Here’s a savings tip that be a lot of fun and a serious challenge if taken seriously – Go on a spending fast and give or save the difference.
It’s a simple concept. Stop spending money on a specific item for period of time, and deposit the money that would have been spent on that item into savings or give that money away.
Here are some examples:
- Stop buying soda (or pop or Coke or whatever you call it) and redirect the money to savings
- Refuse to purchase any new clothes for an entire year and redirect the money to savings
- Eliminate the daily $4 coffee drinks (gasp!) and redirect the money to savings
- Park the car and ride a bike to work for a month and redirect the money to savings
A young lady I met a year ago embarked on a journey just like this. Her name is Sarah, and she resolved to “not buy anything new for 365 days.” Her year-long quest began on March 21, 2011, and she is about to finish her journey. On March 21, I will be posting the blog post that I asked her to write. You won’t want to miss it.
QUESTION: What will you choose to go on a spending fast for? What will you do with the money that would normally have been spent on that item?
I’ll reveal my spending fast goal next week.