Guest: Gerald Mwandiambira , Award winning CFP® Professional , Speaker and Author

TheTakeOffInterview| #MoneyMonday| If you struggle with credit card debt, trouble covering monthly bills and other personal finance challenges, a “spending fast” could be just what the doctor ordered for your personal finances. Sound extreme? It doesn’t have to beSpending fasts, if you’re not familiar with the term, are when people temporarily halt nonessential expenditures. Each person gets to choose what’s essential and what’s not. Many people avoid eating out, stay away from recreational shopping and look for free entertainment options. Some people avoid unnecessary travel or vow to buy only perishables such as fruit, milk and bread.Guest: Gerald Mwandiambira , Award winning CFP® Professional , Speakerand AuthorFor professional financial planning and wealth creation and management, visit www.askgerald.co.zaTwitter: @AskGeraldCFP Questions|How would you define a spending fast, what are the benefits?Can a Spending Fast Fix Your Finances?Is a spending fast is more manageable than big goalsWhere do you start? How can you practically do implement it? Final adviceA spending fast is a break from your regular spending. You decide to stop spending on nonessentials for a period of time (usually a calendar month, but it can be longer or shorter periods).Before you start, figure out your “why.” Are you trying to pay down debt, save more money or get more mindful about your spending? Any or all of those can be good reasons and help you stay motivated.Set your (own) rules. Essential spending is usually the stuff that has serious consequences if you put it off, such as rent, utilities, loan payments and so on. Many people vow not to eat out, go to the movies, take trips, buy clothes or spend on anything that can be delayed.Expect the unexpected. Surprise expenses and opportunities to spend can crop up. Try to think of creative workarounds, but don’t put off an expense (like a car repair!) if the delay could be expensive (such as needing a new engine!).