Get to save and enjoy a little mattress economical for any unforeseen it is something that is not available to everyone. In many cases, day-to-day expenses prevent us from saving a small amount for the future. There are many and very diverse methods for saving, like the one we present today. In the United States, the 21-day challenge of saving or ‘financial fast’, as it is known, is gaining popularity.
It is a form of savings designed by the advisor Michelle Singletary, who is also a columnist for the Washington Post. In his book The 21-Day Financial Fast: Your Path to Financial Peace and Freedom (The 21-Day Financial Fast: Your Path to Peace and Financial Freedom) describes it as a “cheap diet” to put an end to bad spending habits and create a plan to get out of debt.
No unnecessary expenses for three weeks
The objective of this challenge is take away all unnecessary expenses. Except in the case of food, lodging or some essential expense for survival, quirks should be eliminated while the challenge lasts.
Although this financial fast is designed to be carried out for a short period such as three weeks, what is intended in the long run it is to eliminate bad spending habits that you have. Before you begin, it is a good idea to know the Singletary method.
- 21 days: a reasonable period of time, as a longer duration can be mentally exhausting.
- Buy what you need: only what we need to survive. Out of unnecessary purchases, hospitality expenses or online purchases,
- In cash, the better: in this way one is more aware of the expense that is being made than using the card.
- Expense journal: the author recommends keeping a record of what is spent and what is saved, to have a better idea of our finances. At the end of the process it will help us to know the habits that we must change.
When should we do it
This saving method has recently become popular in many blogs and social networks in the North American country. It has, like everyone else, its limitations. The creator of the challenge advises it for short periods after times of much spending or for when we need to gather a significant amount in a short time.