It’s time to get a grip on your debt! That’s why I have the Debt Diet. It uses the same principal as a food diet – like a weight loss approach to your finances. More of us are overweight than ever before – and more of us are in debt than ever before, with the average household owing at least $8,000. 

Well, your weight and your debt hinge on the same concept: Eat too many calories, you get fat. Spend too much money, you get debt-heavy. 

So here’s the fix – from debt expert Gerri Detweiler:

Take 20 minutes a day, three times a week to find the holes in your wallet. Just like you should exercise 20 minutes a day, 3 times a week, and keep a food dairy, where you write down every morsel of food you eat – you should spend the same amount of time taking a hard look at where your money’s going. So Monday, Wednesday and Friday – write down everything you’ve bought in the past couple days. 

Do that, and you’ll know very quickly where your spending weaknesses lie – and where you need to cut back. Monday will probably take more time because we spend more on the weekends.

So if you notice that you spend $7 at Subway everyday, getting a sandwich and chips, and another $3 at Starbucks getting your morning latte – that’s $10 a day – or $2,600 a year, only counting weekdays. 

Basically, we need to attack the holes in our wallet the same way we’d attack our big bellies – reducing spending a little at a time until you see results. 

Because debt, like fat, is stressful and a quality-of-life killer.