Writing in a Washington Post column, Michelle Singletary suggests that people can try a 21-day “fast” where they do not shop or use any credit cards, while purchasing only absolutely essential items.
Among the things participants would give up during this period are restaurant meals, visits to coffee shops and even window shopping or things like birthday gifts for others. Singletary noted that this method was tried with success by congregants at her place of worship, and that those who succeeded with it had gone on to mentor others undergoing financial difficulties.
“This fast is for you if you’re at your financial wit’s end. This fast is for you if the stress of money is causing pain in relationships with your spouse, friends, or family,” writes Singletary, going on to say that “paying with plastic just makes buying too easy.”
While a financial fast would be a short-term exercise to help people build up more fiscal discipline, there are also useful longer-term strategies to consider when setting out to achieve more financial freedom and flexibility.
For example, personal finance experts often remind people of the importance of drawing up a monthly budget and sticking to it, especially when it comes to things like grocery shopping and budgeting for restaurant meals and entertainment.
Another useful tip is to focus on paying down one’s highest-interest credit card account first and to try to use plastic only when necessary. To maintain a healthy credit score, people can also try making one or two small purchases a month on their card as part of these broader strategies, since that makes lenders less likely to shut down an account for lack of activity.
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