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 #$$fast?
- Write down how much you typically spend in a given month? If you currently do not track all of your expenditures, write down how much you spent last month ? Please include all expenses i.e. rent, tithing, gifts, food, charitable donations, etc.
- Write down what you spent in non-essential items such as vacations, eating out, spa treatments, etc.
- Buy a journal. This is where you will write down all of your expenses each day on the seven day fast.
- Bring your lunch to work the entire week of the financial fast
- Identify a financial fast buddy. Daily check ins required.
- You’re not permitted to use any credit or debit cards for one week. Cash only.
- Cook all of your meals, no eating out.
- No shopping outside of your basic needs i.e. food, etc. This includes no window shopping.
Day 1: Create a budget for the week
Day 2: Replace a car/taxi ride w/ public transportation, walking, biking, etc.
Day 3: Open up or fund an investment account i.e. Roth IRA, stock trading account (share builder, mutual fund, etc.)
Day 4: Read or re-read one chapter of Think & Grow Rich or a chapter from one of your favorite financial empowerment books.
Day 5: Free Day. Be creative. The goal is to identify an area where you can make a financial cut and do it. For example, avoiding overages on your cell phone or electric bill, etc.
Day 6: DIY Project. A few examples can include i.e. manicure/pedicure, ironing your own clothes vs. dry cleaning, cleaning your home instead of hiring maid services, etc.
Day 7: DIY Project. A few examples can include i.e. manicure/pedicure, ironing your own clothes vs. dry cleaning, cleaning your home instead of hiring maid services, etc.
Share pics on your social media with the hashtag #$$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.