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budget tool :: the spending fast

2/28/2017

4 Comments

 
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Have you done a spending fast? This is the idea of really cutting down spending to the bare necessities in order to save money or pay down debt. I'm not sure I've ever intentionally done a spending fast, although I think we sort of live this way to some extent normally.  :)

We had some years, in the past, with credit card debt hanging over our heads. Some of this debt came from our adoption expenses (which we were told would receive relief from the government at the end of the process, but that turned out to be a tax credit that we didn't made enough money to claim). Through the sale of a home and its equity, we were able to finally be free from our debt...and vowed to try to never have it again (other than a mortgage).

We buy cars that we afford. We often eat pancakes for dinner, when it gets close to grocery day. We buy our furniture via Craigslist. These are not practices indicative of our spending fast status...it's just the way we do things. But...they might be practices others could use to make a spending fast work.

I think the first time I heard about someone really doing this as a year long challenge was when Tif Fussell (aka Dottie Angel) pledged to buy nothing new for a year in 2009. I still remember some of her stories of the ingenuity employed and the luck encountered that year. More recently Julie has been doing a buy-nothing-new year and has some amazing stories as well. I respect + admire these ladies and other fasters like them so much!

For more on the spending fast check out Debt-free Living by Anna Newell Jones (from the library, of course)...or Anna's blog (via Heather).

Love,
Jane

P.S. Be sure to read Celia's comment about doing a "free week"! So fun + inspiring!!
4 Comments
Celia link
2/28/2017 01:16:07 pm

Love seeing how many ways there are to do this! A friend and I just wrapped up "free week"...an attempt to spend no money, save any groceries if necessary (and I paid rent, of course). We went to a free documentary screening, a free yoga class, a swap with friends, dinner at a friends' house. It was such a good and fun week, and I couldn't believe I made it all the way!

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Jane link
3/1/2017 06:40:48 pm

I love this so much! Adding the activities just shows how doable it all is...not to mention fun! :) Thank you so much for adding this option!!

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Heather link
3/3/2017 11:14:40 am

Like I've mentioned before, I can never get too much encouragement in this area! I've been loving every one of your posts this year. :)

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Jane link
3/3/2017 09:36:16 pm

Yay- I'm so glad! I'm basically just writing what I need to hear. :)

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