This will be helpful when hiring a key employee, deciding to promote a manager, or dealing with prospective clients, vendors or future partners.

So what’s the difference?

Fasting is a choice; you choose to do it even if you don’t have to, otherwise it’s famine.

Fasting: you decide to abstain yourself from something you can have, however you choose not to indulge in it.

Famine: you would like to get something, however it’s not available or you cannot afford it.

Applying this to financial matters (personal or business) is a great way to adjust and understand your spending habits, so that in difficult times you are better prepared to handle uncertain situations.

You can practice financial fasting by restricting expenses or looking for alternatives when purchasing something for yourself or your company. You may find that during these fire drills you will encounter situations where trimming these expenses is applicable to your current reality and you don’t have to wait until a difficulty arises to be conscious about your existing spending habits.

Implementing this along with having a defined plan will help you be able to cut loose those unnecessary or damaging expenses and also better manage your emotions during those times of need.

After several fire drills or having survived difficult times, you will notice and know when to trust others who are in control and they are making crucial financial decisions.

So … are you now seeing the difference between Financial Fasting and Financial Famine?