If you read a lot of personal finance blogs, you might have come across the topic of spending fasts.
A spending fast is a period of time, usually a month, during which a person commits to not spending any money on frivolous things – no lattes, no dinners out, no fast food, no clothes. Just bills, groceries and gas. In fact, fellow blogger, Kylie Ofiu, is doing a spending fast right now. She’s calling it Nospendver (heehee).
The purpose of the spending fast (sometimes referred to as a “no-spend challenge”) is to save money, but as long as I’ve been blogging, I’ve never felt the need to partake in one.
The reason? Because I already did one, and it lasted for six months.
It was July of 2000. I had just graduated college, and I had a mission. That mission was to save as much money as possible for my post-college European backpacking trip. I had exactly six months to do it.
So I moved in with my parents, got a full time job, and figured out my budget. After deducting my basic expenses, I gave myself an allowance of $25 a week for discretionary spending.
Now, depending on your frame of reference, $25 can either sound like a lot, or a little. For me, a then 22-year-old with an active social life, it wasn’t very much.
If I went out to the movies with my friends on Friday night, I spent $7.50. Then if we went out to dinner the next night, I spent around $14, so at the end of the weekend I’d be left with $3.50 for the rest of the week.
Not being one to turn down social invitations, I solved my budget limitations by conducting a “spending fast” Monday through Thursday, so I could use my money to go out with friends on the weekend.
I packed my lunch every single day. There was no wiggle room with this step, fast food was not an option with my budget. Sometimes that meant I was eating peanuts, raisins, and a boiled egg if that’s all I had in the pantry.
To get away from work at lunch, I’d drive down to the park and take a walk, or I’d sit in my car and read if it was too hot. I was reading The Fountainhead at the time, still my favorite book of all time.
On occasion I would splurge and go to Starbucks. But I wouldn’t be getting one of those fancy lattes, or even a plain latte, just a tall regular coffee. Sitting in the coffee shop and reading my book on my lunch break was my own private luxury back then.
I remember the highs and lows of this time period so vividly. Highs, when my friends would decide to hang out at someone’s house (free!) instead of going out. If this happened twice in one weekend, that meant all my budget money rolled over to the next week! Lows were when I ran out of shampoo, or worse, when I ran out of shampoo and toothpaste in the same week and had to spend half of my budget to replace them.
I thought really carefully about every purchase I made. On a week when I had a budget surplus I’d buy an Italian language book so I could prepare for my trip, instead of splurging on fast food or coffee.
I also lived for freebies. If my team at work had done a good job, our supervisors gave us movie tickets. That was heaven in a hand basket right there.
Sometimes on weekends I’d go visit my best friend when she was at work. She happened to work at Starbucks, lucky me. She’d be pouring my free iced soy chai before I even made it through the front door. I loved her for that.
Though living with this budget was difficult at times, I never felt the need to cheat. Never, not once in six months. My will, which under normal circumstances is quite weak, was determined to make it to the finish line. Every $30 I saved was another day in Europe. Every $300 I saved was another rail pass. It was do or die, and I did.
Me, in Budapest, “sliding” down a concrete slide (because you don’t really slide on a concrete slide)
I have really fond memories of this period of time in my life. I set a budget, I had intense focus on keeping it, and I did it.
I learned a lot too. Not only did I learn I could accomplish something if my motivation was great enough, but I also learned how easy it is to spend frivolous money. Until you consciously say NO, you don’t realize how easy it is to say yes.
If you’ve never done a spending fast before, I recommend it. At least to say you did it. At least to learn what your will power looks like.
As for me, I did it once, I learned what it felt like, I learned my lessons, and I don’t feel the need to do it again. I kind of felt the same way after I did a dietary cleanse too. Maybe I just don’t like doing things twice. Or maybe I don’t have a desire strong enough to pull it off again.
What do you think? Have you done a spending fast? Why did you do it? Would you do it again?
November 21, 2011 at 5:19 AM
I guess I did a spending fast for 3 years while saving for my round the world trip. I worked two jobs and saved everything that I could. I did waiver at times, but I saved $60k over those three years and was able to travel for 20 months without worrying too much about my budget so I think I did ok!
November 22, 2011 at 7:40 AM
Wow, that’s amazing! I can imagine how life changing that trip must have been for you. I bet you didn’t want to come back!
November 21, 2011 at 6:18 AM
I am finding it harder this time, mainly because I want to do house improvements, but really there is no need for me to spend.
I am sure as time goes on it will be easier. Good luck with yours!
November 22, 2011 at 7:40 AM
Oh yes, I can relate to the desire to do house improvements. :)
November 21, 2011 at 6:20 AM
When we were graduate students we had no money and we had DH’s student loans. We bought very little. Less than many people on actual spending fasts do!
November 22, 2011 at 7:42 AM
When we were in grad school we should have lived like that. But we all know how that went.
November 21, 2011 at 6:34 AM
I think it is motivation that allows the spending fasts to succeed. I did one in July (for a week) to save some cash for our trip to the lake. I was determined, and I succeeded. Other spending fasts, not so much. Mainly because the motivation was not strong enough. It is also easier when it is just you, and you don’t have kids with many needs….:)!
I applaud you for doing it 6 months! That’s amazing!
November 22, 2011 at 7:43 AM
I’ve never tried it, but I surmise a spending fast is ten times harder with kids.
November 21, 2011 at 7:20 AM
Loved reading this post… It goes to show what can be accomplished with determination!! I’ve done a spending fast & will probably do another in January… I think it’s the ideal time to start “fresh”! :)
November 22, 2011 at 7:44 AM
That is a good idea for starting the new year off right.
November 21, 2011 at 7:36 AM
I’ve been on a spending fast for quite some time, but the BF and I have started to shop again.
November 21, 2011 at 10:51 AM
Great story lindy – I think having a goal like your Europe trip can really steel the willpower for a no spending fast, but if you have no goal, it will be easy to cheat.
November 22, 2011 at 7:44 AM
Agreed! Goals are a big factor in the success of a fast.
November 21, 2011 at 11:32 AM
I’ve never done a spending fast or no spend challenge until this month. I’m joining Team Enemy of Debt with their No Restaurants Challenge. And I’ll admit, the first weekend was tough.
I wanted to go out and get a quick and convenient meal on my way to weekend outings. But now it’s been nice, and I feel healthier only eating things I’ve cooked.
November 21, 2011 at 1:16 PM
I feel like we did a year long spending fast when we were getting out of debt. We didn’t buy hardly anything extra. I love your way of looking at cash as days in Europe or something that you would need there. That would change my mind about spending $60 on “stuff” if I thought about it as an admission ticket to Legoland. That’s our next vacation destination hopefully.
November 22, 2011 at 7:53 AM
I can definitely see how your debt journey was a year long spending fast. Reading your blog during that time, I saw a lot of similarities to what I went through during my six months.
November 21, 2011 at 3:03 PM
The Fountainhead is your favorite book?! I knew there was something I liked about you! ;)
I attempted a year long spending fast this year. Unfortunately, I wasn’t smart enough to allow myself some wiggle room every week. Having $0 for eating out or buying things quickly wore thin. I did it to pay more to debt every month, but now I realize that moderation is key. I don’t have to spend frivolously every month, but having the option every once in a while is nice.
November 22, 2011 at 7:45 AM
$25 a week was hard for me, so yes I can imagine that $0 would be even harder. :)
November 21, 2011 at 3:53 PM
Enjoyed this post! (not that I don’t enjoy all of your posts but you get my meaning!) What you sacrificed is very little compared by what you gained by saving your trip to Europe, the benefits of which will last you your lifetime. What do they call it? “Short term pain for long term gain”! I’ve done short fiscal fasts before ( a week at the most, except for when I was a student and had No money EVER!) so committing yourself to six months is quite an accomplishment!
November 21, 2011 at 9:12 PM
This post hit really close home. Being a spender and a shopper, I never went on any spending fasts. I have to admit that my spending fast is long overdue. I am planning on it starting January 1. As one of my New Year’s resolutions. Your post not just inspired me, it motivated me! Big time!
November 22, 2011 at 7:51 AM
Have you read And Then She Saved? She’s a former shopping enthusiast, and is now the queen of the spending fast.
November 22, 2011 at 1:30 AM
Like Carrie, I have joined the Enemy of Debt “Moo Restaurants in November” challenge. Love it! It has been my first “no spending” challenge, and I can tell you it won’t be my last. It has proven to me that I have more willpower than I realized to say NO to frivolous spending. I am particularly excited about the new year. I love setting goals and challenges, and plan to add more time to my no spending challenge. I am also going to continue using a cash-only system, which has forced a more conscious spending, too. And last but not least, I am planning to add “income increase challenges” to my new years plans. Come on, 2012! :-)
November 22, 2011 at 1:32 AM
Lol…damn auto format….correction– that is “No Restaurants in November” not “Moo Restaurants”. Lol
November 22, 2011 at 7:29 AM
I just thought “Moo Restaurants” was just another way to “steak house”
November 22, 2011 at 7:47 AM
Yeah, I thought Moo Restaurants was a fancy new term for a no spend challenge. Maybe it should be called that.
November 22, 2011 at 7:30 AM
I was on no-spend challenges all through the college years. I lived and ate reasonably well though, so I don’t remember it as being a time of privation.
November 22, 2011 at 9:15 AM
Man, this is such a great post! I, too, have never shown much interest in a spending fast, and it wasn’t until I read this that I realized that…I’ve already done one! For four months! Haha. A few years ago, I took an unpaid internship over a summer, so I had to keep my expenses to the BARE minimum. I think I also had $25/week for everything that wasn’t food, and I kept my food costs to between $15 and $25 a week, also. And that was it. I literally bought NOTHING that wasn’t groceries, or the occasional (and cheap) night out with a friend. I never felt the need to cheat, because what was I cheating? My actual non-income earning self! Now that I have a smidge more money, it just seems like an exercise in self-control. Been there, done that!
November 22, 2011 at 10:17 AM
I haven’t. At this point in my life I feel like I rarely spend money on things I don’t need, though. Good for you for yours, though! Especially at a period in life when it’s so hard NOT to spend money. Was Europe amazing?
November 29, 2011 at 11:14 AM
I don’t know if you remember me, but we met on the bus to the Love Drop event at FINCON.
This is awesome! Congrats on making it six months. I’ve done a month of no clothes buying before, but never a no-spend challenge. Perhaps I should consider it, since my friends and I are planning a trip to Mexico for the Spring. Thanks for the inspiration, Lindy!
November 30, 2011 at 10:08 PM
Of course I remember. :)
The spending fast is definitely a worthwhile experiment.
February 10, 2012 at 3:36 PM
Great post. I am on a spending fast for a year and really feel it helps. For me it is not only about the money but also about reseting bad spending habits. I have already managed to get rid of my latte spending and don’t miss is at all. I also don’t find not buying clothes so difficult as I thought it would be and what I love the most is all the time I save because I only go to shops to do groceries, I don’t go the mall or shopping streets anymore :-)
February 16, 2012 at 4:28 PM
I am on one until May (or later). Its become quite apparent I will not have a job after my temp contract ends. And I built an Excel spreadsheet and when I figured out that I was losing 30 dollars a week on whatever the heck I’d been spending it on. I also figured out that if I took all my extra money (money not going to bills) from now until my contract ends I can pay off my biggest budget credit card bill and save some money in an emergency fund.
I chose to do this instead of learning how to snowboard which I was really really looking forward to. The mountains will be there next year. This money wont. Hopefully I’ll get a new assignment that pays somewhat the same amount of money and I can pay off the other card and then maybe the student debt. I’ve always wanted to go backpacking through Europe but with my responsibilities I doubt this will ever happen or at least not til I’m older.