How To Save Money and Lose Weight

Being a lifetime member of Weight Watchers, I just had my weigh in.   I have successfully kept 30 pounds off since 1988.  In order to lose weight and keep it off, I tracked what I ate.    Even if it was a few M &M’s, a scoop of ice cream and yes, even a bite of my husband’s food or smoothing the edge of the cake— there are still calories involved.  Did you know an extra 100 calories per day will put 10 pounds on you in a year?

What does this have to do with saving money?  A lot!  Saving money or getting out of debt is like losing weight.  You need to track where your money goes.  An impulse purchase on a credit card is like eating a piece of cheesecake—your budget has to adjust or you’re going to gain debt/gain weight.   Tracking the food you eat makes you aware of what you are eating.  Tracking where your money goes creates awareness of how you are spending money.  Like a meager extra 100 calories a day, a few extra dollars here and there will add up in  the form of debt or living paycheck to paycheck.

In order to save money, get out of debt or lose weight, it will take time.  There are no quick fixes to instant weight loss or debt reduction.  It didn’t happen overnight and it won’t disappear overnight.  Set a goal.  In Weight Watchers you set a realistic goal weight.  For saving money or getting out of debt, you set a realistic goal.

As you know when you try to lose weight, there always seems to be a major calorie laden food function looming.  In Weight Watchers, you learn to plan your week and bank “points” to enable you to enjoy the big dining out function.  The same with money, there is always something out of the ordinary you need money for—plan your big purchases and save money towards them.

Assess your spending each week in similar fashion.  How much did you spend on what and if that was a good use of money?  You and your partner can keep each other accountable.   Weight Watchers has weekly meetings and weigh in to keep you accountable to your weight loss goal.  If you don’t change your eating habits you won’t lose weight.  If you don’t change your spending habits, you won’t be saving money, living paycheck to paycheck and most likely will be going in debt.

Chapter 5 in my book, “Recipe For Financial Success”  goes into greater detail on how to save money, get out of debt and getting off the paycheck to paycheck routine.   Chapter 3 discusses in greater detail how to set financial goals.

 

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