Financial Fast?

Financial Fast? Now I'm no skinny chick so fasting where it requires food would be very difficult enough but now you talking about my money !! What's this all about?

Well my mom came to visit last weekend and left a newspaper article (like she normally does). It was from the Business section of the Washington Post titled "Sink your teeth into a fast". The author was Michelle Singletary. She's a nationally syndicated personal finance columnist. She also founded a ministry at her church in which volunteers mentor others seeking financial freedom or change.
First, I wondered why my mom gave me this article. Maybe it's because I own a house and she wants to make sure I keep it. Maybe it's cause I just bought my first car. See I had two cars but they both were given to me and my husband. Our moms gave us both cars we had. When one of them was taking its last breathe (or shall I say last drive), I had to break down and buy my first car. I'll be honest momma helped with that down payment so I guess she want to make sure I got my finances together so I will keep the car. I've watched repo shows on TV and believe me I don't want to be its next star !!!

So I read this article and it basically laid out a 21 day plan. The plan says you can only buy what is necessary to survive. You will not use credit cards, eat out or anything. You can only buy the bare essentials (food and medicine).

I don't have a problem with buying the bare essentials. That's really something I can start working on. I go to the store and I admit I will buy stuff cause it's on sale. It's things we use but it's usually things we don't NEED at that time.

Now some of the things I did find hard to swallow...no use of your debit card? Come on. I agree with the skeptic she wrote about saying with a debit card, you can only spend what you have in the bank cause it's attached to your checking account. Singletary disagrees, saying the banks have allowed you to spend what's not in your account cause they give you that rope to hang yourself called overdraft fees. Now call me crazy but I'm not giving anyone anything more. Especially not my money so I think I'd be safe to use my debit card. Are there really people who KNOW they don't have money in their bank accounts and still buy something cause they have overdraft protection? That's crazy.

Another thing she suggested was no gifts for birthdays or weddings. What? You going to break some poor child's heart telling them you don't have a gift at their birthday party. Buy a gift later? Oh no, that wasn't allowed if you follow the plan. That's just plain cruel. I couldn't imagine walking into the Ritz Carlton for a wedding....empty handed. If I was the bride, I'd be in utter shock that somebody would come to my wedding empty handed. I was a bride 8 years ago and yes I was shocked that people came with no gift. Maybe I'll give them the benefit of the doubt that they were on this financial fast !!

Oh yeah not only did you have to freeze those credit and debit cards, you were not allowed to window shop either. Neither was your family. Okay now she pushing it. Just open your internet browser and there's an offer for discounted vitamins, clothes, shoes...you name it. If you can get to your email without picking up that Kate Spade bag for 75% off, you'll find more temptation. Places you already shop have you given you "valued customer" coupon codes!! If you can't window shop for 21 days, you may as well have said no internet for 21 days too !!

I gotta say I loved one lady's way around the fast. She pre-paid her hairdresser !! Isn't that cheating?? Like some other women, if I didn't do my hair for 21 days, I'd look a "hot mess".

So Singletary doesn't say you can't shop at all. She gives you freedom to purchase bare essentials, remember. Here's her list of bare essentials:

*food and medicine

*personal hygiene products (geez...I sure hope that purchase was allowed !)

*essential clothing items needed for WORK (pantyhose, work shirts, uniforms)

*essential items for family like school supplies

*essential items for home like cleaning supplies. She says pillows, lamps, curtains, etc are not essential.

Now for her list of what you shouldn't do:

*don't window-shop

*don't shop online

*don't browse through retail catalogs

*don't go to plays or the movies....(come on Redbox is only $1.06 a night...that's cheaper than ANYTHING at Starbucks !!!)

In the beginning I was almost ready to try this little financial fast until she took away movies, getting my hair done, browsing through catalogs. What if you work in a retail store !!! How do you not "oohh and ahhh" at the summer collection of shoes that just came in and YOU have to stock them? Isn't that window shopping !!!

I can understand her points that we need to be accountable and responsible with the money we have (and don't have) but isn't this a little extreme? I think I've taken control of my debt issues. I gave up possession of my credit cards to my husband months ago. I sought help from the credit union. I pay a few dollars more on my car note than required. I utilize Redbox for $1.06 instead of Blockbuster for $5 or some mail order DVD rental program charging a monthly fee. I stopped buying extra groceries just because. I even tried cutting down my breakfast and lunch purchases. Peep I said "cutting down" !!! I got a two year old to get together and out the door every morning. I can't be expected to make breakfast and lunch every day !!! If I didn't have to take him to a sitter I could save $600 a month right there. That is my bare essential. At that price, who can afford clothes !

For now I'll pass on this financial fast. I need my movies and debit card !!! I'll have financial freedom soon enough (I'm going to win the PowerBall) and when I do I'm not working anymore !

As always, until next MONDAY, stay (financially) blessed family.