5 Ways to Save Money and Lose Weight at the Same Time

At some point in your life, you’ve probably wanted to lose weight or save money, right? Well, a recent Forbes article points out that “the same set of rules apply to both fields, so remembering a few simple steps can be highly beneficial for both your financial and physical health.” Author Jennifer Ryan Woods argues that finance and fitness go hand in hand and that saving money could also help you lose weight. How is this possible? She lists out the following five tricks for working on both your wallet and your waistline.

  1. Set realistic goals and write them down. Creating a specific goal is the first step toward financial and physical success. Your goal shouldn’t be “get in shape” or “get out of debt”; it should be something you can quantify and measure, like “work out three times a week” or “pay off credit card interest.”
  2. Track your consumption. Keep a food log and a finance log. To figure out which foods you need to cut back on, write down your dietary habits and what you eat. Monitor your spending: “Once you know where the money is going you’ll be better equipped to take charge and trim the fat from the right places,” Woods says.
  3. Make gradual changes. This is the key to long-term weight loss and long-term savings. Woods uses Starbucks to explain her point: “If you were to cut out the $4 Venti Latte that you buy each day on your way to work, that would save you more than $1000 a year. Compounded over several years, that amounts to major long-term savings.”
  4. Have a support system. A financial adviser or person who checks your weight on a regular basis is crucial.
  5. Avoid impulses. Giving into that Snickers bar or Equipment blouse that’s 40% off does not help with a diet or savings.

Want more ways to spend less? Read Kathy Stanton’s book Spending Less and Loving It.

Do you think that finance and health are a match made in heaven?