by Lisa Web

Created on: January 21, 2009

How to go on a financial fast

It's simple. Stop spending... right? Well, it's not quite that simple. To fast is to stop, basically. So you would need to stop all spending. It is impossible, or nearly impossible to not spend any money. Each of us has our bills, from house payments, groceries, even utility bills.

Start small, and move your way upward. Start by not spending any extra money for one day. This means to pay all necessary bills like rent and utilities, but don't spend any other money. Skip coffee on the way to work, take a lunch from home, and eat leftovers for dinner. If you can go one day without spending any money you are on your way.

Now that you know you can go one day, take one week and spend only what is necessary. For example, you need gas to get to work, and food to eat. You must spend those, however go a week without the extras. It may seem hard, but take it one day at a time. Next move up to a month and so on.

Spend what you need to wisely. Clip coupons, search for sales, and shop deals. Buy food that is generic names, or shop when the store doubles your coupon values. You need money to have food, housing and transportation, but cut out all the extras. Again, go slow, and cut one thing a month. Rid your home of the cable movie channels this month, the super cable package for basic next month, and so on. Quit your gym membership in exchange for walking outside, or in a mall. Reduce your cell phone bill or even remove your land line in exchange for your current cell phone bill. Cutting or adjusting one thing a month will seem much easier than taking it all at once.

You will begin to notice that skipping the extras and "fasting" so to speak will save you money, and double that with the extra money that you are saving by cutting what you can and spending wisely. This is not a true fast, however it is as close as one can get in the world today, and will help you to see what you MUST spend, and what you really spent on things that were only wants.

After 3, 6, and 9 months take a look at your spending and savings. You can use your savings to pay off past debt, for a vacation, or a home or car. After one year, you may be alarmed at the amount of money that you have saved, simply by cutting out the latte on the way to work, or those take out lunches. It seems like a small amount each day, but in a year it can be hundreds, or even thousands of dollars saved, just by making a small fasting commitment.

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