How To Start A Financial Fast

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Financial Fast

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You may be sticking to your New Year’s resolutions of improving your fitness and eating habits, but are you paying attention to your financial habits? If you are wondering how to pay off debt and/or looking to improve your spending and set yourself on the path to financial success, a financial fast may be a good idea for you.

What is the financial fast?

A financial fast is a short-term ‘financial cleanse’ that helps you get your finances back in shape. The idea came from a book, The 21-Day Financial Fast: Your Path to Financial Peace and Freedom. The fast covers 3 weeks, and some of its main points you should:

  • Pay for items with cash only
  • Buy only what you really need
  • Keep a spending log to track your purchases
  • Choose a way to become debt free
  • Learn how to avoid overspending for college
  • Create an emergency fund

Pros and cons of a quick finance

Here are some of the advantages and disadvantages of a financial fast:

Advantages of a quick finance

The advantages of fast finance include:

  • Controlling your finances and saving money
  • Deducting your credit card charges and as a result, money owed in interest
  • Being aware of your existing spending habits

Disadvantages of quick finance

Disadvantages of a financial fast include:

  • Serious debt problems can’t be solved in 21 days—if you go right back to your old habits, you’ll be back to where you were before.
  • It requires a lot of changes in a short period of time, which can be annoying for some
  • It doesn’t focus on positive credit card habits, which have the ability to raise your credit score

4 tips for financial fasting success

Here are some tips to make your quick finance successful:

  1. Have a support group: It’s important to surround yourself with people who support you in your financial goals. So, you may need to create boundaries with that friend who is always trying to convince you to skip the gym and go for pizza and beer instead. Tell your friends and family about your financial rush and let them know how they can be supportive (ie, not inviting you on a shopping spree).
  2. Avoid trigger spending: Be careful to avoid any triggers that could make you spend unnecessarily. For example, if you’re seeing influencers and ads on Instagram that you want to spend with reckless abandon, consider deleting the app for a few weeks or setting up a time limit to reduce your exposure. scroll to doom.
  3. Create a budget: Compare your take-home income with your fixed and variable monthly expenses. Do you earn more than you spend? If not, you may want to tweak your spending habits and focus only on the essentials (see below). Budgeting is not a one-size-fits-all approach. There are several different budgeting methods, including the 50/30/20 rule, which suggests putting 50% toward what you need, 30% toward what you want, and 20% toward savings and paying down debt, and the system of the envelope, which has you keep money in different envelopes by category and only allows you to spend what is in each envelope.
  4. Focus on essentials versus wants: Regardless of the budgeting approach you take, you’ll want to cut back on spending on wants rather than needs. There is a big difference between what is essential and what is discretionary. Take time to focus on the things you absolutely have to spend on, like groceries and rent, and the things you can give up for a while, like fancy dinners out and extra-foam lattes. Grab that copy of The Joy of Cooking your old co-worker got you for the holidays and work on your French press skills instead.

By Stefanie Gordon

Stefanie Gordon is a content strategist with over a decade of professional writing experience. He is a former financial journalist who spent the last few years working in digital marketing. He specializes in content strategy and creation for large and small financial and technology businesses.

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