Fiscal Fast: Day 4

The challenges of getting through the day without spending any money.

Again, it was not a tough day at all. I became a little bored randomly in the afternoon, but no big deal.


As estimate of how much money I would have normally spent that day.

Shelter = $13
Food= $3
Gas = $3
Total = $19


An observation (positive or negative) about my fiscal fasting experience that day.

I am starting to realize that it is possible to live a pretty good life with very little money. I learned some really interesting recipes that I want to cook next week, and I am definitely eating a lot healthier during the fast than I would otherwise. Eating healthy is also cheaper than eating with a high grocery bill. The bottom of the food pyramid is grains, fruits, and vegetables, all of which you could buy for under $1 a pound, while meat and dairy is quite a bit more than that. Eating cheaper naturally seems healthier. I am lowering my budget for food by $50 a month, and I will end up eating out less due to cost and health. Today was another day where my Roth IRA made as much money as it cost to live, totally rocks!

Fiscal Fast: Day 3

The challenges of getting through the day without spending any money.

There really weren't any challenges that I could think of. It was a very laid back day. If I had to bring up one challenge, it might be that I have about 2 meals of chicken left.

As estimate of how much money I would have normally spent that day.

Shelter= $13
Food = $4
Gas = $5
Total = $22


An observation (positive or negative) about my fiscal fasting experience that day.

Today was a really easy day. I didnt really feel like I had to spend money on anything today. I read a lot: mostly Diary of Anne Frank and Adrift: 76 Days Lost at Sea (great book!) I had a good day today; it looks like I dont need to spend lots of money in order to enjoy life. In other good news, I made enough money in my Roth IRA to cover my costs of living today! That is an amazing feeling, it will be even better when this happens when Im older.

Fiscal Fast: Day 2

The challenges of getting through the day without spending any money.

The toughest challenge I faced today was not eating after I went to the gym. I went about 4 hours after the gym without eating, pretty much lost any gained muscle there. I also went to the library and looked about 5 minutes for a parking spot that didn''t have a meter, but I didn't have to walk much either so it wasn't that big of a deal.

As estimate of how much money I would have normally spent that day.

Shelter= $13
Food = $6
Gas = $6 (went to the simonizers and played frisbee golf)
Total = $25

An observation (positive or negative) about my fiscal fasting experience that day.

Today was definitely tougher than yesterday but I still got by fine besides my hungriness for an hour or so. There was definitely more positive than negative though; I found a tutoring client that I will tutor for 4.5 hours a week (thats about $500 a month extra!) I also went to the gym and went on the bike and traveled the same distance as my home to school just to see if I could do it. It took 28 minutes, but it might be pretty different in real life due to hills and occasional traffic. I think I am going to get a bike and occasionally drive it to school (when I don't tutor afterwards). If its reasonable doing this, then I wouldn't ever get freaked out if my car doesn't work! I also just noticed that the Dark Night starts on Friday. It would be nice if I could go to a matinee on Friday and it wouldn't be rediculously crowded, but Ill just wait until next week to go.

Fiscal Fast: Day 1

This is my entry for day one of my fiscal fast. Each day I will write about the following topics highlighted in blue

The challenges of getting through the day without spending any money.

The toughest challenge was right at the beginning of the day when I drove back home from the Simonizer. I was really tired and I had to drive 30 miles back home, and I really wanted to stop and get a breakfast taco and coffee. I still made it back home, ate a good breakfast of bread, eggs and a peach, and got by pretty easily after I took a nap.

As estimate of how much money I would have normally spent that day.

Shelter = $13
Food = $4
Gas = $5
Total = $22

An observation (positive or negative) about my fiscal fasting experience that day.

In general it was a very positive day. I made a really good pasta sauce that kept me pleasantly occupied, and I read quite a bit of the Diary of Anne Frank. I feel that the fast will keep my mind thinking of creative ways to be entertained. Since it was the middle of the month I also projected out how much I will spend in the rest of the month. It looks like every category will be significantly lower than normal. Including normal debt payments but not including by Roth IRA and savings, I will spend about $2,000 this month. Really not bad.

Figuring out how much you really get paid per hour

Everyone thats gets paid by the hour is not really earning the income that they think they are. Even those that get a yearly salary make quite a bit less than they think they do. One of the most important questions you should ask yourself when you are working is, if you had an unlimited income, what would you be doing with your time?

Fiscal Fast

I will be going on a fiscal fast from Monday July14 until Friday July 18th. What this means is that between Monday and Friday I will not spend money on ANYTHING. I do not have any other bills for the rest of the month, so it will cost me nothing to live those 5 days.

A few details...

On Sunday night I will fill up my gas tank at the nearest gas station to home.
I will spend no more than $20 on groceries the Friday before the fast.
If there is a genuine emergency such as my car breaking down then I will break fast (no pun intended)


I will be leaving a journal entry each day next week concerning the following..
The challenges of getting through the day without spending any money.
As estimate of how much money I would have normally spent that day.
An observation (positive or negative) about my fiscal fasting experience that day.


The main reason why I am doing this is to find ways to enjoy life without depending on money. Also, I want to find places where I could lower miscellaneous expenses and I think by fasting it will show me ways I have not thought of.


Please leave comments of your thoughts or encouragements.

Financial Tips From Consumer Reports

The August 2008 issue of Consumer Reports, a really helpful magazine that my dad has read all of his life, offers two articles that are very useful. The first offers tips for cutting expenses. The second gives a brief overview of budgeting.

The first article offers 6 ways for an average American to save money. These include..

1. Find cheaper auto insurance. By shopping around, the average person can save $65 per month.
2. Optimize your life insurance. Premiums have dropped in the past ten years, the article notes. It may be worth replacing an existing policy. Also, by adopting a healthier lifestyle, you can cut costs. Average savings? $110.
3. Shop smart for food. CR cites U.S. Department of Agriculture data indicating the average family of four can drop its grocery bill by nearly $200 per month though smarter shopping.
4. Stop paying bank fees. The average U.S. household pays more than $25 per month in bank fees. There’s no reason to do so.
   
5. Call up cell phone savings. According to the U.S. Bureau of Labor Statistics, the average family spends $90 on phone-related expenses. Consumer Reports suggests checking to be sure you’re not paying for too many minutes.
6. Pay off your credit card. If you can get out of debt, you’ll not only save on finance charges, but you’ll also free up the cash that was going to pay the principal. Estimated monthly savings: $65.

The second article includes information on how to create a spending plan. A summary of the information in the article is listed below.

• Set goals. I believe that the road to wealth is paved with goals. Consumer Reports believes that long-term goals help you achieve big things, while short-term goals keep you motivated.
• Track expenses. It doesn’t matter how you do it, but track your spending. You can use a notebook, computer software, or even online tools.
• Plan for surprises. If you haven’t already, start an emergency fund. Most experts advise saving three to six months of living expenses, but CR suggests a “personal escrow” approach instead.
• Set priorities. Know which bills get paid first. For most people, this means the big things like food and home. (If you pay yourself first, it may be your retirement.) Whatever’s left after your expenses is your discretionary money.

Finally, I noticed some really useful mobile banking at Wamu, my checking account. I could simply text a number and they will tell me account balances, nearest locations, and nearest free ATM's. I also set it up where they text me when I get my work salary each month and when my account goes under $500. This is getting pretty automatic. :)