Like everyone, I sometimes fall into a money crunch. Too many unexpected expenditures pile up, or anticipated earnings never materialize. The result is the same, I am worried how I will shuffle my money around to make my bills. After the holidays, many people are in this same boat, having splurged on gifts and travel. What I have done is to go on what I have always spending fast. I look forward to my next credit card statement closing date, and hold short of everything but the most critical necessities. Clothing purchases are deferred and entertainment is provided by my bookshelf or the local library. Meals are scrounged from the back of the pantry and no vacations are booked. Once my credit card statement closes, I know I can at least catch up on a few necessities, but I don’t go crazy.
I have been doing this for a long time, yet it surprised me to read this story in the local news here in Denver about a woman who has been doing this for a year. It surprised me both because of the length of her fast, but also because anyone thought it was newsworthy. I love the quote by her husband: “This is gonna suck.” Hopefully, the next time I am interviewed by the local news, I will be able to choose my words more artfully.
How To Start Your Own Fast
While this may be news to some reporter on a slow day, the rest of us call it being frugal. There is plenty of advice out there on how to be frugal, but it is a different story when it comes to starting a spending fast. A spending fast is a temporary break in your previous behavior, whereas being frugal is a default state designed to prevent the need for a fast. First, you need to get he whole house on board. The husband in the story clearly had some issues with his wife’s behavior, but it doesn’t have to be like that. You can sit down with your spouse, children or other family members, and ask for their support. I can remember my parents doing this with my family when I was growing up. People will respond when asked to contribute, and they will be motivated by the challenge. A spending fast is the responsible thing to do when you are getting in over your head, and it can be an opportunity to bring the family together while learning new ways to get by with less.
Certainly cooking your own meals and providing your own transportation are opportunities for savings as well as family bonding. When you get stir crazy and have to go out, avoid hanging out in malls and at other retailers. There are always low cost leisure opportunities at libraries, parks, and rec centers. When I am hard up for money, I spend more time clipping coupons and selling my old stuff on E-bay and Craigslist as well. When something breaks, I get more deeply involved in troubleshooting and repair than when I am not on a spending fast and just want to buy a new one quickly.
Set Up Rewards
In the article, the subject plans on buying herself a new pair of boots in January. She is rewarding herself for her sacrifices which provides motivation. A spending fast is not about pain, it is about achieving your financial goals. If you can save thousands by going on a fast, it will help you to reward yourself at the end with well earned gifts for everyone in your household.
Since most people have little direct control over their incomes, the ultimate cure for overspending and debt will always be as simple as not spending. Learning how to successfully implement a spending fast is the most powerful tool you can have to fix your finances.
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