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Much of this book didn't apply to me: I'm not broke, and I'm certainly not a "spender." That said, I've been reading up on minimalism and methods for paring down my lifestyle, so this was a nice contribution to the mix. Got me thinking about different ways to spend more intentionally so I can do the things that are most important to me. In fact, it even inspired me to go on a "spending diet" --no new clothes for me until October 1!
This book is well-written, well-researched, and well-organized.
This book is well-written, well-researched, and well-organized.
She made a very hardcore life change to get rid of her debt. There are some great ideas, tips and tricks here for those who are sick of living with debt. She also brings up a lot of great things to think about.
3.5 stars rounded up.
Overall I liked the book and thought it had some very helpful information in it. I’m planning to start my own Spend Fast soon so this was a good resource for that. Some of her suggestions on how to limit spending were rather extreme (for instance, rinsing off and reusing dental floss). I understand that financial health often comes down to small purchases and every day decisions, but the idea of rinsing dental floss or taking the bags out of cereal boxes to use as parchment paper seemed excessive.
Overall I liked the book and thought it had some very helpful information in it. I’m planning to start my own Spend Fast soon so this was a good resource for that. Some of her suggestions on how to limit spending were rather extreme (for instance, rinsing off and reusing dental floss). I understand that financial health often comes down to small purchases and every day decisions, but the idea of rinsing dental floss or taking the bags out of cereal boxes to use as parchment paper seemed excessive.
I can imagine someone getting a lot of use out of this but for me it was strictly motivational in the sense that it's good to hear about someone else who successfully got out of debt—and so can you.
As for the methodology, it's a little silly. Anyone who has ever sat down and honestly looked over their finances has had these ideas before: Stop buying frivolous things. Stop eating out. Prioritize debt repayment over wasting money. The only difference is that the author has crystallized the attitude in a year-long experiment called the "spending fast", a term you may be sick of by the end of the book.
That's not to say it's wrong. Again she's just given a rigid set of rules and a name to the sort of ideas any self serious debtor has entertained, and that's the difference between her and her audience: that she took these "I know I need to" ideas and acted on them. In that way, she can be encouraging. But there's nothing remarkable or really novel about her approach. It's no different than any other motivational presenter selling the victory of one who did to people who, so far, have been unable to do. There's nothing wrong with preaching the gospel of "no, really, just do it and rip the band-aid off" but so too is there nothing surprising here.
Maybe that's the point though? If you're spending $15 on a book about getting out of debt (maybe putting it on a credit card? Better yet, borrow from a library!), then you already *know* what you need to do. There is no new information here that you couldn't have gotten from r/PersonalFinance, Credit Karma, or NerdWallet. What you're buying (or borrowing) from this author is only an eight hour (and heavily padded) reminder that you cannot get out of debt by simply wishing to be out of debt: you must sacrifice. You must have a *plan* to sacrifice and you must commit to it or it will not work.
I found this book encouraging as I said, but unremarkable, and ultimately tiresome. I wouldn't recommend it over, say, the websites and subreddit I recommend above. You can't wish your way out of debt. You can only be humble and committed enough to accept that you spent past your means—maybe years' worth of income past your means—and as a result you will have to sacrifice that same quantity (more, with interest) of money and the time and labor it takes to generate it, in order to make up for it and get back in the black.
The most important thing to know when considering this debt conquering strategy or any other is that you have made *a* mistake. But your situation now isn't a mistake. You aren't living in an ongoing mistake. The overspending was a real thing you did and the debt is a real burden you now carry. But you are living in the ongoing opportunity to correct it. And you can either begin to correct it, and keep correcting it, or you can keep digging the hole deeper.
Those are your two options. Maybe you need an extreme way to do that and if that's the case this book may help you. I didn't find it any more useful than sitting down with a notebook and a pencil, and writing down all my debts, all my bills, all my income, all my interest rates, and a variety of scenarios for the time and amounts it will take to pay things off. Choose your sacrifices, make your payoff calendar, make peace with your decisions, and tell yourself it'll be better when you've done your penance.
As for the methodology, it's a little silly. Anyone who has ever sat down and honestly looked over their finances has had these ideas before: Stop buying frivolous things. Stop eating out. Prioritize debt repayment over wasting money. The only difference is that the author has crystallized the attitude in a year-long experiment called the "spending fast", a term you may be sick of by the end of the book.
That's not to say it's wrong. Again she's just given a rigid set of rules and a name to the sort of ideas any self serious debtor has entertained, and that's the difference between her and her audience: that she took these "I know I need to" ideas and acted on them. In that way, she can be encouraging. But there's nothing remarkable or really novel about her approach. It's no different than any other motivational presenter selling the victory of one who did to people who, so far, have been unable to do. There's nothing wrong with preaching the gospel of "no, really, just do it and rip the band-aid off" but so too is there nothing surprising here.
Maybe that's the point though? If you're spending $15 on a book about getting out of debt (maybe putting it on a credit card? Better yet, borrow from a library!), then you already *know* what you need to do. There is no new information here that you couldn't have gotten from r/PersonalFinance, Credit Karma, or NerdWallet. What you're buying (or borrowing) from this author is only an eight hour (and heavily padded) reminder that you cannot get out of debt by simply wishing to be out of debt: you must sacrifice. You must have a *plan* to sacrifice and you must commit to it or it will not work.
I found this book encouraging as I said, but unremarkable, and ultimately tiresome. I wouldn't recommend it over, say, the websites and subreddit I recommend above. You can't wish your way out of debt. You can only be humble and committed enough to accept that you spent past your means—maybe years' worth of income past your means—and as a result you will have to sacrifice that same quantity (more, with interest) of money and the time and labor it takes to generate it, in order to make up for it and get back in the black.
The most important thing to know when considering this debt conquering strategy or any other is that you have made *a* mistake. But your situation now isn't a mistake. You aren't living in an ongoing mistake. The overspending was a real thing you did and the debt is a real burden you now carry. But you are living in the ongoing opportunity to correct it. And you can either begin to correct it, and keep correcting it, or you can keep digging the hole deeper.
Those are your two options. Maybe you need an extreme way to do that and if that's the case this book may help you. I didn't find it any more useful than sitting down with a notebook and a pencil, and writing down all my debts, all my bills, all my income, all my interest rates, and a variety of scenarios for the time and amounts it will take to pay things off. Choose your sacrifices, make your payoff calendar, make peace with your decisions, and tell yourself it'll be better when you've done your penance.
Excellent. Tackle debt, tackle clutter in your life and your mind. Set yourself on a course for greatness and stop fooling around.
The author is a spender and she pulled herself out of some tough debt. Now she runs a support community of spending fasters and I think this is a great book!
The author is a spender and she pulled herself out of some tough debt. Now she runs a support community of spending fasters and I think this is a great book!
Inspiring! A quick, fun, easy read and I was sad to come to the last chapter.
I thought this was a very good book. I struggle with shopping and spending as soon as the money hits the bank account. I think it gave some good tips and advice on how to help me curb that. I probably can't change myself enough without some real therapy and lots of determination though.
I recently consisted this book a few months ago. I was needing something to guide me on the saving money journey.
This book has a lot of principles but! They are easy to follow and take a lot of dedication. Also this book has great suggestions on how to get buy and how to really look at your spending habits. It opened my eyes to how I was spending, why I was spending, and where I was spending my money. It helped me gain a control of my finances and break up with some retail providers.
Give this book a chance and work the steps!
This book has a lot of principles but! They are easy to follow and take a lot of dedication. Also this book has great suggestions on how to get buy and how to really look at your spending habits. It opened my eyes to how I was spending, why I was spending, and where I was spending my money. It helped me gain a control of my finances and break up with some retail providers.
Give this book a chance and work the steps!