The Financial Diet Book Summary - The Financial Diet Book explained in key points
Listen to the Intro
00:00

The Financial Diet summary

Chelsea Fagan Lauren Ver Hage

A Total Beginner’s Guide to Getting Good with Money

4.3 (187 ratings)
19 mins

Brief summary

The Financial Diet by Chelsea Fagan and Lauren Ver Hage is a practical guide to handling money. It provides a step-by-step approach for budgeting, saving, investing, and building wealth. This book helps you take control of your finances and achieve your financial goals.

Topics
Table of Contents

    The Financial Diet
    Summary of 7 key ideas

    Audio & text in the Blinkist app
    Key idea 1 of 7

    Avoid these four “don’t you dares” to start improving your relationship with money.

    If you’re lost at sea when it comes to money, maybe it’s best to start your financial diet nice and slow.

    There are four “don’t you dare” rules that we can all remember and follow; if you do so, you’ll have taken a big step toward steadying your finances.

    First, don’t you dare spend money on credit if you can’t pay it off within a month. Sure, credit cards have their benefits – they can help build a credit score and get you air miles. But if you have one, treat it like a debit card. The day you spend money you can’t pay back in a month is the day you sabotage your financial health, because that’s when the interest starts to accrue.

    Second, don’t you dare fall into the CEO lifestyle. When the author first became CEO of her own enterprise, it changed her thinking. Suddenly she would think, “I deserve this $150 facial, because a CEO’s gotta look good, right?”

    We all convince ourselves that we need certain things to live the lifestyle we want, whether that means an iced latte every day, or a taxi home instead of the subway. The reality is that we don’t need these things, so we should get over them. Spend according to the budget you have, not for the lifestyle you think you should be living.

    Third, don’t you dare go a week without checking your bank balance at least twice. Just like a reluctant dieter avoids looking at the caloric content of the cake they are devouring, lots of people in poor financial situations just can’t bring themselves to look at their account balance. You can’t get on a financial diet until you confront the reality of your income and spending, however gruesome it might look the first time you check.

    And finally, don’t you dare imagine that savings will just magically appear. When you are young, it’s easy to think of your current self and your future self as two completely different people, and pass the responsibility for saving on to “future me.”

    Many people think that merely staying out of debt is enough and they can worry about savings in the future. But the fact of the matter is, there is only one you – and you need to start saving, even if it’s just a little, right now.

    Follow these rules and you’ll already be avoiding a lot of common mistakes. But to really get to grips with your financial diet, you need to learn how to budget.

    Want to see all full key ideas from The Financial Diet?

    Key ideas in The Financial Diet

    More knowledge in less time
    Read or listen
    Read or listen
    Get the key ideas from nonfiction bestsellers in minutes, not hours.
    Find your next read
    Find your next read
    Get book lists curated by experts and personalized recommendations.
    Shortcasts
    Shortcasts New
    We’ve teamed up with podcast creators to bring you key insights from podcasts.

    What is The Financial Diet about?

    The Financial Diet (2018) is a beginner’s guide to being better with money. Whether you want to bring your spending habits under control, pay off your student debts or just figure out how to start saving money for the future, these blinks will give you the tools to do so.

    The Financial Diet Review

    The Financial Diet (2018) is a practical and insightful book that offers valuable advice on how to manage personal finances and build a solid financial foundation. Here's why this book is worth reading:

    • With its emphasis on actionable tips and strategies, it equips readers with the knowledge and tools needed to take control of their financial lives.
    • By combining real-life anecdotes and relatable examples, the book makes complex financial concepts accessible and engaging.
    • Unlike other finance books, The Financial Diet takes a holistic approach, touching on topics such as career development, relationships, and mental well-being, providing a well-rounded perspective on personal finance.

    Best quote from The Financial Diet

    Money without a budget is like champagne without a glass.

    —Chelsea Fagan and Lauren Ver Hage
    example alt text

    Who should read The Financial Diet?

    • Millennials who want to get a grip on their finances
    • Women who want to secure their financial independence
    • Anyone who wants to live a better life while spending less money

    About the Author

    Chelsea Fagan is the creator of the popular website and YouTube channel The Financial Diet. She has also written for the Atlantic, Cosmopolitan and VICE, and is the author of another book, I’m Only Here for the WiFi.

    Lauren Ver Hage is Chief Design Officer for The Financial Diet, both the website and the book.

    Categories with The Financial Diet

    Book summaries like The Financial Diet

    People ❤️ Blinkist 
    Sven O.

    It's highly addictive to get core insights on personally relevant topics without repetition or triviality. Added to that the apps ability to suggest kindred interests opens up a foundation of knowledge.

    Thi Viet Quynh N.

    Great app. Good selection of book summaries you can read or listen to while commuting. Instead of scrolling through your social media news feed, this is a much better way to spend your spare time in my opinion.

    Jonathan A.

    Life changing. The concept of being able to grasp a book's main point in such a short time truly opens multiple opportunities to grow every area of your life at a faster rate.

    Renee D.

    Great app. Addicting. Perfect for wait times, morning coffee, evening before bed. Extremely well written, thorough, easy to use.

    People also liked these summaries

    4.7 Stars
    Average ratings on iOS and Google Play
    32 Million
    Downloads on all platforms
    10+ years
    Experience igniting personal growth
    Powerful ideas from top nonfiction

    Try Blinkist to get the key ideas from 7,500+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.

    Start your free trial

    The Financial Diet FAQs 

    What is the main message of The Financial Diet?

    The main message of The Financial Diet is how to manage your money and live a financially healthy life.

    How long does it take to read The Financial Diet?

    The reading time for The Financial Diet varies, but it typically takes a few hours. The Blinkist summary can be read in just 15 minutes.

    Is The Financial Diet a good book? Is it worth reading?

    The Financial Diet is worth reading. It provides practical advice and tips on personal finance to help you improve your financial well-being.

    Who is the author of The Financial Diet?

    The authors of The Financial Diet are Chelsea Fagan and Lauren Ver Hage.

    What to read after The Financial Diet?

    If you're wondering what to read next after The Financial Diet, here are some recommendations we suggest:
    • The Index Card by Helaine Olen and Harold Pollack
    • The Total Money Makeover by Dave Ramsey
    • Get Good with Money by Tiffany Aliche
    • Clever Girl Finance by Bola Sokunbi
    • Broke Millennial by Erin Lowry
    • Financial Freedom by Grant Sabatier
    • SuperLife by Darin Olien
    • Good Energy by Casey Means
    • Financial Feminist by Tori Dunlap
    • Women, Food, and Hormones by Sara Gottfried