How is a Budget Like a Diet?
Budgets are like diets. It’s so easy to fall off the wagon. Just one bite of that chocolate éclair at the wedding, a piece of pizza while watching the first football game of the season (we lost 40-14. Ouch!), or dropping a quick $75 on that concert you just had to go see. Too often, and for too many, that first step down the slippery slope is all it takes to keep you off the wagon for good. (Or until you’ve gained back the 40lbs.)
To be truly effective, a diet needs to be part of a broader lifestyle change. It can’t be something you have to stick to. You resent it, and are constantly waiting for the opportunity to turn your back on it. If you change your lifestyle to incorporate exercise, a generally more physical lifestyle, and a good balanced diet of whole, nutritious foods, you have a much greater chance of success. A diet is something that has an end, while a lifestyle does not.
You see the parallels. Much of what can be said about a diet holds true for a budget. You can’t treat it like you’re depriving yourself of things for a while. It’s a piece of cake, really. Just revamp your lifestyle to incorporate your new, revised budget. Change your activities. Enjoy recreational pursuits that are less expensive. Sell the ski boat (blasphemy!) and go mountain biking or kayaking instead. I know you can’t sit out on the lake with the babes in bikinis swilling beer in a kayak, but that’s the way it goes sometimes. You can still go out for dinner on the weekends, but instead of Shula’s or Ruth’s Chris, go for Appleby’s TGI Friday’s or Chili’s instead.
The point is to get to where you feel normalcy in the new budget. That way you don’t miss “the way we were”. You’ll be comfortable, and that’s really the goal, isn’t it. Once you achieve debt free status, just stick with your new lifestyle. It’ll be easy, because you’ll just be living your life. You can then contribute even more to your investments or retirement accounts. If you’re already retired, you’ll have a little wider margin of safety with your new lifestyle.
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