The Seven-Day Financial Fast Challenge #$$fast

fasting

With the buzz surrounding the ALS  and the FAMU 10 for 10  challenge, I wanted to keep the excitement going by starting my own challenge to help you get closer to your financial goals. Don’t worry; pouring a bucket full of ice water on your head is not part of the challenge.

I often find myself fasting throughout the year mainly for spiritual reasons. A fast typically involves abstaining from all or some kind of food or drink, especially as a religious observance. After hearing the great financial fast results from one of my sorority sisters who recently concluded her financial fast I thought my readers could benefit by challenging themselves to undergo a personal fast especially with a supportive environment.

How do you begin the #$$fast?

  1. Write down how much you typically spend in a given month? If you currently do not track all of your expenditures, write down how much you spent last month ? Please include all expenses i.e. rent, tithing, gifts, food, charitable donations, etc.
  2. Write down what you spent in non-essential items such as vacations, eating out, spa treatments, etc.
  3. Buy a journal. This is where you will write down all of your expenses each day on the seven day fast.

Ground Rules

  • Bring your lunch to work the entire week of the financial fast
  • Identify a financial fast buddy. Daily check ins required.
  • You’re not permitted to use any credit or debit cards for one week. Cash only.
  • Cook all of your meals, no eating out.
  • No shopping outside of your basic needs i.e. food, etc. This includes no window shopping.

Daily Challenges

Day 1: Create a budget for the week

Day 2: Replace a car/taxi ride w/ public transportation, walking, biking, etc.

Day 3: Open up or fund an investment account i.e. Roth IRA, stock trading account (share builder, mutual fund, etc.)

Day 4: Read or re-read one chapter of Think & Grow Rich or a chapter from one of your favorite financial empowerment books. 

Day 5: Free Day. Be creative. The goal is to identify an area where you can make a financial cut and do it. For example, avoiding overages on your cell phone or electric bill, etc.

Day 6: DIY Project. A few examples can include i.e. manicure/pedicure, ironing your own clothes vs. dry cleaning, cleaning your home instead of hiring maid services, etc.

Day 7: DIY Project. A few examples can include i.e. manicure/pedicure, ironing your own clothes vs. dry cleaning, cleaning your home instead of hiring maid services, etc.

 

Share pics on your social media with the hashtag #$$fast so we can cheer you on throughout your seven-day financial fast journey. At the end of the challenge post how much you’ve saved during the financial fast. I’m starting on Monday, September 22nd. Who’s with me? Happy savings.

 

Screen Shot 2014-09-16 at 10.27.11 PM

 

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