Every time a new year begins, one of the main challenges that we all set ourselves is saving. However, it is not always straightforward. If this 2021 you still have not managed to save a single euro, perhaps the 21-day savings formula , also known as ‘financial fast’, can help you. It is having great success in the United States.
The creator of this formula is Michelle Singletary , financial advisor, columnist for the ‘Washington Post’ and author of the book ‘The 21-Day Financial Fast: Your Path to Financial Peace and Freedom’. He describes ‘financial fasting’ as a ‘cheap diet’ that seeks to end bad spending habits once and for all and put yourself on a better financial path for the future.
What is the 21-day savings formula?
The rule is very simple: do not spend anything on unnecessary things for three weeks . Of course, you can buy food or spend money on basic survival items, but discipline must be firm throughout the 21 days.
Like a diet, ‘financial fasting’ is intended to be done for a short period of time, 21 days. The author considers that in three people it is possible to break some bad spending habits and maintain this trend in the long term . Although it seems like a measure taken to the extreme, it can be very useful.
But how do you carry out the 21-day savings formula? In her book, Michelle Singletary gives us the keys.
- Time: the first and most important thing is to comply with the three-week period. It is a reasonable time to cut costs on unnecessary things.
- Shopping list: for 21 days you have to buy only those things that are essential to survive. Therefore, no buying clothes or going to eat at a restaurant, for example.
- Cash: the formula indicates that a person is much more conscientious when paying in cash. The bills and coins serve as a visual reminder of what the spending level is.
- Diary: and finally, it is highly recommended to keep a detailed record of all expenses throughout the 21 days. This is something that all of us should always do to have a greater knowledge and control of personal finances.
Of course, in three weeks you will not be able to save a lot of money. But by following the ‘financial fast’ you can figure out what your spending habits are and make the changes you consider.
