Your Body and Your Bank Account
A few years ago phrases like “FICO score,” “debt ratio,” and “403(b)(7)” sounded to me like a language other than my native English. 
But these days I’m spending a lot of time teaching myself the ins and outs of personal finance – not surprising, considering that Dave and I are attempting to pay off our student loans and save for a house down-payment simultaneously.
So my interest was immediately perked when I came across this short article on the Link Between Fiscal and Physical Fitness. Since exercise is something I understand and embrace, the idea of applying those same familiar principles to the foreign territory of my bank account was particularly appealing. 
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So if – like me – you’re looking to pump up your wallet as efficiently and effectively as you pump iron, consider these four ways that the two are rather similar.
Four Connections Between Your Body and Your Bank Account
1. Both require discipline.
We all have days when we’d rather veg out on the couch with a bag of chips than hit the gym for a sweat session – even though we know the latter is better for us in the long run. While of course there are days when it’s fun and appropriate to throw caution to the wind with some Doritos and a Real Housewives marathon, much of the time we’re better off restraining ourselves from those urges.
Similarly, the temptation to blow our money on unworthy purchases surrounds us every day. Resisting unnecessary spending and instead sending as much money as possible to its rightful home (be that savings or paying down debt) requires the same kind of discipline that sticking to an exercise routine does.
2. Success comes from within.
Remember back in Psychology 101, where we learned about “locus of control”? No? Let me remind you: the term “locus of control” refers to the extent to which people believe they are in control of the course of their lives. Someone with an internal locus of control believes that her situation is mainly caused by her own actions and behaviors, while someone with an external locus of control chalks life up to fate, chance, or the actions and behaviors of others.
Having an internal locus of control can help you find success both in the gym and in your savings account. If you believe that your life is determined primarily by the choices you make, then you’re more likely to take your health and physical fitness into your own hands (as opposed to blaming your genetic make-up, or something like that). Similarly, you probably believe that your financial status has less to do with factors that are outside of your control – your paycheck, your taxes, etc. – and more to do with how you personally manage your money.
3. Organization is key.
We hear a lot about the importance of planning and tracking in the realm of healthy living, and it’s no coincidence: most people find that when they create an organized exercise plan and record their results, they’re much more likely to stick with it. That’s because when we develop a plan and track our progress, the whole process feels more intentional and deliberate, instead of random and haphazard. We set a goal, outline the steps needed to reach it, and then get moving.
The same holds true for reaching financial goals. Simply saying “I’m going to save more money” will probably not be as effective as outlining your expenses, finding specific areas where changes could be made, and then tracking the success of those changes.
4. Make it a habit.
When you first start an exercise routine, it can be difficult to stick with it because it’s new – it’s not actually a routine yet. But many people find that eventually it becomes such a regular part of their day-to-day regimen that they can’t really imagine life without it. Exercise becomes a habit – you don’t think about it too much, you just do it.
The same can happen with our finances. For example, our goal right now is simply to save as much as we can by cutting out unnecessary expenses while still living comfortably. While I used to have to remind myself to price-check and cut corners, now taking the time to shop for the best deal feels like second nature; I simply wouldn’t make a purchase without taking that step!
Getting your finances in order can be a scary and intimidating process. One way to make it more manageable is to draw connections between what you need to learn and what you already know. Turns out there really are some logical links between your fiscal and physical fitness! 
Do you consider yourself to be finance-savvy? Or is this an area where you could stand to improve?
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How did you learn about personal finances? Your parents? Your school? I basically taught myself through books and credible Internet sites (and Suze Orman!). I actually wish that all high schools mandated an Introduction to Personal Finances class.
For more reading on this topic, check out Lisa’s Total Money Makeover posts!
Themocracy
I would say I learned some from my parents but mostly from Peter or my own mistakes along the way. It really makes sense that our relationship with finances can be similar to our relationship with fitness. What a great way to make the topic more relatable.
Great post, Katie! I’m always reminding myself to save, save, save lately. And you’re right – it gets easy once it’s habit!! I’ll remind myself not to make impulse buys anymore, and think something over first. I am SO one of those people that gets something in their heads and wants it that instant. I’m slowly changing my ways
I LOVE this post! Probably because it relates so closely to my passion and personal career. I run our literacy program at my company so I’m always finding new ways to teach young adults on the importance of finances. I love this idea though. I think I need to start a lesson on this very topic.
This is something that I’ve thought about a lot. When I forget about that I am holding back on spending money for a the larger good of not taking out debt..I’ll ‘binge shop’ and then feel guilty about it. It’s funny when you take away rules from all areas of your life..you begin to invest in things in ways that you actually want to..and not out of rebellion.
Very interesting post. I find that I am much more responsible with money than with exercise lol! I never spend what I don’t have, I always double (and triple) check that I can afford something. I do exercise regularly, at least 4 times a week, but I’m more likely to skip an exercise session than to spend $$ I don’t have!
I would just like to say that student loans should be illegal. Seriously.
This is perfect timing, because I’m actually reading Bethenny Frankel’s “Naturally Thin” (more because I LOVE her than I really wanted to read the book) and that is the first point she makes in the book – your diet is your “bank account.” I’ve never thought about it like that…but I guess subconsciously I do? It’s like when I make a huge purchase, I beat myself up for a little bit. Then I realize that overall, I’m fairly frugal with my money, and it all evens out.
I wish that I were better about managing my finances. I dont have any credit card debt, but dont save money well either. And now that I’m living off of student loans again, it all just seems to go out the door. Hopefully once I’m out working full time I’ll sit down and force myself to make a budget.
Very interesting! I can see how the two are linked.
Haha, I learned from Suze Orman too, my Mom made me read one of her books!
Great Post!
Thanks for this post! Now if they could only explain mutual funds in fitness terms… I’m so NOT money-smart. I consider myself smart in many ways, but when my financial advisor Dad starts talking to me about money, my eyes glaze over and my mind goes to a happy place…
This is really interesting! I’m not really all the financially savvy, so I’ve never thought about the connections between the two. But these are some really great points! If I look at managing/saving money the same way I look at exercising, maybe it won’t seem so bad…
Right now I try to be thrifty and don’t ring up a lot of debt (well, besides those awful student loans), but when it comes to investing, etc, I’m clueless. And I agree — why can’t high schools (or even colleges) offer more practical courses like that!! That type of course would have been extremely helpful.
i would say that i’m financially savvy but lack the discipline sometimes…and the same thing with my health! i know what to do, i studied it for so long, but sometimes i just don’t have the discipline. i’m proud to say it’s better than it was, both financially and physically!
I just started re-reading Bethenny Frankel’s book and she also says to think of your food as a bank account. Love this concept.
I have a great system for my finances and budgeting that my fiance taught me – he actually set up an elaborate spreadsheet and with my expenses, bills, income, etc. and it works to keep me on track. I’m also one of the most frugal people I know!
I learned from myself really–reading and researching! Great post–you know I love money and saving talk! thanks for the linkage too.
I learned to about finances from my parents and from my hubby. I think we’re pretty good with our money. Some times we do splurge though.
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I do fairly well with my finances but I could definitely do better. I could just use more money :] haha!
These two tie together perfectly! I think I learned personal finance through my parents and self tough. I’ve read total money make over and find that it has a lot of great ideas almost anyone can use in their financial lives.
You seriously always write the BEST posts!!! Every one is so informational and pertinent to (I’m sure) not just me but many other people. You do a great job of comparing personal finance to your body…it kind of reminds me of Bethenny Frankel’s idea of “Your Body is a Bank Account” in Naturally Thin.
On the other hand, I do NOT consider myself to be financially savvy and I really wish I was. I was not really taught a whole lot about it by my parents and I went straight from living with them to living with my then-boyfriend-now-husband. I seriously need to make more of an effort to learn because I HATE depending on someone else!!! I hate even admitting that!
PS – I LOVED your comment on my blog and I completely agree with you…I need to respond or write another post..I wasn’t too happy about either article really.
my mom was always good with money and i think that gave me the confidence to be the same way. im a total saver.. to the point where i have a hard time spending much of my money on anything. i save anything, pennies, dimes, whatever- i know it all adds up. thank god i didnt turn out like my dad.. lol hehe.
Thank you for this post! I’ve been horrible with my spending habits lately! Bad! And then my vacation just put me way over the edge. I could really use these tips. Exercise and me go together like almond butter and honey (at least in my world) but finances… ug.
I love that you linked Lisa’s Total Money Makeover posts because I’m a HUGE Dave Ramsey fan. In fact, I have never and WILL never own a credit card! So, not to toot my own horn, but yes I do find myself to be quite financial savvy
I have my dad to thank for that, for sure. I love the fact that I’m so young and have my whole life to save money with *no* debt behind me (once again thanks to my parents – they paid for all 4 1/2 years of college!).
Your points are so true. Being good with money takes work and attention. Sometimes I can’t believe how little attention people pay to their finances!
This is such an interesting comparison! I ace all those points when it comes to sticking to a fitness plan, yet I totally fail when you apply them to personal finance. And now I realize that it’s probably due to a lack of organization! Thanks for such a helpful post Katie!
Those are interesting correlations. I’m in an *okay* place with money – I make ends meet and for being a fresh-outta-college girl, I do decently; however, I have no savings and I am a bit of an impulse buyer when it comes to shoes and clothing. I could stand to be a bit better, and like your post mentioned, I think organization is going to be the key to get there!
Oprah dealed with Fico-scores last year. You can check all the details on her webside: http://www.oprah.com/money/Suze-Ormans-Financial-Plans
Good luck!
Interesting to think about fitness that many of us enjoy and link it to finance, which most of us would be better off if we enjoyed it more! Recently, I read “The Wealthy Barber” (http://www.wealthybarber.com/), it gave good basic advice and was written as a story so not a dry read. It is Canadian based, but good tips for others.