Absurd, you might think! But not really! It’s easy to draw parallels between your spending and eating habits. It’s not our cooked-up theory. Psychologists undertook some heavy research work before concluding this. But, you don’t need to be a psychologist to surmise that more eating means more spending and, of course, the other way round too.
So, for all those looking to shrink their waist and wasteful spending, here is a 5-step strategy to help you kill two birds with one stone.
Additional Reading: How To Save Money & Make Money At The Same Time!
- Don’t Give Up
Research studies have found that if you don’t follow something regularly, for example a diet plan or a savings plan, chances are that you’ll screw up big before you restart again. If you are on a diet plan and falter by binging on a chocolate cake, don’t sulk and eat more. Don’t wreck the rest of your day by eating unhealthy food just because you ate a cake. It’s alright to give in to temptation, but the trick is in not giving in again and again. Stick to your diet for the rest of the day, even if you have strayed, and create a deficient the following day.
The same principal applies to savings. Stick to your budget and investments. If you get liberal with your money now and then, don’t spend more. Put the brakes after one excess expenditure and continue with your usual plan. Also, find a way to balance it out the same day or the next. So breathe in and stay put! Don’t let a moment of weakness get to you for the rest of the day.
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- Create A Temptation Free Environment
It’s easy to say that temptation gets the better of you when you are out shopping or sitting in a restaurant. We don’t blame you for that. But what excuse do you have for the times you have vegetated on your couch all day long, eating junk. Well, the pantry was stocked! See, there lies the problem. If you are trying to avoid something and you see it in front of you, temptation strikes 100 times stronger. So, if you are trying to make your wallet gain weight and making yourself lose it, then create a temptation-free environment around you. Begin with your office and home. Keep your pantry stocked with fruits and other healthy snacks. Also pack your own snack to work. There are many homemade recipes that are tasty and also nourishing. Even when it comes to weekend outings, you can pick cafes that offer organic, healthy foods. This is tough, but once you see the results around your waist and in your wallet, you’ll love it. Soon, eating healthy and spending wisely will become a habit.
Additional Reading: 11 Things You Can Save Money On Every Month
- Reward Yourself
It’s been established that when trying to complete a task, or learning something new, positive reinforcement works better than negative feedback. Hence, it’s important that you reward yourself for each milestone on your weight loss and fat-wallet journey. Each time you lose a certain amount of weight, treat yourself to your favourite food or visit your favourite restaurant. Likewise, if you save a certain amount, buy that dress you have been eyeing for the longest time. Testing yourself to these little challenges and then rewarding yourself for acing it will keep you on the goal track.
A good idea would be to get yourself a Rewards Credit Card. This card will help build up reward points as you shop for groceries or other necessities, and when the time comes, you can redeem them for gift vouchers. This is indeed smart – you can reward yourself without having to spend anything extra.
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- Have Your Goal Clearly Laid Out
We love citing research work, especially if it has something to do with psychology. It’s just interesting. So here is another research; it says that if you have your goal clearly charted, you can plan better for it. Even the mystics say this. So, if you want to lose weight, decide how much. If you’re looking to save for a holiday, decide how much. Then you can break this up into small monthly installments. For example, if you are looking to losing 10 kg, keep a target of reducing 2 kg per month. Likewise, if you want to save Rs.30,000 for a holiday, save Rs.5,000 every month till you hit the mark. Now, you know why we were always asked to state our ambitions the moment we entered school. So, we could chart a path to it.
Additional Reading: 6 Golden Goals to Kick-Off Your Financial Planning
- Give ‘Extreme’ A Wide Berth
You are at your motivated best at the onset of something. The trick is in keeping the motivation engine well-fuelled. One way to do this is to devise a practical plan. Don’t plan to save 70 percent of your salary or to live just on liquids. You will most likely stumble going from one extreme to another. Keep a practical plan. Start slowly and then pick up steam. If you stumble, you will get demotivated, and then you’ll sulk. Just keep it simple and effective.
Additional Reading: Why People Fail In Financial Planning Despite Having Goals
Aren’t these tricks helpful and feasible? Well, just take it a day at a time, and you’ll soon be sporting a perfect figure and a fat wallet!