Financial Fasting a New Trend

Financial Fasting works much like diet fasting does when one reduces calories for a day of two a week.  This is particularly helpful for those just emerging from a life transition, such as divorce. Fasting may be short lived, such as when one wants to lose a few pounds before a special event. Or it can be long term, as some of my European friends do. Think of your finances in a similar vein. UK’s Women & Home magazine’s August 2013 issue has an article describing this latest trend.  Cut down on expenses for one or two days a week and spend your normal amounts on the other days. This will get you ahead of the financial game and put some extra cash in your bank account.

You may want to just have a designated time period for this financial fast, such as three months with an option to extend it.  For me, seeing a short-term goal makes it easier to do.  The article suggested the usual, bring your lunch and leave your credit cards at home on fasting days.

It also suggested viewing the financial fast as a trade.  You are giving up some extra frivolous expenditures for something that you would really enjoy, such as a facial.  You could have a special ongoing goal as my sons and I do. We have a vibrant pottery canister that is our “Travel Fund.”  We forgo extra clothes, gadgets, etc and put that money into the Travel Fund.  We fast financially, by going to coffee shops instead of expensive dinners.

Give this Financial Fast a go and see your dream reached a little quicker.