Wait, what? Saving money and losing weight actually go hand in hand?
Yes, they do!
But how on earth is that possible, right?
You’ll have to take a psychologist’s word for it! According to Matt Wallaert, acclaimed behavioral psychologist, the two activities of spending and eating follow indistinguishable behavioral processes (1). What Wallaert means by this is that both of these activities center around the contest between what we want and their consequences.
So, if the two are so closely interrelated, controlling one can definitely help you control the other! In that spirit, here are 10 financial tips that’ll increase your savings and decrease your weight:
1. Control Spending Sprees
Wallaert says that whenever people decide to ‘break’ their budget or diet, they likely end up eating or spending a lot more because the rule for the day is already broken and they can always resume the next day. He pointed out the example of how dieters who start their day with a chocolate or some sweets usually end up overeating the entire day since they’ve already “failed” to follow their diet. The same goes for shopping. So, the next time you feel the urge to splurge on clothes or food, avoid the impulse by going for a walk and clearing your head.
2. Control The Environment You’re In
Instead of hanging out at the mall all the time, try doing something new like exploring your city. Even small habits can make a big difference and help you stay away from unnecessary shopping or eating. For example, according to one study, people who kept a bowl of candy away from their desk (to another corner in the room) ended up having very few candies (2). Hence, controlling the environment you’re in by avoiding places that trigger you to eat or shop can help immensely!
3. Have A Tight Budget Plan In Place
If you’re serious about spending less and consuming fewer calories, analyze your spending patterns and come up with a strict budget plan based on that pattern. A wealth management company, Signature’s VP, Amanda Gift offers a neat trick (3). She says divide all of your cash into individual envelopes and mark each envelope with the name of the item it’s intended to purchase such as ‘groceries,’ etc. Once the cash in these envelopes is over, you’ll ultimately find better ways to manage your money. A Cornell study also revealed that people who buy stuff on credit cards are likely to eat unhealthy (4). So, always have a monthly budget plan to control your calories.
4. Reward Yourself
If you really want to keep up with your money-saving and weight loss goals, it’ll be a good idea to come up with a reward system for yourself. For instance, you could get a credit card for yourself that offers healthy options to redeem extra points such as a free massage or discounted yoga classes. Just remember to be responsible and not get carried away.
5. Plan For The End
Be it saving money or losing weight, determine beforehand exactly how much you want to save or lose and work towards that goal, suggests DeYoe Wealth Management’s owner, Jonathan DeYoe (5). Having a specific figure in mind can help you plan detailed steps on how you intend to achieve that figure. Also, keep a deadline for yourself when making a plan to achieve your goals, but be realistic instead of setting an overly aggressive deadline.
6. Check Your Annual Spending
Low on savings? It’s time you review your annual spending patterns to see where all the money is gone. Your annual spending report can give you a clear idea of the kind of lifestyle you lead and thereby help you in both losing weight and saving money, according to CEO of Creditnet.com, Joshua Heckathorn (6). By reviewing your annual spending report if you find out how much money you’ve wasted eating out, you’ll know what to do.
7. Never Hit Extremes
Practicing extreme restraint in both spending and eating can ruin you. Wallaert says that people usually resort to extreme behaviors when trying to manage their weight and budget, but this doesn’t work in the long run. May work for someone who’s highly motivated, but the rest will sooner than later fall back into their old habits anyway. Hence, it’s vital to practice moderation in both weight loss and money saving.