Savings Tip – Fast From Something

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.

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