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by: HowardBrule
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Word Count: 284

Most of the talk in the financial blogosphere is pretty negative these days. Just about everybody is talking about the slowing of economic growth, the stagnant housing market, increased numbers of bankruptcies, and the looming recession.

The reality of the issue if that many of us need to be on a financial diet. Is it the right time to shed those extra financial commitments you made when times were much rosier?

Like quitting smoking or dieting, it's a psychological battle when it comes to keeping your finances under control. You will need to prepare a plan stating exactly how much you are going to spend, and how much you will save, by giving up certain things. Then, it is critical that you design techniques that will help you stick to the plan.

One of the most important rules of financial dieting is to avoid binge spending. Once you've developed a slimmed down budget, don't succumb to the kind of impulsive buying we all get caught up in when we're flush with money. If it's not in the budget, don't buy it.

On the other hand, nobody's perfect, so don't go overboard if you give into your weakness. When you buy something you told yourself you would not buy, put it behind you and get back on track. Just try harder not to do it next time.

In fact you might consider bringing the fun right into your plan. It can often be beneficial to compensate yourself with small perks or indulgences on occasion, just to take the daily grind out of the "diet". Just try to stay within your budget. That will give you the satisfaction of splurging and the sense of accomplishment that comes with meeting your goals.

About the Author

Visit CVNMoney.com for financial advice videos, and financial news videos. For first class commercial financing and commercial real estate lending see East Coast Commercial Finance.

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