The holidays are just about behind us, and many will soon be looking at the credit card statements, either online, or in the next few weeks when they arrive in the mailbox, and wondering how so much money was spent.

Even for those of us diligent about watching our spending, budgets can at times be busted.

The holidays are about giving, and sometimes we stretch the budget to give just the right gift.

Or, more money is spent on holiday get-togethers and family meals to make sure the events are enjoyable and memorable for all.

And, just as with the dieter who can no longer hold at bay the burning desire for a giant cheeseburger and fries, it’s okay to lapse from a strict spending regimen.

Without that little splurge, who knows what might happen!

The goal, however, is to get back on track once the splurge has been indulged.

Or, as in the case of those who were not on a track to begin with, to find a track and begin your journey to financial responsibility.

There are many ways to locate, or jump back onto, that financially responsible path.

You can:

• Compile your monthly income
• Tally your monthly expenditures
• Create a budget
• Carefully log every dollar you spend
• Make corrections where necessary to maintain a responsible spending pattern

And in the long run, this is likely the best option to get onto and maintain a solid fiscal plan.

However, it’s not easy.  Especially for those to whom spending restraint does not come naturally.

Which is why I like the Financial Fast.  Or a Spending Fast, or any other term you’d like to use.

The Spending Fast

Put simply, a Financial/Spending Fast is cutting any extraneous spending from your life for a specific period of time.

Make no mistake, for those who are not naturally inclined to limit spending, this will be difficult.  But, once complete, the fast will show that anyone can go a period of time without spending money and still survive.

Some like to begin with a weekend Spending Fast to test the waters.  Going two days without spending extra money should be tolerable for most people.

Those who are a little more adventurous, or motivated, may choose to go a full week – Sunday to Sunday – with no unplanned expenditures.

Of course, items such as food, rent, insurance and car payments, and the like – fixed expenses – are excluded from the fast.

But, while food is needed, the way food is purchased can be included in the fast.

It’s no secret that planning a weekend, or full week, of cooked-at-home meals is much more economical than eating out.

So for the sake of a successful Spending Fast, groceries to prepare a fast-period of home-prepared meals should be the goal, rather than relying on restaurant supplied breakfasts, lunches and/or dinners.

What are some other extraneous spending items that should be foregone?

Well, really, anything that isn’t a true fixed expense.

That morning latte? Not on a spending fast.

A pack of gum or mints. Nope

A movie at the local megaplex? Not during the fast period.

That new pair of shoes you’ve been eyeing? Sorry.

Why a Spending Fast

The goal of the Spending Fast is to not only show the fast participant that he/she can go a specific period of time without spending money, but also to learn how to delay gratification.

Which is a key aspect to saving money.

Many times we spend to “scratch an itch,” not necessarily to obtain something that is truly needed.

And when we learn to put off a purchase to “think it over,” we find that we really don’t need that thing in the first place.  And that the money that would have been spent on that item will be better saved, or put towards something that is really needed.

Ultimately, the goal is to use the Spending Fast to rewire your thinking about money, and establish a new normal for your spending patterns.

A new normal that includes not spending money the majority of the time, and when you do spend money, it’s only after giving serious thought to whether or not the purchase is something you really need or want.

All that said, now’s the time to start your Spending Fast.

The Fast Plan

Step One:  Plan your Spending Fast period of time and when you’re going to begin. To make it easy on yourself, plan the fast outside of special events such as birthdays, holidays, etc.

Step Two:  Get to fasting!  It’s pretty simple, the evening before your fast begins, remove all credit cards from your wallet/purse and only leave a little cash to be used for an emergency.  You could leave a credit card, too, if your willpower is strong.

Step Three:  Be strong.  Fasting, whether it’s with food or finances, is not easy.  The benefits, however, can be great, so be open to the process and stick with it.

Step Four:  Once your fasting period is complete, reflect on the process and see if you can incorporate the reduced spending pattern into your everyday life.

Which, as mentioned before, is the ultimate goal of a Spending Fast.  Incorporating the pattern of reduced spending, more and more, into your daily routine until it becomes second nature.

It may take a few rounds of fasting to change your habits, but with diligence, that change will come.  If you truly want it, that is.

So give a Spending Fast a try.  The lessons learned may just set you on a better financial path that will, without a doubt, prove beneficial to your future self.

Have you tried a Spending Fast before, or are you planning on giving it a try?  Let us know how it went and if you felt it was beneficial.

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