Wednesday, May 13, 2009

The Rules

Ok, so you want to have a financial fast of your own. You know you do, think of the great conversations you'll have at dinner parties! Well here are the rules (and yes I realize it is pretty self explanatory, but I love rules!)

"1. The fiscal fast should be at least one full week in length, with the starting and ending times determined in advance.
2. Everyone in the family should play. If everyone is not playing, nonplayers are prohibited from interference of any kind.
3. In regulation play, ALL SPENDING IS PROHIBITED, regardless of type of expense (e.g., food, clothing, entertainment, routine bills, commuting cost) or form of payment (e.g. cash, check, charge card, debit card). However some families may choose to establish agreed-upon exceptions before starting the fast. For example, commuting costs for working adults or writing a check for the mortgage.
4. No hoarding in advance! Intentionally stockpiling extra food and other supplies prior to the fiscal fast is strictly prohibited. Topping off the gas tank in the family car prior to the start of play is generally permitted.
5. In order to benefit fully from a fiscal fast, during the fast keep a household diary in which all players are required to make at least a short daily entry regarding:
*Challenges of getting through the day without spending money
*An estimate of how much money they would have normally spent that day, and on what
*An observation (positive or negative) about their fiscal fasting experience that day."
-The Ultimate Cheapskate's Road Map to True Riches, by Jeff Yeager

Here are some websites referenced throughout the book: /

And finally one final quote from the book,
"Yes, we are cheap, but we are generous, kind and happy because of it. We refuse to spend our time making moneyvso that we can buy things we don't want or need, particularly when so many others have so very little. Our lives and our time are more precious than that. We are cheap, but we are proud...and we are cool."-Jeff Yeager

*If you're doing a fast of your own, I'd love to hear about it, leave a comment or email me..maybe next year we can all co-ordinate our fast, oh yes next year!

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