Most of the talk in the financial blogosphere is pretty negative these days. Just about everybody is talking about the slowing of economic growth, the stagnant housing market, increased numbers of bankruptcies, and the looming recession.

The reality of the issue if that many of us need to be on a financial diet. Is it the right time to shed those extra financial commitments you made when times were much rosier?

Just as with dieting, keeping your finances under control is mostly a psychological battle. You have to create a plan of attack where you detail how much you're going to spend and what you're going to give up. Then you have to develop techniques to keep yourself on the straight and narrow.

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.

At the same time, we're all human and we make mistakes. If you do slip up and buy something you don't really need don't berate yourself. Just go back to your economic plan and be wiser next time.

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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