In this episode of The Naked Party Time Podcast, we talk about the what, why, and how of a spending fast, by replaying Episode 007 called “Spending fast challenge.”
Sabrina and I are doing our third spending fast in three years as we felt led to recalibrate, refocus, and reenergize our finances toward some new priorities.
In the episode we talk about a spending fast challenge we are doing. Since this was recorded almost two years ago, there is not an official challenge we are asking you to join, but if you do one, please let us know at firstname.lastname@example.org.
1. What is a spending fast?
A spending fast is choosing to not spend money for a specific amount of time for a specific goal or reason.
2. Why do a spending fast?
If you don’t know your why you will give up very quickly!
Maybe you’re going to pay down debt, save for a big purchase, go on a vacation, get ready for Christmas or just practice the good discipline of not spending.
3. How do you do a spending fast?
Choose what areas of spending you are going to stop and then put everything you save toward your why. Obviously, you need to keep paying your bills and for your
necessities (mortgage, utilities, groceries, insurance, debt payments, etc.).
4. What did we learn?
A. How freely we spend money on crap we don’t need!
B. Delayed gratification works. Things we thought we wanted to spend on in January we didn’t even think about or remember wanting when we were done.
C. Amazon Prime is a trap! (We continue to have it and use it, but man, it is so easy to buy something just because you get that “free” 2-day shipping.)
D. The realization of how important it is to have savings.
Episode 003: I don’t want to go back to normal because normal wasn’t working.
Monday Money Tip Podcast