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Anna Newell Jones, creator of the And Then We Saved website, knew that her debt was out of control. She managed to get out of nearly $24,000 worth of debt in 15 months on a salary of $33,000. Her solution? To go on a spending fast.
The spending fast is simple: only buy what you absolutely need, and then try to save money on your needs so you can pay off your debt.
This book is targeted at female millennials, so I thought I could learn a thing or two from the book since I have student debt. I don't consider myself a big spender, so a lot of the advice in this book did not directly apply to me. However, there are always areas that can be improved and I appreciated the advice I picked up along the way.
I liked that the author wasn't condescending. She explains the techniques that she tried before her spending fast and why none of those things ultimately worked for her. At the end of each chapter, there is a to-do list to get the process started. The book is filled with resources to make the process better, like the best place to get your credit report and what to do if there is a discrepancy. She also includes tips on how to sell items you no longer want, ways to spend less money on needs, and things you can do instead of spending money.
I had some problems with this book, however. A lot of the advice comes from a place of privilege. Also, a spending fast is extreme and can absolutely impact your relationships. Toward the end of the book, she discusses transitioning from the Spending Fast to a Spending Diet, and I think a "Spending Diet" is far healthier. Deprivation can cause people to overindulge after it's over and end up right back where they started (which was also addressed in the book).
Will I be going on my own spending fast? No.
Will I reassess some of my habits to be less wasteful? Yes.
The spending fast is simple: only buy what you absolutely need, and then try to save money on your needs so you can pay off your debt.
This book is targeted at female millennials, so I thought I could learn a thing or two from the book since I have student debt. I don't consider myself a big spender, so a lot of the advice in this book did not directly apply to me. However, there are always areas that can be improved and I appreciated the advice I picked up along the way.
I liked that the author wasn't condescending. She explains the techniques that she tried before her spending fast and why none of those things ultimately worked for her. At the end of each chapter, there is a to-do list to get the process started. The book is filled with resources to make the process better, like the best place to get your credit report and what to do if there is a discrepancy. She also includes tips on how to sell items you no longer want, ways to spend less money on needs, and things you can do instead of spending money.
I had some problems with this book, however. A lot of the advice comes from a place of privilege. Also, a spending fast is extreme and can absolutely impact your relationships. Toward the end of the book, she discusses transitioning from the Spending Fast to a Spending Diet, and I think a "Spending Diet" is far healthier. Deprivation can cause people to overindulge after it's over and end up right back where they started (which was also addressed in the book).
Will I be going on my own spending fast? No.
Will I reassess some of my habits to be less wasteful? Yes.
If you've been considering doing something with your finances for the first time, it sounds like this book is for you.
BUT
If you've read books of this ilk, you probably won't find much new information here. A lot of the things she recommends, I didn't find that helpful since I already do lots of these. I think she'd be better off writing a marketing book instead since she seems to be doing well now. But again, your mileage may vary if this is new to you.
BUT
If you've read books of this ilk, you probably won't find much new information here. A lot of the things she recommends, I didn't find that helpful since I already do lots of these. I think she'd be better off writing a marketing book instead since she seems to be doing well now. But again, your mileage may vary if this is new to you.
Skimmed in a night. I think there was some solid nuggets of information in here for folks who are just beginning their financial do's/don'ts journey. I like that Jones was very transparent about her struggle, her finances, her lack of background in finance, and everything in-between. There didn't appear to be any secret sources of income (trust fund or wall street earning job), so the every day person can see their struggles and triumphs via Jones' methodologies and hopefully become inspired by it.
When I first heard of AndThenWeSaved.com, back in 2012, I began a spend fast journey. The Needs and Wants list is still something I do today, though I put those items into a like 30+ line by line budget. It was instrumental in learning where and how I spent and seeing the $'s add up. I highly advise doing every activity Jones writes about in this book. It may be overwhelming, but it will be worth it.
The message I took away this time is, what is it about my debt that's holding me back...and is it actually holding me back or am I just afraid? Something to mull over for the next 5 years, ha!
When I first heard of AndThenWeSaved.com, back in 2012, I began a spend fast journey. The Needs and Wants list is still something I do today, though I put those items into a like 30+ line by line budget. It was instrumental in learning where and how I spent and seeing the $'s add up. I highly advise doing every activity Jones writes about in this book. It may be overwhelming, but it will be worth it.
The message I took away this time is, what is it about my debt that's holding me back...and is it actually holding me back or am I just afraid? Something to mull over for the next 5 years, ha!
I loved this relatable guide to spending less. It was conversationally written and had some really great advice for spending less and getting rid of debt.
This book has lots of great tips on how to get out of debt. I think it's a book I might have to own.
I'm naturally a saver, and I've spent most of my life living on a tight budget so a lot of this information wasn't really meant for someone like me (who embraces being low on cash and can easily say no to spending money). However, there were some good reminders in there about reigning in unwanted/thoughtless spending, and I enjoyed the writing style. Admittedly, some of her suggestions were a little wild (wear your dirty clothes in the shower instead of washing them sometimes, ask your friends for leftovers...uh...no thanks), but the core ideas were solid, and I think we could all do with rethinking where our money goes, and stepping away from american capitalist consumerism a bit. Essentially, the advice is this:
-- Spend less than you make
-- tell yourself no
-- find ways to make more money
-- if you mess up, return what you can, forgive yourself, and continue
-- stay committed, stay vigilant
Pretty solid, dontcha think?
-- Spend less than you make
-- tell yourself no
-- find ways to make more money
-- if you mess up, return what you can, forgive yourself, and continue
-- stay committed, stay vigilant
Pretty solid, dontcha think?
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!
There were definitely some good tips to collect from the book and some of them were applied almost straight away. All in all, I am glad to have stumbled upon this book which has changed my life in minor ways.
As a twenty-something with student loan debt and a yes-I've-heard-everything-there-is-to-hear-about-budgets attitude, this book was a refreshing and convicting read.
THE GOOD:
The plan as a whole, even though most people probably won't go to the extreme of completely needs-only spending as she did. It involves researching one's debts and assets so that the "if I ignore it, it isn't a problem" excuse no longer applies. We then create a debt hit list, prioritizing those with high interest and/or emotional weight.
As for spending, we separate expenses into needs and wants. I particularly like how she explains needs as "essential expenses paid each month, as well as expenses that contribute to your functioning as a whole, healthy human". This means that if you have a passion (photography in her case), cutting it out entirely is not realistic as your mental well-being isn't frivolous. The acknowledgement that certain things are necessary for our lives to be fulfilling beyond rent and food was much appreciated.
I loved the examples of silly things she'd spent money on. These both made me laugh and gave me pangs of "oh man, I've totally done that". She understands that the urge to spend and to justify spending is real, even though we see it's ridiculous when we read it back (figurines, fans, extra cords...).
She makes clear points about how spending is creating needs in the moment instead of letting actual needs arise, that spending to live "easier" (read: conveniently) cost us more in the end, and mostly how little things are the key to both getting into and out of debt.
THE BAD:
There are points where she mentions how your friends/family will be upset if you turn down invitation after invitation because you aren't spending money. She tries to give a few tips (making gifts instead of buying, bartering), but for the most part she just reiterates that you need to let them know you're committed. That is all well and good, but there will be situations in which spending a little is required to connect and build our relationships. It seemed a little naive to expect all friends/family occasions etc to yield to your no-money demands.
In addition, there are a few chapters in the latter half of the book that just weren't very helpful. The idea of a side-hustle got a lot of explanation, although it just isn't feasible for most people - especially if they don't have a creative/artistic talent as the author does. She also went very in-depth on holding yard sales, being minimal, and cutting even spending on necessities to a minimum. While these are interesting, again, the goals of living with less/purging/being frugal are very different than that of reducing spending... and I don't imagine many of us struggling to limit spending find the prospect of further cutbacks motivating.
VERDICT: Overall I found this book very helpful and easy to read/understand. It felt like she was speaking to me honestly and not to some aspirational person who wouldn't have spending problems in the first place. I came out of it feeling like there were strategies I could implement and excited to have a new focus on repairing my relationship with spending/money.
THE GOOD:
The plan as a whole, even though most people probably won't go to the extreme of completely needs-only spending as she did. It involves researching one's debts and assets so that the "if I ignore it, it isn't a problem" excuse no longer applies. We then create a debt hit list, prioritizing those with high interest and/or emotional weight.
As for spending, we separate expenses into needs and wants. I particularly like how she explains needs as "essential expenses paid each month, as well as expenses that contribute to your functioning as a whole, healthy human". This means that if you have a passion (photography in her case), cutting it out entirely is not realistic as your mental well-being isn't frivolous. The acknowledgement that certain things are necessary for our lives to be fulfilling beyond rent and food was much appreciated.
I loved the examples of silly things she'd spent money on. These both made me laugh and gave me pangs of "oh man, I've totally done that". She understands that the urge to spend and to justify spending is real, even though we see it's ridiculous when we read it back (figurines, fans, extra cords...).
She makes clear points about how spending is creating needs in the moment instead of letting actual needs arise, that spending to live "easier" (read: conveniently) cost us more in the end, and mostly how little things are the key to both getting into and out of debt.
THE BAD:
There are points where she mentions how your friends/family will be upset if you turn down invitation after invitation because you aren't spending money. She tries to give a few tips (making gifts instead of buying, bartering), but for the most part she just reiterates that you need to let them know you're committed. That is all well and good, but there will be situations in which spending a little is required to connect and build our relationships. It seemed a little naive to expect all friends/family occasions etc to yield to your no-money demands.
In addition, there are a few chapters in the latter half of the book that just weren't very helpful. The idea of a side-hustle got a lot of explanation, although it just isn't feasible for most people - especially if they don't have a creative/artistic talent as the author does. She also went very in-depth on holding yard sales, being minimal, and cutting even spending on necessities to a minimum. While these are interesting, again, the goals of living with less/purging/being frugal are very different than that of reducing spending... and I don't imagine many of us struggling to limit spending find the prospect of further cutbacks motivating.
VERDICT: Overall I found this book very helpful and easy to read/understand. It felt like she was speaking to me honestly and not to some aspirational person who wouldn't have spending problems in the first place. I came out of it feeling like there were strategies I could implement and excited to have a new focus on repairing my relationship with spending/money.