Quite a lot – I think. No one likes them and neither one is the ticket to success.

That’s the first question – How are you defining success? The key is to define your goal using SMART elements (specific, measurable, achievable, realistic and timely). You may begin by saying that you want to lose 10 pounds however if you are more thoughtful about this goal, you may be able to make it easier for yourself and ensure that the results are sustainable J Taking a closer look at this goal in the context of SMART goal setting will allow you to consider supporting plans and specific actions you can take to achieve it.

The goal is a new (10 pounds lighter!) stable weight:

Is this realistic? Have you done the math in terms of increased calorie burn by exercise and reduced calorie intake? How many calories do you take in now (assuming your weight is stable)? If 1 pound = 3,000 calories, what changes will you make to remove or burn below your ‘stable’ calorie level over the period of 1 week? What milestones will you set? 1 pound per week or ? Can you do it? How will you do it (specifically)? Will you reduce what you eat? Eat differently? Or a combination of both? Will you increase exercise and if so, what type and how often? A diet without a supporting plan has a low probability of success but a diet with a well thought plan of action will see you achieving your goal.

How is a diet similar to a budget? A budget is a tool that can be used to help you achieve your financial goals but other important components must be incorporated in order to ensure success. What do you want? Do these objectives align with your values and lifestyle? Have you done the math to understand whether you have the income to meet your expenses and have enough left over to put towards your plan? Have you translated this knowledge into action such as developing a budget that supports your plan? Have you set up systems to help such as monthly automatic savings or increased monthly debt repayments?

A budget alone will not ensure that you realize your dreams but if used properly, it can be a useful tool that increases the likelihood of achieving your objectives.