We’re barraged with images that scream CONSUME. From glitzy commercials to the glossy ads of our favorite magazines, the message is the same: spend.
But what if you could disconnect, unplug the buy button, and turn off the incessant call of consumerism? How might your finances prosper in the process?
That’s the point behind the financial fast promoted by Washington Post financial writer Michelle Singletary’s in her new book, The 21 Day Financial Fast.
According to Singletary:
During this fast you will not shop or use your credit cards for twenty-one days. For three weeks you must refrain from buying anything that is not a necessity. And by necessity, I mean the bare essentials, such as food and medicine.
Singletary’s financial fast is similar to temporary non-essential spending freezes promoted by other personal finance experts. Natalie P. McNeal over at The Frugalista, for instance, advocates a No-Buy Month for her readers.
Restricting purchases to only essentials like heat, gas, and grocery store bought foods allows you to become mindful about spending money. During the process you may realize that you spend a ton of money, much of it unnecessarily. More importantly, a financial fast teaches you how to replace bad spending habits with frugal ones while helping you control the type of impulsive spending that destroys bank accounts.
“No-Buy Month, the first time I did it, was life changing. Going without dining out, I was forced to learn how to cook. By not shopping at my every whim, allowed me to take stock of the clothes in my closet. Refusing to go to the salon every two weeks, showed me that I could have a stable bank account,” explains Natalie P. McNeal.
But for some going cold turkey on non-essential spending is not as easy as it sounds. To make the most of it, consider enlisting an accountability partner. This is someone who can encourage you on your journey. They’ll keep you in check when you’re tempted to stray. Better yet, find someone to join in with you like your significant other or best friend.
Remember to keep a journal to record your experiences and feelings. It will help you identify the triggers that lead to your bad money habits. Do you, for instance, find yourself wanting to shop when you’re depressed? Is your desire to purchase the morning latte based purely on habit?
At the end of the month take a look back. How much did you save? What are some of the great things that you can now do with that money? See where you can change your spending habits for good. Perhaps you’ll stick with making some meals at home. Maybe skipping the morning coffee and doughnut wasn’t too much of a sacrifice after all, or you might realize that there are some things you absolutely can’t do without.
The point is to examine your spending habits and find out where you can cut the fat, while at the same, discovering what areas of spending really are worth it to you.
BMWK, have you ever engaged in a financial fast? How did you do?
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