What Is a Spending Fast? How It Can Help You Save Money and Reset Your Finances
What Is a Spending Fast? How It Can Help You Save Money and Reset Your Finances
Discover the Benefits of a Spending Fast, How to Get Started, and Tips to Break Free from Unnecessary Expenses
Do you feel like your money is slipping through your fingers, leaving you wondering where it went by the end of the month? Maybe you’ve tried to budget, but somehow, the temptation to spend always seems to get the better of you. If this sounds familiar, a spending fast could be exactly what you need to reset your finances, stop unnecessary spending, and even find a quick way to save some extra cash.
A spending fast isn’t about depriving yourself—it's a challenge designed to help you become more conscious of your spending habits and reconnect with what truly matters when it comes to your money. Let’s explore how a spending fast works, the benefits it can provide, and how you can get started on your own personal spending fast challenge.
What Exactly Is a Spending Fast?
A spending fast is a set period of time during which you refrain from spending money on anything non-essential. In other words, no impulse buys, no unplanned expenses, and no extra purchases that aren’t absolutely necessary for your survival or basic needs. You can think of it as a financial detox. The goal is to help you recognize patterns in your spending, evaluate your wants versus your needs, and take control of your financial habits.
A spending fast could last anywhere from one day to a full week or even longer. While the idea may sound daunting at first, you get to choose the length of your fast based on what works for you.
How to Prepare for a Spending Fast
You can’t just wake up one morning and expect to go through an entire day (or week) without spending money. Preparation is key to success! Here’s what you need to do before you begin your spending fast:
Stock Up on Essentials: Before you start your fast, make sure you have everything you need at home—groceries, toiletries, household supplies, and gas for your car. This will prevent you from feeling tempted to run out and buy something during your fast.
Set Clear Boundaries: Clearly define what counts as an essential expense. Your basic needs (groceries, utilities, and bills) are fine, but anything beyond that—such as coffee, snacks, or new clothing—should be off-limits.
Set Your Timeframe: While you might feel tempted to commit to a full month or longer, I recommend starting with 3 days. It’s short enough to be achievable but long enough to show you real results. You’ll be surprised at how much you learn about yourself and your spending habits in just a few days.
Why Try a Spending Fastt
There are several reasons you might consider a spending fast. Whether you want to save a quick chunk of cash, tackle some debt, or simply reset your spending habits, a spending fast can provide a significant boost. Here’s why you might want to give it a try:
1. Increased Awareness of Your Spending Habits
One of the biggest benefits of a spending fast is that it makes you more aware of your spending habits. During the fast, you’ll notice when and why you’re tempted to spend money. Are you an impulsive spender, or do you make more thoughtful purchases? Are there emotional triggers that push you to spend? The answers to these questions will help you make more intentional decisions in the future.
Track your daily spending
2. Wants vs. Needs: A Reality Check
A spending fast is an excellent opportunity to play the "wants vs. needs" game. You’ll quickly learn whether your desires are truly necessary, or if you’ve been buying things out of habit or impulse. This exercise will help you challenge your financial beliefs and refocus on what matters most.
3. A Quick Way to Save Money
Of course, the most obvious benefit is that a spending fast will help you save money by eliminating unnecessary expenses. Whether you’re trying to build an emergency fund, pay off debt, or save for a specific goal, cutting out frivolous purchases can provide a noticeable boost to your finances.
4. Emptying Out Your Freezer and Pantry
During your fast, you’ll have the chance to go through your freezer and pantry, using up food that you might have forgotten about. It’s an excellent way to reduce food waste and make the most of what you already have. You’d be amazed at how much you can save by eating the food already in your house instead of running to the store for more.
5. Learn How to Save Money
Many of us weren’t taught the skills needed to save money or manage our finances effectively. A spending fast is a great way to practice saving and build the discipline needed to make more mindful financial decisions moving forward. It’s like exercise for your wallet!
6. Develop Financial Confidence
By completing a spending fast, you’ll feel a sense of accomplishment and financial control. Sure, unexpected expenses might arise, but the more you practice self-discipline, the easier it becomes to manage your money wisely. You’ll feel more empowered to control your spending habits.
7. Develop Self-Discipline for Other Goals
If you’ve ever tried to stick to other goals—whether they’re health-related, career-oriented, or personal—then you know how hard it can be to stay on track. A spending fast can help you build self-discipline, which will serve you in other areas of your life too. The more you practice self-control with your spending, the better equipped you’ll be to tackle other goals.
How to Get Started with Your Spending Fast
Starting a spending fast might seem overwhelming, but it doesn’t have to be. Follow these simple steps to get started on the right foot:
Choose Your Timeframe: Decide how long your fast will last. Start small with one day or three days, and see how it goes. If you feel good about it, you can extend it.
Plan Your Meals: Make sure you have everything you need in your kitchen so you’re not tempted to buy takeout or snacks. Plan simple meals based on what you already have.
Set Your Boundaries: Make a list of essential versus non-essential purchases, and be strict with yourself. The goal is to avoid spending money on anything that isn’t absolutely necessary.
Track Your Spending: During your fast, track your spending (or lack thereof). Keep a log of your daily expenses to help you stay on track and recognize patterns. This will also give you a sense of accomplishment at the end.
Prepare for Temptation: Know that temptation will come up! Whether it’s a flash sale online, a coffee shop on your walk, or a social gathering that requires spending, be ready. When these situations arise, pause, breathe, and remind yourself of your goal.
Reflect on Your Experience: After the fast is over, take time to reflect on what you learned. What was easier than you thought? What was harder? How did it feel to save money and live without spending on non-essentials?
What to Do After Your Spending Fast
Once your fast is over, it’s easy to get caught up in the excitement and justify some big purchases. But here’s the secretto avoiding overspending:
Ask yourself why you decided to do the spending fast in the first place.
Write it down, and post it somewhere visible—on your fridge, in your wallet, or even as a reminder on your phone. This simple practice will help you stay grounded and committed to your financial goals. Whenever the urge to splurge arises, ask yourself: Does this purchase align with my goals? Does it bring me closer to the financial freedom I want?
Tips to Prevent Overspending After Your Fast
Create a post-fast budget: After your fast, use what you’ve learned to create a realistic budget that aligns with your goals.
Automate savings: Set up automatic transfers to your savings or investment account, so you’re saving without having to think about it.
Set specific financial goals: Whether it’s paying off debt, saving for a trip, or building an emergency fund, having a clear goal will make it easier to stick to your budget.
Coaching Questions for Reflection:
What do you hope to achieve by doing a spending fast?
How did you feel when you resisted the urge to spend?
What financial goals do you want to focus on after completing your fast?
Explore More:
How to Build a Budget and Stick to It: The Key to Financial Confidence
Why You Need an Emergency Fund: The Key to Financial Security and Peace of Mind
What Is Your Money Story? How It Shapes Your Financial Habits
How to Let Go of Limiting Money Beliefs and Unlock Financial Freedom
Disclaimer:
This content is for informational purposes only and not legal, financial, or tax advice. Consult a qualified professional for advice specific to your situation. The Financial Confidence Coach is not liable for actions taken based on this information.
