MMI offers practical advice for losing weight and debt in the New Year.

Every New Year, shedding weight and debt is at the top of the list for millions of people resolving to change for the better. According to a recent Times Report, these two are also among the most often broken resolutions.

While experts have offered numerous techniques and strategies for losing weight and paying down debt, the fundamental lifestyle change remains consistent for both – consume less.  Financial stability begins with spending less than you make, followed by paying more on what you owe.  Losing weight begins with consuming fewer calories, and becoming more active.

If you are among the millions vowing to finally achieve a healthy waistline and a healthy bottom-line, consider the following five steps:

1. Make the commitment.  When considering any lifestyle adjustment, the first step is to decide – are you ready to make the commitment to do what it takes to improve your health and financial wellbeing?  Are you ready to accept responsibility for changing your situation?  Do you believe that you can and will change the way you make decisions about food and money? It isn’t until you can truthfully answer yes to these questions that you will be ready to face the challenges of creating a healthier physical and fiscal life.
2. Create a plan.  Creating a budget and a meal plan starts with tracking – tracking expenses and tracking calories.  Consider carrying a pocket notebook for noting every penny spent and calorie consumed.  Review your results and look for areas where you should and can make cut backs.
3. Develop SMART goals .  One of the most important pieces to being successful in these areas is to set clear goals that are specific, measurable, achievable, rewarding and trackable.  Remember to create short-term, or milestone, goals as well as a target accomplishment.  If your ultimate goal is to become debt free, celebrate when you pay off 25 percent.  The same goes with weight lost. If you aspire to lose 50lbs., acknowledge every 5 to 10lbs. as an accomplishment.
4. Eliminate temptations.  Once you have a clear calorie and spending budget outlined, remove any obstacles that may hinder your success.  Don’t carry your credit cards in your wallet and don’t keep high calorie sweets in the house.  Leave your cards at home in a safe place and only take them out when you have a planned purchase and payoff strategy.  The same applied with food temptations.  If you know you’re going to be in an environment where you’ll be tempted to indulge, eat a light snack before you leave the house.
5. Stay flexible. Don’t get discouraged if you don’t see the pounds or debt melting away as quickly as you had hoped.  Change doesn’t happen overnight, and there are no quick fixes. The important thing is to remain flexible and committed. If you aren’t meeting your goals, revisit and adjust your plans as often as necessary.

Remember, you are human and set-backs are inevitable.  However, if you are truly committed to doing what it takes to meet your goals, you can accomplish anything.  To learn more about staying committed to your New Year’s resolutions, visit MoneyManagement.org and down New Beginnings , one of MMI’s free eBooks.