I’ve had some experience with financial fasting. Every January since 2010, I recover from the holidays and birthday parties by going a month without any unnecessary spending. This has allowed me to build an emergency fund, 6 months expenses and start saving for my son’s education. As the saying goes, it’s not how much money you make that matters, it’s what you keep.
First things first, a budget is necessary for this challenge. Why? I’m glad you asked. Every dollar that comes into your household must be assigned to ensure that spending is monitored appropriately. The purpose of this challenge is to:
Focus on your money. This will allow you to get a better handle on funds coming in and going out.
Get on top of your current financial state and
Become aware of your spending habits
I invite you to join the 2017 Financial Fast challenge that can help you improve your financial habits. This will be a challenge but it will help you to focus on your savings goals and improve the financial well being for you and/or your family.
1. 31 Day Fast (January, 2017). The commitment to participate for 31 days will help develop a habit that you are likely to maintain.
2. Only Purchase Needs. Unless you absolutely need it to survive, don’t buy it during your fast. During the fast it is expected that you pay your bills such as mortgage, rent, groceries, and utilities. However, there is no shopping, no purses, no shoes, no clothes, no happy hour at the bar, restaurant dinners, movies, online purchases, and even birthday presents etc…
3. Pay With Cash Only –Unless You Pay the Credit Card Off at the End of Each Month. You become much more conscious of the spending process when you actually pay in cash.
4. Keep a Spending Journal. Throughout your financial fast, keep a detailed log of your spending, your savings, and where you may be struggling. This journal will help you identify spending triggers and habits you may need to change.
5. Celebrate Your Success: At the end of the month, celebrate this great win! Do not go overboard but celebrate the fact that you completed the challenge.
On January 31, at 8:00pm, I will host a Teleseminar to celebrate with you and share future challenges for 2017!
Follow me on twitter for updates @DemmonsSpeak.[/st_text][/st_column][/st_row]