Hi guys, I was reading about frugal author and Extreme Cheapskates star Jeff Yeager and how he and his wife do "fiscal fasts". During a fiscal fast, him and his wife use it up, make it do or do without. For a set period of time, they don't spend money. Apart from paying their basic bills, they don't buy anything. During that time period ,they use the food in the pantry, entertain themselves with free activities, make do with what they have or can get for free, and they just save that money. One mommy blogger I saw called it a "no spend month". For a month, she just cooked what was in her freezer and pantry and used up the products in The House. Then she used the month's savings to pay down her debt. Have you ever done a fiscal fast, or would you do it? I'm doing one right now in January, and the only drawback is that I'm a little bored with my pantry and freezer food, but the month is almost over, so I can deal with a little culinary boredom. I also haven't done any recreational shopping AKA retail therapy, but I'm okay with that. I'm getting used to doing other things around the house that are more productive than shopping. I just got tired of being low on funds after the holidays, so I decided to get 2013 off to a good start, by starting it with a no spend month. If anyone else is doing this , how are you faring so far?
I haven't done that, although I've had an accidental 'fiscal fast' for the last week. I've had a chest infection, so I've been too ill to go out. We've managed on what was in the house, and all we've spent is a few Euro for fresh bread and milk that the neighbours have fetched for us. For some time now I've done my week's shopping a day later each week, and on the 8th day we've just made do with what was in the house, so every 7 weeks I save a week's food shopping money, which I use to pay down bills. After this experience though - when we've managed for a full week without shopping - I may try to do that once a month to see how it goes.
This sounds pretty easy and like a really good way to save money but i don't think i could do it with two kids in diapers still it seems i'm always having to purchase something so it wouldn't work for me i just rather take 5 10 20 bucks out of my money here and there but it in my box and save it and save my change in my jar like i do now.
I know people who do no-spend months. I myself have no been able to. I need to budget better. I could live off of my pantry, but I care not to! LOL..
Not doing it intentionally. But i spent money on what i have to in the last two months. Cut down the budget.
When ever I need to save some money to pay a bill the first thing I cut back on is food. For me food is not that important so it's easy to eat what ever is in the house, like soup. I have two grandchildren in the house so that is not always easy for them, they do not go hungry just have to eat what is there. Now my daughter, she likes to eat so it does not work to good for her. It is always surprising how much money you can save by watching what you spend money on for food. This is also easier to do if the pantry is well stocked before you go on a fast.
I have never done this, I always have a budget and worked around that.. so there has been no need to get to such extremes. However, I do think that this method has its merits, itr will surely help those in debt or have the habit of impulsive buying. I think I might want to try this sometime.. But I wonder if it will work when you have children.. that may not deter me if I put my mind to it.
Based on your description I regularly practice this. I've never heard of a fiscal fast, but this is something I've been doing for years and I continue to scale back and cut down on things I don't actually need. When I have extra money I splurge a little, but it's better to put whatever you can into savings for those rainy day moments.
The mommy blogger that wrote about the no spend month obviously did have kids, since it's a mom blog. She did not deprive her kids of food, she simply cooked what was in the freezer and pantry instead of going shopping. If you know basic baking, you can bake cakes and bread with the dry goods in your pantry. If you know how to cook from scratch, you can make meals with the stuff you have in your cabinets. If you have product samples or hotel shampoos, this is the time to use them up instead of buying more products. For people who are used to going to the mall every Saturday, and grocery shopping every week, it might seem shocking to have 30 days where you don't spend money on anything but bills. I did it for an entire month, and I would do it again. I didn't really suffer this month except for boredom at not going out to spend money. I think it was worth it because I did get caught up on my bills and put some money in the bank.
