Fiscal Fast?

[kissjo]

I don't know how many of you watched Jeff Yeager on TLC's Extreme Cheapskates, but his fiscal fast kind of motivated me to try it. Basically, can you go one week without spending ANY money? I recently read a book of his and he is truly an extreme cheapskate....had some good ideas, but others were crazy! He describes how to fast, and it is EXTREME - no driving (because you use up gas), minimal light usage (candles/fireplace instead, which also heats the house), etc, etc,. So, I thought, why not....lets give it a try and see what happens. According to Jeff, the average American can save up to $1500 by doing a fiscal fast (I don't typically spend that much money in a week on items, so I could see me saving $500-$600/week by doing this). I think about if I did this once or twice a year, I could save some good money, and use up some of those items in my cupboards that are creeping up to their expiry date.

I didn't preplan before doing this. I didn't go to the grocery store and stock up. I didn't go and put fuel in my car (which is almost empty). I turned down the heat in the house by 5 degrees and have been wearing more sweaters and using blankets. I have been air drying my clothes. I have been researching ways to live more frugally. I have also been trying to find substitutes for foods for cooking since I can't grocery shop (it truly is amazing that there is a substitute for everything).

I am currently on day 4. I have been walking to the LRT station instead of driving (it takes me 17 minutes to walk....and it's cold just to let you know - and in the morning after working a 12 hour shift, the last thing I want to do is walk home, but its a commitment that I am committed to!). I have a monthly ETS pass so that helps with not needing to drive to work (there aren't any bus stops that operate when I need them to so I walk or drive to the station). I have been going through my cupboards and using up some of the older items. I made pasta sauce last night. I made broth with the parts of our veggies that you normally throw out and made a soup with that. I have been learning SO much about waste this past month and it is amazing how much I've wasted in my life and this fiscal fast allows me to put forth my teaching and utilize it in life.

Last night, instead of going out and spending money (like we normally would on the weekend), hubby and me took out some old board games and played those...and we had a great time! Tomorrow night, we had tickets already for a wine tasting, so thats still on the plate. We will have to drive to that, unfortunately, but I have some GC's for gas if I need to put some in my tank.

Anyways, just wondering if others have done this and what your experiences were with it. We may run out of milk, but if that is the only thing we run out of this week, I'll be a happy lady. I will also be realizing that we will only need to go to the grocery once every 1-2 weeks instead of 2-3 times per week.

[imasham]

I really like the idea but obviously it depends on exactly which week you select. Would you choose the week your mortgage or rent payment was due? Would you choose the week when you have to buy your bus pass! It also depends on just how prepared one is in the first place. I also don't think there is a substitute for food! I think you meant you've found one food to substitute for another. If you have no food in the house then you're going to get hungry.

However, the concept is great. We are very much a nation of consumerists and wasters. There is much we can do to live better and less expensively. Buying in bulk when things are on sale helps a lot. Buying a whole or half a cow once a year has saved me hundreds of dollars and reduced the number of times I go to the store.

The idea of not preparing in advance is a great one. What would you do in an emergency if the natural gas failed for 20 days (as happened in Australia in 1998 - http://en.wikipedia.org/wiki/Esso_Lo..._gas_explosion)? What would you do if this happened in the winter? Could you cook, eat, and keep warm for three weeks if you turned off the main breaker in your house today?

Good on you for trying this out. Once you're done, complete a lessons learned document and try it again.

[kissjo]

Your right....I do substitute in cooking one product for another...I'm not going a week without food

I don't count bills as spending. If they are coming directly out of my account, then there will never be a week that I can do this as there is at least one bill a week coming out of my account. To me, its in addition to those necessities of life, and also learning to live with less.

Good point on the natural gas....would we be able to do it??? I guess we would need to pull out our camping supplies for that - hopefully we will never have to worry about that, but I guess you never know, do you????

[alwaysdaddysgirl]

I think I am going to try it but will start next Saturday as Wednesday is my birthday. We don't do gifts. I am not planning any shopping trips between now and then unless I come across a good deal so we shall see. I used my slowcooker for the first time ever two days ago and made enough for 2 dinners so it may not be too hard.

I refuse to eat a goat head though!

[macabby'smom]

I agree the goat head was a little too much for me as well.

[alwaysdaddysgirl]

I agree the goat head was a little too much for me as well.

I just can't get over the fact he rode over 40km to find enough change to buy a goat head. I think I would have just skipped the protein that day!

[couponcrazy86]

i think this is a great challenge for a person/family to try to help reduce/cut costs. its definetly one that really needs a lot of dedication so that one will stick with it. im going to try to do this in my home with my family. good luck to all who try and thanks for the great post to get this going for a lot of ppl who have not heard/tried this before.

[Bilboshmoe]

Seriously. Download the Mint.ca and start a budget. ITS FREE!! owned by Inuit, the same company that owns turbotax and Quicken. Its free because Banks pay to advertise on the site. Meh, no Biggie.
That whipped my fat ars into finincial shape when I realized we were spending $1200.00 a month on starbucks, takeout and groceries. We've cut out total food budget down to $700 a month ( its a work in progress) and we used our Visa reward points to buy Starbucks Gift cards. So no more "FiveBUCks" coffee on our statements; as my husbands calls it.

The financial fast thing surely got my attention. Hmmm. I'll put it on my OCD list of things to do. Thanks for the idea!

[frugalkitty]

Seriously. Download the Mint.ca and start a budget. ITS FREE!! owned by Inuit, the same company that owns turbotax and Quicken. Its free because Banks pay to advertise on the site. Meh, no Biggie.
That whipped my fat ars into finincial shape when I realized we were spending $1200.00 a month on starbucks, takeout and groceries. We've cut out total food budget down to $700 a month ( its a work in progress) and we used our Visa reward points to buy Starbucks Gift cards. So no more "FiveBUCks" coffee on our statements; as my husbands calls it.

The financial fast thing surely got my attention. Hmmm. I'll put it on my OCD list of things to do. Thanks for the idea!

I agree wholeheartedly that mint.com is a god send. I tried using a spread sheet from a popular bloggers website, but it didn't work out for me. With mint.com I can see exactly what I'm spending on and even at a glimpse, I know how I'm doing regarding all aspects of my buget. It also reminds you of when bills are coming due and e-mails you summaries.

For those of you that use superpoints and/or swagbucks there are offers to sign up for mint.com and earn points/bucks.

[frugalkitty]

It's on. I'm starting my fiscal fast. I'll see if i can last until Sunday, but I will have to buy some fruits and veggies( no point being frugal if you can't go doodle) and other essentials like a bus pass.

[alwaysdaddysgirl]

Good Luck. We have seriously slashed our grocery bill. I would almost say by about 25%. We haven't bought anything processed except my daughter's Tuseday's No Name Pizza Pops. When I make a meal I double it up and freeze the extra. I made the equivalent of 10 cans of refried beans for $10 as opposed to paying over $3 a can. We know where to get the cheapest items we buy are and get them there. We buy a bunch at a time to save time and gas to get it. No more peeled baby carrots for us. The slow cooker has been a lifesaver. Cheaper meat can taste great when marinating all day.

[kissjo]

Good luck on your fiscal fast....you'll realize so much about yourself and your spending. I've been reading a lot lately from Gail Vaz - Oxlade lately - she does the show "til debt do us part" and "princess" on slice. She is great for teaching you how to budget and how to save money. She is awesome. I've read so many books on this topic, and she is by far the best and the most sensible one that I've read. I love her extensive experience with it, and the fact that its Canadian based. In her book, she has an equation for what you should be spending on groceries based on your income. Then she says you should take that amount and try to half it. That's what I'm trying to do, but am still about $350/month (my max budget). Learning to do this fiscal fast is kind of like what Gail talks about in her book. There are so many free things to do in this world and so many ways that we can enjoy life without comprimising our budget - we just need to learn to do them. So, enter the fiscal fast. Since we've done it, I have been so much more cognizant about our budget and spending. We've only eaten out once, and with that, we had a groupon. I have to go shopping on Friday morning after work, and am already equipped with a list, and a budget of $40. I bring a calculator to the grocery store with me, and its amazing how quickly things add up. Good luck again, and keep us posted!

[kissjo]

Just another thing to add. Since I started this last month, in 6 weeks, I've only put $20 worth of gas in my vehicle because I've started using public transport to get to and from work, and I now walk to the grocery stores to get my groceries - even in the snow! It prevents me from over spending. I work for a company that participates in the discounted ETS passes, so my passes are about $63/month. My car would cost me easily $100+ in gas a month plus maintenance to get to and from work. And really, I have no problem getting to and from work with public transport. I realize that not everyone can take a bus or LRT to work, but if you are within close proximity to public transport that operates within the hours of work, why not?

[Kelkens]

My problem with Edmonton Transit is that although we live only 15 mins driving from downtown it is a 40 min bus ride as there is no direct route.

But we do fill our vehicle..as we drop off two to schools in our area, and one to the downtown LRT. We also cycle in the spring/summer. It's amazing how much gas is saved when you cycle.

You see so many people driving solo in a car- it justs seems so wasteful.

[pippinelkhound]

Transit just doesn't work at all with my shifts. Twice an hour out of my subdivsion just isn't real in off peak hours.