I’m Fasting – Financially, That Is
I’m embarking on a 21-day financial fast. Washington Post columnist Michelle Singletary advocates this fast to improve your money management. The fast only allows buying the essentials: groceries, medicine, hygiene (think deodorant, not perfume.) No eating out. No fast food. Find free entertainment. Credit cards, even debit cards are shunned.
Today is Day One.
I am not dwelling in a financial quagmire. My finances are pretty good. My debts are a mortgage and student loans. Neither is going away anytime soon. I usually buy what I want within my means; Singletary says fasting shows us how we over-consume. For me, this exercise will be more about self control and curbing immediacy.
It took me several weeks to decide to do this fast. Better now than the summertime, I figured. One friend who did it said she spent more time listening; her socializing took place at her home or visiting friends’ homes.
I do take issue with no-buying-gifts edict. I have two baby showers this month and showing up empty handed looks tacky. If I “make” something, I still have to buy materials. I don’t have used baby items loafing around my house. I’ll cross this bridge later.
I breezily walked past Starbucks this morning on my way to work. But I’ve already had my first challenge: co-workers are going to the new Harry Caray restaurant at Navy Pier after work. I casually mentioned that I can hang out if someone buys me a drink. Still waiting for a response…
One friend asked me if there’s clause in case I see my favorite designer on sale. Nope. Singletary forbids window shopping – online included. I will have to ignore these daily emails. I’m doing this fast with my sister – who lives in Washington, D.C. – and a good friend – who lives in New York. We have formed a support group. One question I’ve asked is about paying court time for tennis when I already pay a monthly fee at the club. And said friend took a cab today because she had so many heavy bags. Is that cheating?
Luckily, I have already bought Girl Scout cookies.
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My husband and I have been doing something like this lately. It becomes hard to socialize at all, however, because when you have friends over, you have to buy something for them to snack on/drink, and if you go to someone’s house, you have to bring at least a bottle of wine. I guess this stuff counts as groceries? We’ve just made it so we only do something social once per week, and have tried to keep out of restaurants and bars for those social activites.
Wow, deodorant is an “essential”? How insanely vapid. Try this: Eat once every other day and pretend it’s necessary in order to make the rent. You’ll learn a lot about “curbing immediacy.”
@Boris, I like your thinking.
Personally, I think financially fasting is almost equal to food dieting. Both are a fast track to failure. I’m sure it is fun challenge to try, but a fast is not going to solve long term behavior. Sensible spending and eating are a better recipe for success. Regarding the setbacks of socializing and other quality of life events, everything in moderation. You can still do things without locking your money in a vault. Just be a smart shopper, get by on a little less. No need to give it all up, but just don’t buy everything. One habit I have when shopping for a pricier item is to go home and think about it. If it is really something I can justify having, then I’ll go back the next day.
When fasting/dieting fails, the next phase is binge shopping/eating and you’ll feel like an even bigger failure.
So live a little, don’t beat yourself up and enjoy in moderation. :-)
all of you make good points. i think it’s an interesting experiment to try. as i wrote, i’m not in a financial mess but wanted to monitor consumption. i’ll blog throughout the 21 days. please check back in.
@ken, i’ve never done a food diet but i see the analogy.