“Money diet” is a term that’s been around since at least the 1980s, according to the article.
The concept encourages people to spend no ‘frivolous’ or extra money for a stretch of time, say a week or more. Of course, you still would spend funds on essentials like groceries, gas and medicine.
Unlike a food diet, where you want to lose pounds, the goal is to gain money. And if you do it right, Cross says you should have more money than usual at the end of the month — in addition to gaining better financial habits.
Cross puts herself on a money diet every January. She writes about it on her blog, HappySimpleLiving.com.
Cross said January is a good time of year for her to go on a money diet, but of course any time is ok. That said, some parts of the year may be more challenging than others, like summer, when you may want to do things like go on vacation.
It will help your cause if your family embraces the idea of a money diet.