Money Fasting for Lent

Many people observe the season of Lent by giving up something during the time between Ash Wednesday and Easter Sunday.  It is a religious practice that has gained popularity even among non-religious people.  I only mention this because it can be the perfect time to go on a money fast.  Money fasting is not buying anything but basic necessities for a period of time.  After the monthly bills are paid, only purchase items that are absolutely needed.  This includes food and toiletries, first aid or medicine that you run out of. 

For this to be effective a household must commit for a period of time (a week, month, or longer).  The purpose here is to squeeze additional money out of your budget and put it all toward the goal you are working on.  When fasting is a mutual decision, it minimizes arguments.  Family members can keep each other accountable.  It can also lead to a lifestyle shift toward simplicity.

• Account for every dollar in your budget.  Put the excess on the goal your household is working on (emergency savings, debt pay down, saving for large purchase).  This amount is in addition to what you already pay.

• Start with a manageable amount of time.  The purpose is to allow an opportunity to think outside the box or break bad habits; not to torture people.  If a week is the agreed upon time, it can mutually be renewed for another week later.

• Do not go on a spending splurge as soon as the fast is over.  Resume a regular budget and continue to track spending.

This type of fasting can be done anytime through out the year, but Lent is an opportune time.  The sacrifice made carries with it the reward of progress.  If your family makes it through the 40 days, your Easter celebration will be even more joyful.