Thirty Day Challenge

The more I think about the concept of a “financial fast” the more I like the idea.

What if we were to accept a challenge to go 30 days trying to see how little we could spend?  I believe the benefits would be two fold.  One, we would probably be able to save a good chunk of money and two, there is a good chance we would realized how much less we could live on.  I am not suggesting we take on unnecessary suffering and hardship but that we intentionally look at what we are spending money on and creatively substitute higher cost purchases and activities for lower cost items to generate a similar quality of life.

The benefit of a 30 day commitment is knowing there is an end to the challenge.  Some of the changes we might make may not be sustainable but could be endured for a month.  In fact, if we make a “game” out of the challenge it could get our competitive juices working as an ally in the process.

Some examples that come to mind …

• Use the library for your entertainment.  No purchases or rentals of movies during the month … instead, take advantage of the healthy supply of free DVD’s, CD’s and books paid for courtesy of your local taxes.
• Eliminate “Dinner and a movie” and replace it with a pitch in meal with friends and game night at someone’s house.
• Search the local newspaper and the internet for all the free shows, parades and festivals being offered and check them out.
• Instead of attending a professional sports event, check out local high school sports.  When was the last time you attended a high school football or basketball game?  You might be surprised at the level of excitement generated by a cross-town rivalry.
• Take the family bike riding.  Check out bike paths in your area on the internet or get a map at your local bike shop.
• Investigate museums in your area that are open to the public at no charge.  Often museums that normally charge offer some days free.

Remember, the goal is not to eliminate fun and make yourself miserable, it is to see how much quality of life you can enjoy while accepting the challenge to spend as little money as possible.  You may want to take the challenge with a group of friends and compare notes to see who spends the least during the month.  Keep track of the money you save and set it aside as additional emergency savings.

Having proposed the idea … I would love to have additional suggestions submitted to add to the list or any comments you would like to add about the concept.

Anybody up for the challenge?