The common money regimen that can actually backfire and leave you worse off

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The common money regimen that can actually backfire and leave you worse off
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The common money regimen that can actually backfire and leave you worse off investinyou (In partnership with acorns.)

So-called money diets work about as well as the ordinary kind.Pauline Yan, 41, says managing your money starts with scouting your feelings.There's plenty of disagreement about whether diets truly work, and whether money diets are effective.

"It usually follows an overspend or a bad financial situation," Sipes said. "It's a restriction, often temporary, and I haven't ever seen it work well.", which you support with some type of savings and perhaps a sacrifice. "Ultimately, it comes down to why you are making the decisions around your money, not a temporary restriction to undo bad spending habits," Sipes said.

What McElhaney doesn't like is when people equate not saving money with being overweight or lazy. "I've seen quite a bit more talk about dieting, body hate and discomfort with fatness on social media in personal finance circles than I expected when I first got into this," McElhaney said. A budget doesn't have to be restrictive. It just means you create a plan for your money. Your goal is to become more aware of how you spend, Anastasio says.

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