Financial fasting

An off topic post for the weekend. A friend had this book, "The Power to Prosper," by Michelle Singletary. It lays out a 21-day financial fast and I quickly skimmed through it. Be warned that Singletary takes a religious approach, so it may not be for everyone. I won't link it so folks know that I am not getting any kind of kick back or referral fee.

I advocate a healthy, balanced approach to life. Like food fasting, too long or severe a financial fast can do more harm than good. However, like food, the vast majority of Americans could do a bit of financial fasting to reach a more healthy and balanced place in life. The person with the book, said she has done the fast several times after owning the book for a year. Overall, she had extremely positive things to say about the book, and the fasting program.

Other things I tend to advocate include a high savings rate, living below one's means, and being mindful of where a person spends their money. I tend to be a frugal person, and still found many suggestions in the financial fasting program that would be difficult to give up. For example, window shopping, even online window shopping, eating out at all, even cups of coffee, even if the guest of someone else, the giving of gifts and/or greeting cards that cost any money, are some things to give up during the financial fast. I would have a tough time with all those that I listed. One goal is to move away from linking spending or gift giving to happiness and fulfillment and friendships.

More than a few people say that government deficits are primarily a spending problem. I observe this with individuals as well, that focusing on their spending, their lifestyle, can bring a person to a healthier financial place.

One reason that wealth gets concentrated in such a low percentage of the population, is that about half the population spends all the money they make, no matter how much they make. Many go beyond that, and borrow and carry credit card balances and pay an extra 20% for the pleasure of consuming a few months earlier.

I like to do the opposite, do what now seems very old-fashioned, saving up before spending. I do the same with food, I plan to lose some weight ahead of the holidays, so I won't feel as guilty indulging during.