Jump Start Your Savings with a Financial Fast
No matter what financial advisor you prefer, almost all of them agree on one thing. One of the first steps to a solid financial future is to have some savings. You already know that you can start a savings account with regular small deposits. These small deposits can quickly add up to make a decent-sized emergency fund. But what if you really want to get a jump on your new financial plan?
Consider kicking off your fiscal adventure with a month of financial fasting. However, instead of denying yourself of any money, you will use the month to sock as much money into your savings account as possible. When the month is over, you’ll find yourself with a hefty-sized emergency fund and ready to tackle your next financial obstacle.
During your month of financial fasting you’ll make many sacrifices. Here are a few ways you may increase your savings contributions for those thirty days:
1. Eat as cheaply as possible. Name brand food items are off limits during your financial fast. Likewise, you should avoid eating out and vending machines. By cutting your grocery bills to the bare minimum, you’ll be able to put more cash into your emergency fund. Although your menu may become a little monotonous, just imagine how much you’ll enjoy your return to your normal foods next month.
2. Cut your entertainment expenditures down to nothing. Forget going to the movies or concerts this month. Instead, take advantage of free ways to entertain yourself like reading books or watching movies from the library, playing in the park with your kids, or completing some of those household chores that you often forget. Although this month won’t be the most fun month you’ve ever experienced, keep your goal foremost in your mind. You can do something to treat your self next month.
3. Make a vow not to purchase any new clothing. You could clean your closet to discover forgotten clothes. Sorting out your clothes will allow you to find those seldom-word items hiding in the back. Try combining these clothes with other items in your closet to keep your wardrobe exciting. Whether you clean out your closet or not, however, remember that this month you’re not buying anything new.
Keep in mind as you struggle through each of your sacrifices that this self-denial is only temporary. No one will expect you to keep this type of regimen up for any length of time; you’re just trying to save as much as you can as quickly as you can. Make a goal for yourself and then try to shatter it. Once the month is over, you’ll have an emergency fund you can be proud of and your sacrifice will be over.
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I think this SOUNDS really good, but like a fast of food, I’d worry about binge buying afterwards… maybe allowing a tiny amount of flexibility (like maybe have 100 bucks that you get to spend as you see fit during the month — be it some nicer food or going out to eat a few timtes….) in the buying fast might make it a little more tolerable. Good points though.
This is what I call a “crowbar maneuver” where you exert a lot of pressure all at once.
Good post. I bet there’s someone who will do exactly what you suggested and hopefully turn their life around.
Great plan! March would be a great Financial Fasting Month, as a lead up to Tax Day! Would also be a great once a year plan just to shake things up a bit; take some of that free time to go over finances, budgets, etc.
GREAT IDEA
I think February is the perfect month for this; as it’s the shortest month, it’s a great way to ease into spending less. I’ve been slowly working on whittling our finances down, and this is a great place to start!
Holy crap! (Pardon my French). This is a great idea! Why didn’t I think of that!?
[...] as you will find that we cover many of the same things. Not made of money had a post on how to jump start your savings with a financial fast. This was a really good idea and I am still wondering why I didn’t think of doing a post like [...]
Hubby and I try and do this twice a year, its amazing how much money you can save. We saved over 1000 bucks one month!
[...] recently was linked to an article called Jump-Start Your Savings With A Financial Fast and was surprised that in a sort-of roundabout way I’ve taken these principles and applied [...]