Financial Fasting Can Trim the Fat From Your Spending

Taking a day or a week off from spending not only frees up cash to pay down debt or add to savings, but can also help you reinvest in your relationships. Here’s how to do it.

A piggy bank with a measuring tape around its belly appears to be looking in a hand mirror.
(Image credit: Getty Images)

We’ve heard about the supposed benefits of fasting for physical health, but have you considered financial fasting to address your financial wellness?

The idea is simple: Don’t spend money during a set period of time, or in a particular expense category, such as entertainment or dining.

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Stephen B. Dunbar III, JD, CLU
Director of Diversity & Inclusion, Executive VP, Equitable Advisors

Stephen Dunbar, Executive VP of Equitable, has built a thriving financial services practice where he empowers others to make informed decisions and take charge of their future. He and his team advise on over $3B in AUM and $1.5B in protection coverage. As a National Director of DEI for Equitable, Stephen acts as a change agent for the organization, creating a culture of diversity and inclusion. He earned a bachelor's in Finance from Rutgers and a J.D. from Stanford.