Hello...Anybody There?

Seems like this experience was fast to be abandoned if anything else. I assume that we're just still spending and consuming and finding it hard to actually "money fast". Hey it's not an easy thing to do and it needs a lot of commitment. I think the problem here is that we are making excuses for ourselves..hey i'm the first to quickly admit that that is probably true..at least for me.

Anyway, I really want to save more money. Everytime I check my saving's account, I am filled with joy that I still have money in there and that it is growing. Yet, I feel slightly disappointed that it's taken me so long to save that much. I want it to grow faster..(yes, i'm a bit impatient), but with that of course comes less spending. Overall in general I can tell you that I probably spend the most on food. Second to that would have to be random outings/shopping which i do once in a blue moon, but still makes a conspicuous difference in my bank account.

Well..i'm glad i have some sort of increased desire to save more! My next goal is to budget how much I can spend in one month. That's a start, but i know that won't solve the problem...i need concrete goals. As soon as I do so, I'll let you know.

Until then, cheers to Money Fasting.

It's all about the Benjamin’s, is what Puff Daddy says but for me it's all about the Washington's , Lincoln's and negative signs on my bank account. Needless to say at the end of the day, I have a less than superior attitude about my funds. Well....this where the Moneyfast Experience comes in, an opportunity to determine the 5 W's of my finance issues. Who, what, when, where, why? Finding the answers to these questions is a method guaranteed to get me one step closer to financial freedom. The first W......who. Who does my money go to? Well lets see......daycare, rent, utilities, gas, and 3 credit cards. Omg....I can't forget about those damn NSF fees. :( Stay tuned as I work to figure out the next W......What. What creates my debt?

Read Me

Please Send Money! A Financial Survival Guide for Young Adults on Their Own by Dara Duguay

Someone referred this book to me... and now I'm referring it to you. 

Needs and Wants

Here's an exercise for you all.

Create a list of your needs and wants. I think this might be difficult to do because I think sometimes I make my wants my needs, but by honestly creating a list i think this can help in our purchasing habits!

Confession

I have to admit, i haven't been doing the money fast experience. On the contrary, i've been spending more than i normally would!! Well here are my excuses and i'm not saying that they are good excuses, but it's made me want to put this experience on hold for a little longer. You see, I'm going on this adventurous and possibly strenuous 4 day hike at King's Canyon, and because I was excited about finally doing a backpack hike, i decided to go buy some of my own gear. Little did i realize that hiking gears are expensive!! Nevertheless, I bought into the sales lady's pitch. She was really nice and knowledgeable that i didn't have much of a problem throwing down 3 bills for a hiking backpack and some quality hiking shoes.

Another weekend, I was going through some issues and I happened to be shopping, and usually i'm a really good window shopper, but that weekend it was all about retail therapy! Boy did it feel good.


Now, my bank account may be suffering a little bit, but one thing I'm grateful for (at least) is that I am still putting money (directly deposited) into my saving's account with every paycheck. Still i think i can be better at MONEY FASTING. I don't want to do things illegally, i just want to be able to save money fast and make money fast!! but then again, i'm young and I want to have fun and the last thing i want to do is to hold back on some fun opportunities and activities!


I may not be money fasting right now, but i'm not quitting...I just need to find my way to do it. Everyone has a unique way of doing things and I guess i haven't quite found it yet. I'll let you know when i do :)

C.R.E.A.M.

If Cash Rules EVERYTHING Around Me how am I supposed to get anything accomplished being as broke as I am? And why am I so broke anyway? I have a roommate (my mom) who pays both halves of the rent, a car that's already paid for, and credit cards that aren't carrying a balance... Since I have a good job and I know my money isn't going into bills (T-mobile is expensive but not that bad), I checked my Bank of America records to see where all of my money is going. The answer: into my stomach.... 

I calculated what I spent on breakfast, lunch, and dinner eating out plus all those damn "I wanna watch the Laker game" and "just because it's Taco Tuesday" or "Marguerita Monday" happy hours last month, and it turns out I spent an average of $20 a day on food... $20!!!! That's $600 a month!!! on food!!!!! 

Needless to say, I dropped my Subway sandwich and headed to Trader Joe's and Ralph's to stock up on food for the upcoming week. The bill was $75 and I think it should last me an entire week. Now I'm forcing myself to do something that I've hated since the first day of Kindergarten. That's right I'm bringing my lunch to work. Plus, as my girl Carrie B. (Sex and the City) would say I'm going to "take those sweaters out of my stove" and start cooking.  

Yes folks, my situation is dire. Cooking for food? How barbaric... but I'll let you know what happens... 

Idea for next week: So I read an article in Money magazine called "Life Without Plastic" and it said that people with credit and even debit cards spend more money than people who deal only in cash because with cards you're dealing with a false sense of limitless funds. You don't see the money, so you spend it more freely. As an experiment, those of us that don't deal in cash usually (me) should take out a certain amount of money for the week... and stick to using only that and see how it works. Just a suggestion. 

Also, copy and paste the link to look at this smart beezy who gets unlimited free gas plus an extra $500 a month to drive around one of those stupid billboard cars. LUCKY!

http://www.cnn.com/2008/LIVING/06/19/gas.incentives/index.html

SAVE! SAVE! SAVE! That’s all I ever heard from my dad growing up. I sure wish I would have listened at some point. Learning to save money has never been easy for me. I am a 24 year shpoholic (admitting the addiction is the first step), living in a world where conservation is everything. So here I am embarking on this journey called “The Money Fast Experience”. My first step to financial conservation was to find out where my money goes exactly. Just a little background info I live at home (no rent), no car note (at the moment), and I have minimal credit card debit under $2,000. So by looking at those stats I should be in the perfect position to save, right? WRONG! So I began saving all of my receipts to get a better understanding of what I’m spending on a daily basis. The next step will probably be the hardest; I’m going to attempt to spend no money for a whole week!! I know sounds drastic but I have to start somewhere. So here I go wish me luck, I will keep you posted.

I got my mind on my money and my money on my mind. Money Fast. That's what we decided to call this experiment ( a way to inhibit ourselves from spending money for a specific amount of time while saving money simultaneously). Our idea developed of course with our motivation to be financially secure in this time of economic crisis, inflation and all that sort. Let’s face it, we’re all hurting with gas prices rising, rent increasing, etc and we want to be able to enjoy ourselves without having to stress about a lack of money.

So here’s the idea:

To not spend money for one week…and instead put that money that we would normally spend in a savings account.

The following week: apply some sort of budget for the week.

The rest is still to be determined.

P.S. that's just one way we're "money fasting" but there are certainly other ways we can make and save money (legally)...so feel free to share your ideas!