Finances could be a raging dumpster fire for ages now, but with quick fasting, things might improve
A quick fixing or cleansing of financial habits to shape and sort savings and stay up-to-date on bills, financial fast ideally stretches over 3 weeks. By fasting, you scrutinise and curb your expenses to pay off debts and slash daily purchases. Wondering about the ups of financial fast?
Better grip on spending habits
Becoming cognizant of existing (poor) spending habits
Reducing credit card fees
Create A Budget
Determine the necessities and rank each spending to make sure you are clearing the bills and interests rates to avoid late fees and penalties. Creating a realistic budget requires considering debt repayment and savings plan after investing in the monthly utilities and basics. Setting the budget on pre-determined goals and net income is indispensable to both dial down spending and availing the services and products that are absolute necessities. Ideally, every day your expenses should be tracked and monitored if you have a habit of willy-nilly overstepping the boundaries.
Identify and Eliminate Triggers
Acknowledging the triggers is the first step towards working on the toxic habit of spending aimlessly. The temptations and specific emotions that subconsciously compel you to purchase result in a spur-of-the-moment and regrettable shopping spree. Any emotion, be it positive or negative, could culminate in an abnormal amount of expenses. While some people have a fairly predictable and systematic recurrence of this trigger, for others it could be inconsistent. Often at the end of such episodic triggers, you are left with a deep sense of guilt and shame for spending against will and rationale. The trick lies in identifying these triggers and battling against each impulse compelling you to shop.
Use a Support Group
A community where you can seek and lend wisdom and support to fellow peers who are committed to the same cause prepares you emotionally to undertake the challenge and set new boundaries as far as financial expenses are concerned. You can ease the transition without letting it take an emotional toll—after all, you will be introducing a radical shift in lifestyle by letting go of whimsical expenses. Having peer and family support is crucial when you are cutting corners and willingly giving up on the little fancies for the greater good.
Rationalise your expenses to streamline a dilapidated financial situation that is slowly crumbling like a cookie and has a high possibility of bringing dire financial crunch in the future.
