Caitriona Redmond: Would you go on a money diet? I think they are damaging and here is why

Instead of tackling a new way of spending money like a diet evangelist with two weeks to a sun holiday, it’s about spending the money we have on the items we need when we need them

Hainanese chicken rice, chilli sauce and bouillon on the table. horizontal view from above

Have you ever heard of a money diet? Similar to a food diet the idea is restricting your spending to a set pattern or abstaining. People can feel virtuous for the days they don’t spend money and these are called ‘no spend days’.

Supporters of this method of budgeting gloriously mark their calendars (and often their social media) on the days they don’t spend money in bright and cheerful colours. Just like people who are in diet clubs celebrate the days they stayed within their calorie deficit.