What is a spending fast and how it helps
Do you want to find a way to come up with some quick cash or pay off some nagging debt? A spending fast may be the right thing for you!
Here is how it works: Pick a timeframe you will refrain from spending ANY unnecessary money. Yes, I mean absolutely no spending, outside of what you absolutely must! This might mean you’ll be eating all the food in your cupboards and defrosting the meat that you’ve been keeping in your freezer.
That said, you won’t be able to go into a spending fast without some preparation. Stop by the grocery store and purchase what you’ll need to last through the fast. Don’t forget to fill up your car with gas! Lunches for you and your family will have to be made at home instead of purchased, and sadly, no extra snacks or coffee/tea from your favourite morning stop.
If this all sounding too overwhelming for you – don’t run away yet! Remember you get to decide how long your fast will be. After all, this is YOUR personal challenge. I recommend starting with 3 days and I promise you’ll learn so much about yourself.
But even if you only end up doing one day, that will also make an impact on your finances.
Reasons for a spend fast:
1. It will bring more awareness to your spending habits. It will allow you to recognize whether you’re an impulsive or emotional, practical or ridiculous spender.
2. You will get to play the “Wants vs. Needs” game and see where your beliefs lie.
Track your daily spending
3. It will obviously help you save but the main thing you will recognize is – for what? What is your most pressing reason for saving some extra cash?
4. It will help you empty out your freezer, instead of putting more into it.
5. You may finally learn how to save some money. Many of us are not taught this skill and it’s truly a skill. Since skills develop fully through practice and experience, this financial fast will give you the opportunity. Give it a try!
6. You will develop the confidence to finally feel in control of your spending and that’s a great feeling to have. Sure, unexpected expenses are going to come up but ultimately with a spending fast you’ll have gained a newfound awareness of your habits and how to finally control them.
7. It will allow you to practice self-discipline which will help you with achieving some other your other goals. Achieving these other goals might be easier than a spending fast for some people! But the tools you develop during the fast will help you with the other things in life.
Tools you will develop:
1. You’ll understand what kind of person you are during the spending fast and this will either propel you forward or give you an indication of what you may need to work on.
For example: Let’s say you cave after the first day and it’s okay if you do! So, what this shows is that you're not 100% committed right? Next, you’ll need to ask yourself why? Why are you not willing to commit? What is holding you back? What do you have to lose?
Finding these answers may be the boost you need to stay motivated in your fast and in other things you are pursuing in life.
2. There will be moments of self-talk. Do you catch yourself talking to the ice cream and telling it that you don’t really need it right now? Something interesting happens during these self-talk sessions. You end up using key words that motivate you to continue with your challenge. Pay attention to what you say to yourself. If it’s spinning in a negative tone, reframe it and make sure you’re being kind to yourself. Do you catch yourself using words such as “strong, can, possible, it’s temporary”? Remember these words and put them into your positive financial statement, they are obviously very important to you.
For example: During my fast, I would convince myself I was unique for doing it. The word unique resonated with me more than any other because I believe being called unique is a high compliment. Therefore, I was complimenting myself and this helped me fight my urge to spend. Pay attention to what you say to yourself, it will help you in future endeavors.
3. The way you were able to control yourself during the fast will be a useful tool. Look at what you would do when you would be tempted to spend. Would you remove yourself from the situation? Distract yourself with something else? Call a friend? These reactions will be handy to know and keep in your back pocket when you’re looking to achieve other goals.
Now, once you’ve completed your spending fast – it doesn’t mean you can go out and spend all the money that you’ve saved. You’d be surprised at the amount of people who go ahead and justify they can make that larger purchase or buy plenty of extra groceries to fill their freezer because they did a fast – I’ve even done this myself many times! It’s hard not to!
HERE IS THE SECRET TO AVOID OVERSPENDING. Answer this one question: Why did I decide to do a spend fast in the first place?
Write out your answer and tape it to the fridge, or somewhere you’ll see it frequently, and when the fast is over, keep that paper out and commit to this why. Give yourself the chance to do what you want with your money, pay off some debt, or save it for a special occasion. Accomplishing this will allow you to become the financial confident individual you so desire to be.
Well done!