Thursday, October 13, 2011

Try Going on a Money Fast

A great tip for getting real about money is to go on a money fast.  Prepare, first by topping off the gas tank and paying all your recurring bills ahead of time.  Then stock up the fridge and start your money fast.  I usually try to fast for a week.  In that week I don't buy anything at all.  I spend no money therefore I have to feed and entertain myself for nothing.  It's usually not a problem for me.  I have done it while working.  I have a monthly public transportation card and I always brought my breakfast and lunch.  I was a teacher and I made about 12K a year and I could stay home all summer because I spent no money at work.  I also had my expenses under strict control.  A periodic money fast would help me get clear about spending.  Since I worked downtown, there was temptation everywhere. I had to walk by dozens of street vendors on my way to the train. Without a periodic money fast I was prone to stupid spending.  A money fast can help in getting clear about what really matters.  Food and shelter are more important than clothing.  I taught in a college so I had to have professional clothing too, but I found that by just buying a few pieces a year I could dress just as well if not better than people making much more.  The money fast would also help me look for free entertainment.  In a big city there are plenty of things to do for no money, but you have to look for them. A money fast really focuses the mind on having fun and living without money.  It puts money in its place and can help you realize how little is needed to be happy and live really well.

2 comments:

  1. If not a complete fast then spend your money ONLY on food.

    ReplyDelete
  2. Actually spending money is so seductive that I recommend a complete fast. Shopping is a lot like drugs and supermarkets these days sell a little of everything which makes temptation even stronger. Cold turkey is the best way to go. Close your wallet for one week. Shop for food before the fast. Don't worry about running out. You'll be surprised a how creative you can get and how little you will waste when you can't buy more.

    ReplyDelete