While we all may have different reasons for wanting to cut back or suspend our unnecessary spending, you must first decide which approach you want to take with your spending fast.
You may not want to be as extreme as doing a one-year spending fast, however you must choose a length of time you will fast from unnecessary spending. Decide if you’re going to fast for 30 days, a few months or even for an entire year.
It’s necessary to set a firm goal before getting started, so you are clear as to where you are headed.
Here are some tips to help you in the process:
- Evaluate
Before you start, take the time to evaluate how you are currently spending your money. You can use an AP or simply start logging every dollar you spend. Depending on how soon you want to get started, so you can evaluate your spending for a period of 14 days or even for 30 days. This will give you a handle on where your money is going.
After evaluating where your money is going, it’s time to get started!
2. Determine your why
Are you needing to get out of debt or save for retirement? Maybe you’re paying your monthly bills, but just not saving any money. Is the money you could be saving going to unnecessary spending on clothing, shoes, and eating out?
Are you needing to save for something significant that will be profitable to your future?
Determining your why will help you to stay focused when you have tough moments and are tempted to spend when you shouldn’t.
3. Be honest about your debt
If you’re serious about making positive change in your financial health, you have to be honest and transparent about where you currently are in your finances.
Personally, it was hard to release verbally to my husband the amount of my personal debt. I felt ashamed to give him the number. However, this also freed me. Be honest and coming up with a strategy to pay off the debt gave me the confidence to believe I could do such a thing.
4. Avoid tempting situations
As you progress in your journey, I have to tell you it will be tough! If you are used to spending on a whim then halting that spending can make your flesh scream!
Personally, I had to unsubscribe my email address from some of my online shopping sites. The less I saw the emails ads, the less tempted I was to shop.
I also had to learn to just drive past the stores I used to frequent. I didn’t even stop to window shop. Because if you’re not strong enough especially in the beginning, you will find yourself spending when you only intended to window shop.
5. Practice the power of No!
If your over spending has been a result of a shopping addiction, as mentioned, you will be tempted to back track on the vow you made to yourself and to your wallet. When you face the urges of wanting to shop because you feel discontented on the inside like I did; I sat and took an inventory.
Why was I so discontent on the inside that I needed something new and shiny to make me feel better?
I also took the time to do some external inventory. Sometimes, we have to remind ourselves that we are already rich in goods and probably have too much!
When experiencing the urge to shop just because I was bored or felt discontentment or stressed, I reviewed what I already had. Let’s face it, some of us have clothing with tags still on them and shoes we haven’t even worn yet!
Taking inventory internally and externally made it easier to tell myself No!
It made it easier to keep scrolling by the shoe ads on line or to pass up to opportunity of buying other things I knew I didn’t need. I also had to practice this in the grocery store. We can often be tempted to shift the spending from clothes, shoes and stuff to unnecessary grocery items in the store. I had to learn to only shop from my list and not buy things I had not pre-planned to buy if I was going to be successful.
6. Be Flexible-
Leave room in your plan for the unexpected. Life happens to us all and there may be times that you have emergencies and need to make an unplanned purchase. Maybe it’s an unexpected medical bill, or maybe you got a flat tire and had to purchase a new one. Regardless of the emergency, just be honest with yourself when calling the spending an emergency and don’t beat yourself up about having to deter from your plan temporarily. Just be sure and get back on track to insure you meet your goal.
“A budget is telling your money where to go instead of wondering where it went” Dave Ramsey