. You will need to prepare a plan stating exactly how much you are going to spend, and how much you will save, by giving up certain things. Then, it is critical that you design techniques that will help you stick to the plan.

Just as with regular dieting, there are rules you should follow when doing some financial dieting. One of the most important is to avoid binge spending. Develop a daily and weekly budget. Try to include everything that is important and eliminate everything that isn't. Then don't let yourself get sucked into impulsive buying. That may be fine when your finances are healthy. But when you're trying to nurse them back to health resisting this kind of temptation can make the difference between success and failure.

At the same time, we're all human and we make mistakes. If you do slip up and buy something you don't really need don't berate yourself. Just go back to your economic plan and be wiser next time.

It can also be a great idea to reward yourself with small perks occasionally just to make your diet not seem so awful. That goes for normal diets or personal financial ones. Reward yourself from time to time - even budget for these extra perks. Then stay within your budget and you'll have it both ways: you'll stay on track and enjoy the struggle a little bit more.

Visit CVNMoney.com for financial advice videos, and financial news videos. See East Coast Commercial Finance for commercial mortgage lending.

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