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Have you noticed how aggressive traders have become? They create favorable spending conditions for you, constantly. They generate sales and offers almost monthly. They play offense while, unconsciously, you play defense, continuously. You must fight or financial stress will overwhelm you! At least once a year each of us must go on the offensive, get off the traders’ agendas, and make a spending fast.

Let’s take a closer look at what, why, how, how long, and when to make this quick expense.

What

Here it is Webster’s definition of fasting: “eat in moderation or abstain from some foods.” Spending fast is different. Sure, you want to eliminate some expenses, but most of all, you want to learn about yourself. This is my definition of a quick spend: “a specific period in which you spend on items ethically, legally, morally and only for the sustenance of life, recording all expenses and procedures followed before spending.”

Before you start, understand that the ethical, legal and moral aspects are mainly related to the previous commitments that you must fulfill: rent, mortgage, credit card balances, taxes. The sustenance of life refers to the necessary food, groceries and medicines. Take a close look at your diet and medications and understand that you don’t need everything you’ve been buying.

Review your eating patterns and your shopping list; If you don’t have a basic list, prepare one. Exclude junk food like soda, potato chips, and other unhealthy items. Do you smoke? Do you eat out regularly? Do you know why you take prescription drugs? This preliminary review could suggest areas that need attention. Don’t try to fix them now; just write them down for later reference.

Why

Do you know that most people don’t know their spending habits, their drivers, or their patterns? They don’t know the leaky areas, the pain points, or how to control spending; they seek to “cut costs” rather than change behavior. The goal of quick spending is to know your spending factors, habits, and patterns: why you spend, when you spend, and what to do before you spend. That’s it; it is not to “save money”. With this knowledge, you initiate behavioral changes that lead to a new approach to spending and, in turn, reducing spending. But, I repeat, reducing spending is not the goal!

How

You need a couple of helps. First, a notebook or computer file with these headings: Date, Description, Amount, Comments. As you spend, record the date, a sufficient description for later review, the amount, and most of all, how you decided to spend – did you look at need versus want? Was it necessary legally, ethically, morally or for Sustain life? Don’t try to change your habits now; this is not the goal. Do what you want, just record it. Remember, your goal is to learn about yourself. If you decide waste, or notice you are wasting, record in as much detail as possible, what led you to do this: problems at home, work, church? Disappointment? Celebration? Don’t punish yourself, just record the events. If possible, discuss what is happening with your responsible partner. Again, I emphasize, the reason to discuss it is not to fix it, but to understand what is happening.

Next, you need someone to hold you accountable for completing your goal. Choose a reliable, positive person and clearly define your role. Arrange review times in advance with this person. Regardless of review times, every day write comments in your notebook or file and write down specific learning for further action.

How long

The longer the better; If you decide to spend quickly, you will learn a lot about yourself. You will detect leaky areas and opportunities to change behavior to reduce spending. I recommend a calendar month. But a week is better than nothing.

When

September or October, before the spending season, will provide great learning. If you want to be bold, try December. Again, I remind you, the goal is to learn your spending factors, patterns, and habits.

At the end of the period, based on the knowledge gained, develop goals and plans to change specific behaviors. You may have noticed that you spend $ 5.00 each weekday on lunch, and you may decide to bring lunch to work and cut $ 5.00 a day. Also, you may notice that when he got into a fight with his wife, he went to the mall and bought a cool watch that he had been thinking about for a while. It was added to your credit card balance, but it felt good when you got it; now you have the opposite feeling.

Summary

Most people do not know their spending patterns, their patterns, or their habits. Do you shop when you are bored? Tired? Frustrated? Depressed? Do you usually spend on Fridays? Wednesday How much do you spend eating out regularly? These are some of the questions a quick spend could answer.

After the fast, the results will challenge you to behavior changes that will help you control your finances. Try it; there is no downside. Most of the people I know who have tried to spend quickly saw at least $ 250 a month that they could stop spending right away!

Copyright (c) 2010, Michel A. Bell