Improve Your Financial Wellbeing with Money Fasting

Posted On 5 February 2025

In North America, we have become a society that prioritizes instant gratification over self-mastery. So many people seek to avoid pain any way they can – alcohol, drugs, TV, food, or “retail therapy”. In no way am I advocating that we all start punishing ourselves. What I am saying is that maybe we should welcome (maybe embrace) a bit of pain in our lives.

We can fast from eating food. We can have a dopamine fast by unplugging from our tech and social media or taking a break from drugs or alcohol. Why can’t we have a money fast where we take a break from dealing with money?

Intermittent Fasting

In 2024 I started intermittent fasting where I would strive to restrict my eating window to 8 hours or less. Occasionally, I will fast for a day or two. During my fasting time what do I do? I live life, just without eating.

You might be asking if I get hungry while I’m fasting. The answer is yes. Do I let the feelings control me? No. A point that I read about fasting is that you can stop fasting any time you want… just eat something! This means that fasting is voluntary and a way we can gain mastery over ourselves.

Is intermittent fasting worth it? I started feeling better and had more energy. I’m down about 10 pounds. We are spending less on food. There is less time spent cooking and washing dishes. I’ve also managed to cut back my high blood pressure medication (under my doctor’s supervision). It has been worth it for me.

Cross-Pollinating Ideas

I got to wondering if the concept of intermittent fasting could be applied to personal finances. It can! And it works quite well.

Instead of spending money sporadically throughout the day, why not batch our spending? It can work with email to increase productivity, so why not take this approach with our finances? The primary thought behind this idea is to become more intentional and improve our relationship with our money.

With the goal of improving our relationship with money, money fasting has the following benefits:

• We can focus on more important things. (People in our lives, our work, learning, and experiences.)
• It teaches us how to disconnect from money. (Learn to carry money without the urge to spend it.)
• Become intentional with money. (Asking ourselves if a purchase was worth it. Also, breaking the habit of mindlessly spending – like snacking while watching TV.)
• Increase our durability and independence. (By knowing that we can live without money temporarily, and how to solve problems without using money – for example communicating with a loved one instead of simply buying them stuff.)
• Appreciate money for what it does for us and what it doesn’t do for us. (Money is only good if we can spend it. For example, what good is $1,000,000 on a deserted island?)

Rules for Money Fasting

Money fasting is pretty simple – limit the amount of time we spend on our own finances. How does that work when he have to spend money in order to live? Let me give you some rules:

• It’s not about suffering, it’s about control and empowerment. Adopting money fasting is about developing a lifestyle. Deciding to do this can make your life easier.
• Pay bills! Use electricity. Eat food. Drive your car. The money fast has to do with handling or using money.
• While you probably have carrying cash as well as money in the bank, don’t touch it or do anything with it while you are on your money fast. It’ll still be there when you check on it later in the day (or the next day!).
• Restrict discretionary spending to a block of time. When starting intermittent fasting, the best way to ease into it is to eliminate snacking between meals. Apply this to your money. Gas up the car on the way to the grocery store and run a couple more errands on the same trip. This way you can spend the rest of your day with your family, working on a project, or relaxing.
• Don’t tell people who don’t need to know. I’m not saying to lie to your friends. Just plan your spending time. Meet a friend for coffee, then stop by the store on your way home. Make it work for you.

Money fasting is about you and your money. If you are a cashier or someone who handles money during your job, feel free to carry on with your job. If someone gives you money while you are fasting, accept the same way you can accept unprepared food while you are fasting.

Longer Money Fasting

After you start to get used to not dealing with money all day long, stretch yourself and see how long you can go. Can you go a whole day without spending any money? What about two days? Can you go a whole week without spending or dealing with money?

As you learn to do things that don’t require money to be spent at the time you gain mastery over your money. It is something that you use when you choose to use it. When you aren’t spending money, there are still plenty of things you can do. Cook and enjoy a meal, have a game night, go on a hike or a bike ride, tend your garden, or go to your work.

The Unexpected

We all live life, and something I’ve learned is that things don’t always go as planned. That’s ok! You can always start again. Remember, this can be part of your lifestyle. There are going to be days where you deal with money all day long. Maybe you have a few of those days in a row. Deal with what is going on, then you can get back to your money fasting.

The important part of the money fasting is to be relaxed. Give yourself some grace if you slip up, or something comes up unexpectedly. Get back on track as soon as you can.

Finding Mastery Through Fasting

In time, you will be surprised at how easy it is to not spend money! When you do spend money, savor the experience. Be thankful for what you are getting. If you are not happy with what you got, ask yourself why, and then listen for the answer.

This money fasting approach is a way to gain control of your finances. By carefully evaluating your spending, you can identify and cut back on expenses that are no longer meeting your needs. You’ll discover more time for the things that really matter in your life.

By gaining mastery over your money, you are no longer controlled by it. You don’t live in fear of money. In fact, you know that you can do a lot of things without money, yet you appreciate the financial resources you have. This is how you become financially empowered and unstoppable!