Woman holding an empty wallet

What is a Spending Fast and Why You Need One

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If you’re like most people, your finances could use some improvement. You may be in debt, have no savings, and feel like you’re stuck in a never-ending cycle of bills and payments. Sound familiar? If so, then it’s time for you to try a spending fast.

A spending fast is the ultimate way to get your finances in order. This is a technique that can help you to get your finances under control and improve your spending habits. It can be difficult at first, but it’s an effective way to break the cycle of overspending and getting yourself into debt.

Keep reading to find out what a spending fast is, why you might need one, and how to go about completing one successfully.

What is a Spending Fast and What are the Benefits?

A spending fast is when you go without making any new purchases for a set period of time. The length of the fast can be anywhere from a few days to a month or even longer. 

The goal is to break the habit of spending money on unnecessary things and to focus on living within your means. There are many benefits to participating in a spending fast, including saving money, being more mindful of your spending habits, and simplifying your life. 

When you go without making new purchases, you quickly realize how many unnecessary items you have in your life. This can help you declutter your home and your life, and it can also give you a renewed appreciation for the things you already have. Additionally, a spending fast can help you assess your financial goals and prioritize what is truly important to you.

If you are considering doing a spending fast, there are a few things to keep in mind:

  • Make sure to set realistic goals for yourself.
  • Plan ahead for any necessary purchases that you may need to make during the fast, such as groceries or prescription medications.
  • Be prepared for any challenges that may arise, such as temptation or peer pressure.

However, if you stick to your plan, a spending fast can be a great way to save money.

Who Needs a Spending Fast?

If you’re like most people, you probably spend money without even thinking about it. Whether it’s buying a coffee on your way to work or picking up a new shirt on sale, it’s easy to let small purchases add up. But what happens when your spending gets out of control? That’s where a spending fast comes in. 

If your credit cards are maxed out, and you’re living paycheck to paycheck because all of your money is going for bills, you probably need a spending fast.  

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Woman holding empty wallet

How to Start a Spending Fast

So, you want to start a spending fast? Here’s how to get started:

  • Pick a start date and duration. Decide when you want to start your fast and how long you’ll go for. A common length of time is 30 days, but you can adjust this to fit your needs.
  • Make a list of essentials. Before you start your fast, make a list of the things you need to spend money on during the period of time you’re fasting. This might include groceries, bills, and transportation costs. Anything that is necessary should be written down.
  • Set a budget for essentials. Once you know what your essential expenses are, set a budget for each one. This will help you stick to your spending fast while still being able to cover your basic needs.
  • Cut out all unnecessary expenses. Take a look at your budget and see where you spend money on things you don’t absolutely need, like eating out, shopping, and entertainment. Cutting these expenses will give you more room in your budget for essentials and savings.
  • Use cash for all of your purchases. When you’re paying with cash, you can visualize your spending. The bills make you aware of every dollar you spend. Those physical reminders will help you keep your willpower intact. When you can see the money leaving your wallet, it’s easier to resist temptation.
  • Find free activities. When you’re trying to save money, it’s important to find ways to have fun that don’t cost money. There are plenty of free available, such as hiking, going to the library, or visiting a park.

Tips for Sticking to Your Spending Fast

A spending fast can be a great way to save money, but it can also be tough to stick to. Here are a few tips that may help:

  • First, set a clear goal for your spending fast. Whether you’re trying to save for a specific purchase or simply want to reduce your overall expenses, having a goal in mind will help you stay motivated.
  • Second, make a budget and stick to it. Track your income and expenses so you know where your money is going, and make sure to limit your spending to only essential items. Unless it’s a necessity, don’t spend money on it.
  • Third, avoid temptation. Stay away from places where you’re likely to spend money unnecessarily, such as shopping malls or online retailers. If you have trouble resisting temptation, consider enlisting the help of a friend or family member who can hold you accountable.
  • Fourth, stay positive. A spending fast doesn’t have to be all about deprivation; think of it as an opportunity to reset your relationship with money. Remind yourself of your goals often, and celebrate small wins along the way.

What to do When You’re Tempted to Break Your Fast

Anyone who’s ever tried to stick to a budget knows that it’s not always easy. There will be times when you’re tempted to break your spending fast and splurge on something you don’t really need. When that happens, there are a few things you can do to stay on track. 

  • First, remind yourself why you’re doing this. What are your financial goals? What will you be able to accomplish if you stick to your budget? Sometimes, all it takes is a little reminder of what’s at stake to help you stay focused. 
  • Second, try to find a cheaper alternative that will still satisfy your urge to spend. For example, if you’re tempted to buy a new outfit, see if you can find something similar at a consignment shop or online thrift store. 
  • Finally, if all else fails, give yourself a small allowance for discretionary spending. This way, you won’t feel like you’re depriving yourself completely, but you’ll still be able to stay within your budget. 

You’ll be less likely to break your spending fast and derail your financial goals by following these tips.

Final Thoughts

A spending fast can be a great way to get your finances in order, but it’s not always easy to stick to. By following these tips, you’ll be less likely to break your spending fast and derail your financial goals. 

After your spending fast, you’ll have a much better understanding of your finances and where your money goes each month. You can use this knowledge to make more informed choices about your spending and improve your financial situation in the long term.

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