Save Money on Investment

Anthony Mac CEO /Nesto

And if you want to save money, cutting your spending to the barest essentials temporarily won’t help.

Monica Sipes, a certified financial planner and senior wealth advisor at Exencial Wealth Advisors in Frisco, Texas, never recommends the so-called money diet.

“It usually follows an overspend or a bad financial situation,” Sipes said. “It’s a restriction, often temporary, and I haven’t ever seen it work well.”