It has been popping up on the Internet for years now. Known variously as a spending ban, shopping fast, or spending diet, it has countless bloggers singing its praises. They claim that drastically cutting back on purchases helped them get their financial lives in order, pay off debt, and achieve other important goals.
Looking at the success of others, you might wonder whether a spending ban is right for you. Would cutting out all wants and only putting your money toward things that you actually need help you reach your financial goals? Or would you feel needlessly deprived and end up spending more on impulse purchases in the long run?