There is a lot of negative talk in the financial blogosphere right now. Discussion is rampant about slow economic growth, the poor housing market, mortgage foreclosures, and the increase in bankruptcies. Concern about looming financial instability is rampant.

In times like this it is probably wise to cut things back a bit, just in case things get worse before they get better. One way to approach this kind of situation is to go on a financial diet. It is almost inevitable that we extend ourselves financially during good times and then have to rein in some of our spending habits when things slow down. This is probably a good time to lose some of that extra weight.

Similar to dieting, re-establishing financial control is mostly a psychological affair. You have to decide on a workable battle plan that determines how much you will spend and what you intend to sacrifice. At the same time you will need to develop methods that will help you follow the plan.

One of the most important rules of financial dieting is to avoid binge spending. Once you've developed a slimmed down budget, don't succumb to the kind of impulsive buying we all get caught up in when we're flush with money. If it's not in the budget, don't buy it.

On the other hand, we are all human, and that means we all fall victim to temptation from time to time. Don't get down on yourself when your will power slips and you buy something you swore you weren't going to buy. Just put it behind you and get back to the plan.

It can also be a great idea to reward yourself with small perks occasionally just to make your diet not seem so awful. That goes for normal diets or personal financial ones. Reward yourself from time to time - even budget for these extra perks. Then stay within your budget and you'll have it both ways: you'll stay on track and enjoy the struggle a little bit more.

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