Apply your weight loss plan to your finances

Do your New Year’s Resolutions involve undoing some of the damage that holiday overindulgence did to your diet?  Have you switched in glasses of bubbly and gravy soaked plates for fresh fruit and lean protein to shed those extra pounds? goal frugal

The holidays are all about overindulgence when it comes to eating- but also quite notoriously when it comes to spending. While you are embarking on your diet, use some of the same principles of weight loss to pay down your holiday debt.

Losing weight is like losing debt

The only way that you are going to lose those holiday pounds is to expend more calories than you consume. Obviously this means cutting back on empty calories and ramping up on the exercise to increase that gap between intake and output.

The same can be said for your debt. Look at your budget. You need to retool it to get rid of unnecessary spending so that you’ve got the cash flow to pay down that extra debt. If there isn’t room to slice and dice, you’ve got to increase the cash flow by other means, like taking on part-time work.

Track your eating? Track your spending too

To achieve success in your diet, you write down everything that you eat. It makes you accountable, but it also helps you understand why you may not be reaching that goal (I ate how much?).

Do the same with your spending. You’d be surprised to see where your money goes unless you are paying attention. It can also help you zero in on areas that need improvement.

Simplify your life to reach your goal

Many people use apps on their smartphone so that they can monitor their eating in the moment and track progress.

Take advantage of the many tools out there that can help you streamline your finances, like budget management tools and automatic payments.

Get support

Many weight loss programs involve online meetings, message boards or in-person support to help people achieve their goals.

For your debt diet, get the support of your friends and family by communicating your goal. They can help you get there.