Now we have reached the Christian tradition of Lent, and for those who are religious, or just gluttons for punishment,Â are looking for things to take up (or give up) for this time of the year, fiscal fasting might be an idea for you.
Allow me to suggest “Fiscal Fasting” , which is a delightfully obtuse switcheroo on the Lenten tradition of Fasting. Good Christians (in the day) might take up fasting to emulate Christ’s 40 days in the desert by giving up Meat or the like, I am not suggesting that (although I could do with giving up say Snacks and specifically potato chips for Lent) with this concept.
Fiscal Fasting would be simply denying discretionary spending for a week (to start). Can you live the same $20 you had in your pocket Monday all the way until next Sunday?
Pay the bills that must be paid (e.g. Mortgage Payment, Rent, Electrical Bill, etc.,), I am suggesting cutting out spending on things like eating out, buying clothes, etc., . No this does not mean that you should have an orgy of spending the day before and “coast” for a week either. If you wish to cheat that kind of defeats the purpose of this idea.
Fiscal Fasting Ideas
Maybe the best thing to do is:
- Automate your bill payments so they don’t end up in arrears. Try toÂ be like that woman they found who kept paying her bills 6 years after her death.
- Plan how you aren’t going to spend money, or how you will avoid buying crap you don’t need (or worse can’t afford)
- Take $20 out of the bank
Start on Sunday, if by Saturday you still have that $20 bill you win, and should try again for another week. How long can you keep that bill intact ?
I’m sure I do this by accident sometimes. Not spending is easier when you hate stores 🙂
Are you hoping to convince your readers or yourself or your family? Maybe all three?
I shall not comment on your query… but yes
This actually sounds like a pretty fun challenge! This month though I would totally fail as I’ve already booked a lunch date with a friend (another financial blogger no less)
For me personally I still track my spending with the app Moneywise, if I start to get close to my limit, I cut back on lunch dates.
Still something to think about.