Why a “Wallet Fast” Won’t Get Your Finances On Track
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Over at the Simple Dollar, a recent post about the intriguing notion of wallet fasting made a lot of sense. “Wallet fasting” is a habit that many people who are not quite in control of their finances have - when they notice they have a spending problem or are getting too deep into debt, they simply go on a spending “fast” and cut out every non-necessity. They just don’t open their wallet.
And while this might have a positive effect on finances in the short-term, it’s not a long term solution. What usually happens is that as soon as the bank balance looks a bit better, people start to spend money again - “just once” - and soon they’re back into their old spending habits again. Nothing has changed.
If this sounds like you, then sit down and take note. Spending habits will only change if you put some serious consideration into what’s going wrong with your spending pattern and how you can change that in a meaningful and permanent way. It’s one of those things that makes perfect sense but is sometimes hard to do - but definitely worth the effort. If you’re in the habit of “wallet fasting” then make a resolution to change the habit properly and only then will you start to see some significant change.
This entry was posted on Wednesday, December 31st, 2008 at 3:46 am and is filed under Budgets & Money Management. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
