Frugal Finance: Go on a Spending Fast

Fri, 21/09/2012 - 14:34 -- nick

This article from America also applies to Britain. It tells you how to stop spending with practical, day-to-day advice.

As a frugillionaire, I love a good spending fast. Maybe it’s due to an anti-establishment streak, but sometimes nothing feels better than keeping my dollars out of corporate coffers.

I like to think of it as a kind of strength-training, as I work to keep my finances in shape.

Spending fasts can range from daily workouts to year-long marathons. Here are some ways you can exercise your fiscal restraint:

* Resolve to buy nothing for the entire day—no coffee, no lunch, no snacks or bottled water, and certainly no material goods.

* Have a no-spend weekend. Don’t dine in restaurants, go to the movies, set foot in a mall, or do anything that involves money leaving your wallet.

* Resolve to buy nothing frivolous for an entire week. Only gas, groceries, and absolute necessities are allowable expenditures.

* Resolve to buy nothing frivolous for an entire month. Same as above, only three weeks longer.

* Resolve to abstain from a certain category of consumerism for an entire year. In 2008, for example, I completed the “No New Clothes for a Year” Challenge. You can undertake a similar challenge for electronics, books, movies, restaurants, or the category of your choice.

* For black-belt frugillionaires: Resolve to buy nothing frivolous for an entire year. This challenge is the Olympics of frugality, and the prize: all that extra money in the bank.

Start a spending fast today—the sooner you develop consumer restraint, the financially stronger you’ll become!