Personal Finance: Lent Begins on Wednesday
Mardi Gras is on Tuesday, so that means that Lent begins Wednesday this week and this is a perfect opportunity for folks to start something new with their Personal Finances (and their spiritual life, if they wish as well). Easter is the time for new beginnings or restarting something you need to start doing again, and most people view Lent as a time to “find something to give up”.
That is one way of viewing your Lenten journey, but another way is to look for something to Enrich your life for the 40 days of Lent (leading up to Good Friday and Easter).
Financial Lenten Journey
What areas of your personal finances could use either Enrichment or Better still a sacrifice that might help your financial well being? There are some very simple ones that I think about every year (and have done a few of them):
- The Latte withdrawal penance. Cut out buying coffee for the 40 days of Lent and put that money aside, to either save, give to charity or pay down your debt. Keep track of this and see how much money you might be saving here, it’s worthwhile finding out where this discretionary money is going.
- Read 4 Personal Finance books over the 40 days to enrich your understanding of your personal finances or your investing adventures. Building up your expertise over Lent is a good thing.
- Brown bag it for 40 days, give up buying lunch at work, and bring your lunch instead. Another way to find out where your discretionary spending is going.
- Take the bus to work for Lent. Leave the car at home, buy a bus pass and take the Bus to work. Yes gas is cheaper right now, but not driving might have other benefits for you (less stress, more exercise, etc.,).
- Live on cash for 40 days and get rid of your credit cards. Freeze them in your freezer, lock them in your safety deposit box, or cut them up, but live on CASH only (no debit either) and see if you can do it, does it change your spending habits?
Think about these or suggest others, I am open to suggestions myself. Shrove Tuesday is tomorrow and then Ash Wednesday means Lent begins and your journey begins that day.
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February 23rd, 2009 at 5:46 AM
[...] A financially positive Lent – give up coffee shop coffee, bring your lunch, take the bus to work, or freeze your credit cards for 40 days. I love this one. [...]