Fiscal Famine: What it is and why you should do it!

I'm sure there are many out there who have heard of the idea of a fiscal famine. I first heard about it while watching one of those extreme cheapskate reality shows, I think on TLC. The guy who brought it up was a total nut, and he took it very, very seriously. So seriously that he ate goat brains for dinner one night that he bought with money he found in pay phones and on the street. We, however, will definitely not be eating goat brains, and not just because I don't have the slightest clue where to find goat brains, or a pay phone. Gross.

So, what is a fiscal famine, you ask. It's a period of time where you spend no money on anything outside of your bills and absolute necessities. No eating out, no groceries, no extra shopping, and absolutely NO STARBUCKS! Ugh! I know, it sounds really terrible. But I promise, it isn't. 

We have chosen January for our fiscal famine (FF) because we are just coming out of Chrismas, the time of splurging. We ate out too much, we spent too much on gifts, we racked up too much debt, and both of our vehicles broke down, creating more bills! So now is the time to refocus and get it together! This month we will pay all of our bills as usual. We will buy necessary things, like gas, milk, bread, eggs, and chocolate syrup (I have a 3 year old, so chocolate syrup is a necessity. He doesn't care about mommy and her crazy fiscal famine). 

Why should you do a fiscal famine?

LOTS of reasons!

•  It's short term, so it isn't like some sort of crazy New Years resolution that you won't stick to! It's only a month! Of course I recently read an article where a woman did it for an entire year, but I'm not there yet!

• It helps you get financial goals back on track, or create new ones. It stops the out of control December spending, and reminds you to get it together!

• You can see where you have problems in your budget. It's a great time to help setup your budget for the year and see what money you really have. You can take the extra money you have and apply it towards the debts accrued in December, or replace some of your savings, or save for something special you didn't get for Christmas! If you're really money savvy (I'm not) you can use the money to put towards next Christmas! 

• You can help prevent waste! This is my favorite! I don't buy groceries other than maybe a couple produce items, bread, milk, eggs, juice, and chocolate syrup. We eat from only what we have in the pantry and freezer. Ever thought you had something in your pantry, then go to use it, only to find out that it is far past it's expiration date? This will help prevent that! It will force you to think outside the box for meal options, and keep you from throwing things away that everyone keeps over looking, it won't be overlooked if it's all you have! 

So there's the basics for the fiscal famine! I will be posting more on how to get through it! 

In the meantime, what are your thoughts? Do you already do this? Do you think this could be beneficial for your family?