If you spent more than you had originally budgeted for the holidays, you may be worried and a bit apprehensive about going to the mailbox to check your mail. However, there is way to get back on track in the new year, according to the Oklahoma Society of Certified Public Accountants. You can go on a diet that involves trimming what you spend.
A spending diet might be considered extreme budgeting. Basically, you vow to not spend any money outside of fixed expenses for a certain period of time. The most successful dieter will review fixed expenses and look for ways to cut costs there, too. The idea is to spend only what is vitally necessary in order to push additional savings toward debt or building savings.
Here’s a spending diet tip:
With a regular diet, the dieter generally wants to stay on track until weight goals are met. However, with a spending diet, you may want to start slowly. For example, maybe go on a spending diet for a week and evaluate how you did at the end of a week. After learning how much you can save, you may want to take additional savings steps or take on a longer goal, like a month. Eventually, with hard work and determination, you’ll see the results you want.
If you have questions about budgeting, saving money or any other financial issues, be sure to turn to your local CPA. He or she can offer the advice you need to address all your financial concerns. For additional financial tips, visit www.KnowWhatCounts.org, where you can sign up for a free e-newsletter, try out financial calculators or ask a CPA a question. Visit www.FindYourCPA.com for a free CPA referral and free 30-minute consultation.