Saving money is something that’s important to most people but it’s often easier said than done. According to the Federal Reserve, only 53% of Americans have enough resources to cover a $400 financial emergency. While student loan debt, credit card debt or a low income are often the biggest barriers to saving, sometimes an empty bank account is the result of poor spending decisions.
So how do you go from being a saver to spender? It takes a combination of changing your mindset and your spending patterns to get on track. Putting yourself on a spending diet may seem a little extreme but it may be just the nudge you need to start stashing away your dollars and cents.
What Is a Spending Fast and Who Needs One?
The basic premise behind a spending fast is that you commit to not spending money on anything frivolous for a set period of time. How long you plan to curb your spending is up to you but research suggests that it takes on average 66 days for a new behavior to become routine. If you’re not ready to tackle a 60-day spending fast, we recommend trying it for at least a month.
Embarking on a spending fast is a smart move for anyone who wants to save but can’t seem to find the money. It’s also a good idea if you’ve gotten in over your head with debt and you’re trying to pinpoint where your biggest money leaks are.