Learn How to Save Money For Travel with a 21-Day Financial Fast

Posted on 22. Jan, 2010 by Dirtbag in The Lifestyle

In listening to NPR the other day, I heard this interview with Michelle Singletary about her book The Power to Prosper: 21 Days to Financial Freedom. She encourages people to do what she calls a 21-day financial fast meaning that you only purchase necessities and pay for everything with cash. The fast gets you thinking about your desire to consume even if you are thrifty already.

I have been trying to cut back on expenses lately in anticipation of three huge trips I have in the works for this year (Spanish school in Central America, dirtbagging through Hawaii, trekking through Patagonia, and not to mention a ton of climbing and backpacking trips throughout the west) and decided to take the challenge. I have seriously minimized my expenses in the last year but am still wondering how I can reduce my spending further. I thought I was super frugal but four days into the fast I realize I had been spending more than I had thought. So give it a try and abide by the following rules:

Rules of the 21-Day Financial Fast

Only Purchase the Bare Necessities
- Essential items like food and medicine
- Essential personal items like toothpaste, shampoo, etc.
- Essential items for work such as a work uniform.
- The means no going out to eat, no going to the bar, and not stopping for coffee.
- No gifts.
Only use cash for purchases (no plastic, even debit cards)
Don’t window shop or go to the mall (does that mean REI?)
No online shopping or browsing through retail catalogs

There is something about paying with cash that makes you realize that you are actually spending money. Paying for gas with cash the other day made me cringe. When I pay with plastic, even though it is usually my debit card, it really doesn’t feel like cash. Seeing all that cash leave my hands to pay for gas was painful and totally made me think about how much I have been driving lately. Oh and that urge to stop for coffee is pretty rough – I wonder if it will dull after three weeks of this.

I am just glad I have a stockpile of beer in the fridge and several bottles on the wine rack because I don’t think Singletary would buy the idea of booze as an essential. It fuels my creativity and is thus an essential for me but I am going to see if I can go the three weeks without purchasing any beer or wine, but I may need a bottle of champagne for that brunch I am hosting this Sunday – or do I?

If you give it a try – leave a comment to let me know how you do. I am curious what types of free things you find to do to keep yourself entertained for all 21 of those days.

Also check out these resources about other ways to reduce your expenses and build up that travel fund.