Is A Spending Fast For You?

Online, April 18, 2011 (Newswire.com) - One of the most commonly asked questions about personal finance is this: How can I find the money to save, give to charity or get out of debt?

For some, the answer is simple: Look at what you spend money on and determine what is truly essential and what is not. Then get rid of the things that you can live without. Some people choose to get rid of Internet service, while others deem cable television as a non-essential. Others downsize to being a one-car family from a two-car family.

The most radical step you can take is to go on a spending fast. This means no new clothing, shoes, jewelry, household items, movies, CDs, hair products other than essentials and no eating out. This also means whittling down your shopping list to only the most essential items, as well as either getting rid of a cell phone or at least dropping down to the least expensive service plan.

But if a complete spending fast is a bit overwhelming for you, consider a partial fast, leaving out a certain item on your spending list, like entertainment. You could, instead of spending money on entertainment, look for ways to have fun for free. You could also consider a clothing fast, buying only what you truly need.

A spending fast is one of the most effective ways to free up money for whatever you are trying to free up money for. And who knows? Maybe after a few months of a spending fast, you may just discover you can live on a much more restrictive budget which will, of course, free up even more money on a long-term basis. It will allow you to get out of debt, thus freeing up much more than just some space in your bank account - you'll have room to breathe.

For more information on saving and budgeting click here.