Introduction of The Financial Fasting Technique
The Financial Fasting Technique. my financial Instagram at financial success official point and If you want to know a little more about me, let’s talk about anything but finances, they are still on my personal Instagram and in the series, very well, basically the technique, financial fasting consists of words, more words, less, stop spending money after doing it with a very specific strategy. these are the rules first of all we are going to choose a period of time that should last.
There are at least three weeks or 21 days in which we are simply going to completely stop all kinds of expenses, ideally, we should do during a month in fact there are people who choose a month, for example, February of 28 days to do it all month and every February each year they carry out this challenge the key is that during this time we are only going to buy vital things essential to subsist, things that if we do not buy anything will happen and we are not going to die we are talking about it possibly being necessary to buy food basic and perhaps basic personal hygiene products or some hygiene things just one of the key rules is that.
We are not going to oversupply before we start because the challenge because imagine that I have you are not going to spend money is not there for 21 days but The day before you start you make a market with my song and all kinds of things and you spend an amount not to be prepared like people when the queen started. I had where they could not come out practically that is not funny because basically you are making all the expenses in advance and they are not achieving any objective.
basic expenses, ideally you should budget
It means that at any time you started nothing change you did not have any preparation how to use and from there start as such It will not be one of the keys for this to work very well is to only use cash for those essential and basic expenses, ideally you should budget how much those expenses and have the cash and preferably not spend that amount as such during this time We are also going to write down all the expenses every one of the expenses. What kind of expenses should I note? Everything is not left without noting anything, not even those that cost small coins when.
We talk about advantages as such of this technique we have several as well as disadvantages: main advantage is that we will be aware of your money management habits we will identify fing spending impulses or impulsive purchases that we would like to make but since we are in the middle of the challenge, we are not going to do them and in this case, it is ideal to write them down and keep them in mind that will make us much more aware of how many our minds are When it comes to spending.
We are going to identify ant expenses because sometimes we are used to spending money and we do not even realize it, but since now we have the challenge and the restriction of not spending these ant expenses, they are going to surface and we are going to easily identify them. We are going to control the exit of the money link which will be very difficult at the beginning and then doing more and also finally we are going to reduce the temptations or the effect that they have on us.
disadvantages and Perhaps the biggest
We are going to do for an unlimited time as you It said twenty-one days or thirty days but then it helps us get used to these things simply not affecting us so much, of course, we also have disadvantages and Perhaps the biggest of them is that, like a nutritional diet, this can generate a rebound effect, that is, some people after having successfully carried out the financial fast simply when it is finished will start to spend and enjoy their money as they had never been able to, another disadvantage is that obviously this is far out of the comfort zone for most people and some people just listen.
They don’t even dare to try another truth is that this is definitely not going to solve significant problems and is over-indebted if you have really serious problems this is not the solution the other is that it is for a limited time and it is not ideal to carry out this challenge for more than a month because it simply reaches a point where it is unsustainable and definitely when using cash we put aside the way to use your credit cards intelligently Revenue to talk about in another video because there are certain very important things to take into account but without further ado as disadvantages.
We are going to talk specifically about what things we should take into account and the first thing is to delineate very well the difference that thin line that separates basic expenses needs of tastes desires or things that are not really essential always plan the expenses that are going to be during the rains that are considered basic that is also very important and is to try to have the support and supervision of a friend or relative who verifies that you are doing it well because at the moment you yourself will be able to say well this does not matter.
triggers or triggers of wanting
I am going to spend this that this will not affect me always identify the triggers or triggers of wanting to spend money and note them as soon as it happens that is if it is possible to have a note in your cell phone or a list or a sheet or an agenda or whatever you can immediately write it on of course You are going to eliminate that type of donor and if you go to a place, go through a certain part, I do not know how to turn on the television, watch movies and want to buy, have popcorn or something else.
Who knows, each person will have their amounts of donors, the basis for identifying if you go to reduce, eliminate, so that these temptations are not in your life completely, we are also going to notice from then on that we do not make an expense, we note what that expense was that we would have made if we weren’t there 1 and how much was the value at the end of the fasting have everything written down of how much a total amount that we save from each of these things returns just as you are not going to buy and that in the accounts.
Speaking of which you suffered
That you are not going to spend money we are going to notice the addict precisely if they really needed you if we are Speaking of which you suffered for not having bought that that was how it is, it does not matter really, it was not a big thing, we also have to be creative and intelligent about resources and s things that we already have those that we have already bought the tools that.
We have and take advantage of that without thinking that a new additional purchase is an alternative solution to achieve the same objective as this purchase, you have to be really creative if for example, we are talking about a gift maybe it could be a gift without having to buy something new or if you want to be an experience to rest have fun distract yourself you may not need to spend money to achieve the end of the fast you will reward yourself if you did well a small reward not something that destroys all progress .