The Navigoe Blog

Saving money: as easy as losing weight?

As someone who has struggled at times to both lose weight and save money, I can’t help but remark at how similar these two elusive goals are for many people.  There’s a reason they’re both popular New Years resolutions. Year after year.

Losing weight and saving money can both be broken down into really basic math. To lose weight you need to move more and eat less. In other words, if calories out is greater than calories in, you will lose weight. Of course, the real trick is to do it in a healthy, sustainable way. To save money, you need to spend less than you make. If money in is greater than money out, you will save money. Simple, right? Yes, but not easy.

Where there’s a will there’s a way

Getting started takes the greatest amount of self discipline.  When it comes to weight loss, you likely have to make substantial changes to your eating habits and make time to exercise regularly.  There are plenty of fun and tasty ways to incorporate physical activity and healthy foods into your life, but for most it takes a conscious effort to get started.  Similarly, for those who have not been saving money, a change in your spending habits may require some will power as you redefine your needs versus your wants.

Over time, you may find fun and creative ways to work towards both goals at the same time.  Consider a local hike or bike ride with friends rather than a day at the mall shopping and filling up on heavy food court fare.  Also, learning to cook can be one of the greatest ways to improve both your waistline and your bottom line.

Plan for success

Two of the least popular words in the English language:  diet and budget.  The problem with diets and budgets is that they generally tell people what they can’t do.  Don’t eat carbs, don’t buy lattes, don’t eat pizza, don’t buy expensive clothes or cool gadgets.  Any plan that you can’t stick to is one that is going to fail.

A more successful approach is to plan what you will do, not what you can’t do.  An eating plan that says that you should eat plenty of fruits and vegetables, lean proteins and whole grains.  If you know that weekends usually involve indulgent meals with friends, then plan for that.  Make that your “cheat meal”.  This reduces the feelings of guilt and gives you something to look forward to.

Likewise, a spending plan will take care of the necessities first, housing, transportation, utilities and yes, savings.  But, if a weekly spa day is important to you, and it’s within your means, then include it in the plan.  By planning for expenses that are important to you, you are spending with purpose.  Like the cheat meal, this allows you to enjoy your indulgence rather than feeling guilty.

 

infomercial/quick fix

Whether it’s an ancient berry from the Brazillian rain forest or a machine that electrocutes your ab muscles into shape, there is no shortage of get fit, lose weight infomercials.  The same can be said of “no money down” real estate programs or making millions by placing hundreds of tiny newspaper ads.  Apparently, four easy payments of $19.95 will make you both fit and rich!

What’s interesting, is that most of the programs out there appeal to our desire for more.  More stuff, more food, more status, more indulgence.  The lose weight overnight programs usually don’t suggest that they will help you eat less, or eat more healthily.  They tell you that a magic pill or workout equipment will help you burn so many calories that you can eat whatever you want.  And the get rich schemes don’t tell you that they will help you spend less money.  What fun would that be?  It promises to help you make loads of money that you can spend on luxury cars and fancy trips.

The reality is that people who are fit generally eat healthy.  Sure, they are active as well, but proper nutrition and portion control is probably the more important factor in overall fitness.  Likewise, people who are wealthy are generally very good at living within their means.  Yes, making a high income helps to save more, but people at nearly every income level are able to save money.  And many people at the highest income levels fail to save.