How to Conduct a Financial Fast

For people who want to change their spending habits, conducting a financial fast is a great way to gain knowledge and experience in effectively managing money. Along the way, those who fast can begin to increase their confidence in the ability to resist temptation and stay on course toward their financial goals. If this sounds like something you want to try, here are some tips on how to successfully use this resource.

Identify what you will and will not purchase during the fast. Keep in mind that essentials can be purchased during the fast, but everything else is out of the question. For example, you can purchase food to prepare at home, but cannot go to a restaurant. Paying for medications is fine, but picking up coffee on the way to work is out of the question.

Develop strategies that will allow you to keep functioning during the fast. Include time to prepare a sack lunch each day, since meals out are not allowed. Dust off your library card and use it to secure movies and books for entertainment at home. Part of the genius of a financial fast is to help people figure out how to enjoy themselves without having to spend a lot of money.

Keep away from temptation. Forget about window shopping at the mall, since there is a strong chance you will break down and buy something you don't need. Refrain from visiting online stores, as you are likely to fall prey to making just one small purchase. Put yourself in situations where spending money is highly unlikely, such as visits with friends, trips to the park, and similar pursuits.

Lock up the credit and debit cards. During a financial fast, plastic is off limits. When you must make a purchase, do it with cash only. Debit and credit cards make it very easy to spend money, whereas most people think twice about a purchase when it must be made with cash.

Forget about purchasing gifts; they are not essentials. If a birthday or other celebration occurs during your fast, use what you have on hand to make something personal. Treat your loved one to a home-made lasagne, or cookies that you prepared using staples found in the kitchen cupboard. You can even use your computer and some card creation software to make a personalized card to go with the gift. You not only still honor your fast, but you also give something that will not be tossed into the back of the closet and forgotten.

Keep track of your progress. There will be days during the fast where you feel your resolve weakening. If you keep a list of the little successes you've made up to that point, it will be easier to shake off those yearnings to spend money on non-essentials.

Tips and Warnings

A typical financial fast lasts two to three weeks. However, if you've never tried anything like this before, you may want to start out with a mini-fast that lasts three or four days. The shorter duration will give you a chance to see that it can be done, assess what you gained from the experience, and prepare for a fast that will last longer.