The first time my hubby and I tried a 30 day financial fast was last August. And, surprisingly, we did better than I thought we would! Were we 100% successful? Well, no. In fact, you can check my Instagram highlight to see how much we actually spent that month. But, we did learn a lot from that experience! And we managed to save a few hundred bucks! Ever since then, we’ve been doing financial fasts every couple of months to really help us stay on track. In fact, they’re a huge reason we’ve done so well on our financial journey thus far!
How To Do A 30 Day Financial Fast
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You’re Probably Wondering, “What Can This Help Me With?”
The Benefits of a 30 day financial fast
You Will Become more conscious of your spending habits
It’s easy for a lot of small expenses to add up in a big way without you realizing it. Many of us have been guilty of spending a large chunk of our money on things we don’t need. This 30 day challenge will help to put this into perspective!
You Will Lower Your Credit Card Usage
Many people find that by knowing they can use their credit cards, they are more likely to spend money they don’t actually have. Then, they are unable to pay off the debt each month. Which increases they’re interest owed and lowers their credit score!
You will gain financial discipline
The biggest struggle many face on their journey to financial freedom is that they are not disciplined. It’s hard to control your own negative behaviors. But, this can help you begin to combat your spending urges and learn positive behaviors!
You Will begin to Properly manage your money
This 30 day challenge is a lot like a diet. It will kickstart your ability to properly manage your money. You will begin to learn healthier financial habits by changing your mindset, becoming motivated and gaining a new perspective!
And If That Wasn’t Reason Enough…
Why Should I Do A 30 Day Financial Fast?
- Easily save a few hundred dollars for that big purchase coming up
- Finally start that emergency fund you know you need
- Begin putting money in your Roth IRA
- Start saving for your child’s college
- Make an extra car payment
- Pay a chunk of your credit card debt
- Did I mention student loans?
How To Do A 30 Day Financial Fast
Step One
First, you’ll want to download this free template to help you stay on track! Feel free to print it out and laminate it to reuse as much as you want! I also have a mobile-friendly version in my Instagram highlight that you can screenshot to use as well! If you feel that you need a more thorough template, purchase my 16 page Money Budget Planner. It has a spending tracker and tons of other useful pages that coud greatly benefit you!
Step Two
Next, you’ll want to consider your “why.” And, no, I don’t just mean that you want to save a couple hundred bucks. But, instead ask yourself why you want to kickstart this journey in the first place. Do you want to become financially free? Or, do you hope to start your own business? Are you trying to retire early? Consider the big picture and what really speaks to your soul. Without knowing exactly why you’re taking these steps, you’re likely to lose motivation and give up when times get hard.
Step Three
Now, you need to set your goals! For example, you may have a goal to save an extra $300 this month. Don’t forget to specifically state with that money will be used for as well. If you need help with setting goals, check out my post about creating SMART financial goals! And, if you don’t want to be 100% strict, set a goal for what you plan to achieve. Maybe you only hope to stick to your financial fast on week days. Or six days per week with one “cheat” day. Give yourself a dollar amount that you’re allowed to spend those days.
Step Four
For this step, you need to create your plan. If you don’t make a thorough plan, you probably won’t succeed. So, consider what the next month will look like. How do you expect to stick to this? Will you be meal prepping, so you’re not tempted to order out. Or, will you be taking extra snacks to work, so you’re not tempted to hit up the vending machine? Do you need to unsubscribe from e-mail lists, so you aren’t tempted to stop sales? Know what triggers you to spend money and find ways to avoid that.
Step Five
It’s time to begin your 30 day financial fast! Don’t forget to keep track of your progress throughout the month. And try to find someone who’s willing to join you for extra support. Or, join a group on social media for inspiration. And make sure you give yourself grace. Especially if it’s your first time attempting a fast. Sometimes things happen. We make mistakes. Acknowledge where you messed up, learn how to prevent it in the future, and keep going!
Good luck!