A Spending Fast ® is considered an extreme but very effective method of getting out of debt quickly. A Spending Fast works through the elimination of all “non-need” spending.

I did a Spending Fast and I substantially improved my financial situation by paying off $23,605.10 in debt. It only took 15 months and I couldn’t believe it! Because I’m now debt-free I can live the life I’ve always wanted to live. I’m able to be autonomous and I’m able to focus on my goals without having debt hanging over my head and affecting all of my decisions.

There are a few things to think about before you start your own Spending Fast and all of these elements will affect how fast you are able to become debt-free.

These Factors Will Affect Your Spending Fast ® 

• Your income
• The total amount of debt you have
• How much spending you decide to cut out
• How committed you are to the process
• The duration of time that you chose for your Spending Fast
• How much money you can make by selling your unused possessions
• What you chose to do to generate additional income and how much money you can bring in with the side job(s)

When I finally decided that I had to be done with my debt my life completely changed, mainly because I was finally willing to do whatever I needed to do to be done with my debt once and for all. The cycle of debt, guilt, and remorse had to end.

Life is so much better on this side — the debt-free side! If you’re ready to change your life and if you’re ready to get rid of your debt quickly, this is how to do a Spending Fast. You can do this!

How To Do A Spending Fast ®…

1. List Your Debts and Their Interest Rates

Make a list of all your bills, and then write the highest-interest rate bill at the top of the list with the lowest interest rate bill at the bottom of the list. This will determine the order in which you will eliminate each bill: highest interest rate bill to the lowest interest rate bill.

2. Ask Your Creditors for Lower Interest Rates

Call the credit card companies and ask them to lower your interest rate. They just might do it so it’s worth a shot to call them and ask.

3. Picture the Life You Dream of Living

Determine your priorities by putting actual pen to paper and by writing down your ideal life. What would you be doing if you didn’t have to work for a living? How would you spend your time, and when are you the most happy? Ask yourself, “Is there any way I can reach my goals with the debt I have?” If the answer is “no” and you don’t feel good about it, then it’s time to start thinking about making some serious changes. Be very honest with yourself. Do you find that you’re making decisions about things to do (or not do) based on the amount of debt you have? Does your debt prevent you from living a life that is true to you? Does your debt (and your obligation to it) pull you and angle your decisions in even the subtlest ways?

4. Make The Commitment To Be Done With Debt Once and for All

If you’re not ready to be done with your debt, then you might want to try some other methods first. The Spending Fast technique requires a lot of commitment and dedication. A Spending Fast is a way to get extreme results in a relatively short amount of time, but you have to be ready to go forward full-force with it. Your life will change and it will affect every area of life. Getting out of debt and committing to the Spending Fast is worth it, it’s just not easy!

5. If You’re Partnered, Try to Get Them to Do the Spending Fast With You

It’s a lot easier to change your life if your partner is on board but, if they aren’t, then consider doing the Spending Fast solo (I did it that way). Separate bank accounts are very helpful if you’re doing the Spending Fast solo.

6. Set a Time-Frame for Your Spending Fast

I recommend a year, so you can get past the difficult beginning part (where all your habits are getting changed) and into the real benefits part (where your debt is getting paid off). A year can seem long day-to-day but at the end of the year you’ll be surprised how fast it goes by. If you chose to do a weekend-long spending fast, a week-long spending fast, a couple months or a year, you will still get results and it will still positively affect your financial situation.

7. Make a Public Declaration of Your Desire to Become Debt-Free

Tell your friends and family about your decision to do a Spending Fast so you can have the accountability that comes along with it. In addition to telling your family and friends, take the Debt-Free Life Pledge, and read the entries from others who are committed to getting out of debt too (it’s super inspiring to read the pledges and I always read them when I need extra motivation).

8. Create a “Wants and Needs” List

The “wants and needs” list is the backbone of the spending fast. On the “needs” list include just the necessities needed to live: rent, food, utilities, etc. On the “wants” list, put everything that is an “extra” in your life. Things that went on this side of the list for me were items like clothes, coffee at coffee shops, movies in the theater, gifts, bed linens, new music, new make-up, shoes, etc. (Here is my original Spending Fast *Wants and Needs* list – 1/4 of the way from the top of the page.) The *Wants and Needs* list can (and will) be different based on each person’s varying priorities in life. If you decide that something should be on your needs list that wasn’t on mine that’s okay! Just try not to justify adding things just to make it easier. You can do this!

9. Spend Money on the “Needs” Side of the List Only

This is the simple-but-not-easy part of the Spending Fast.

10. Think About What You Can Buy Rather Than What You Can’t

If find yourself starting to feel bummed out when you’re in the thick of the Spending Fast, try to shift your perspective, because it will do wonders for your morale. Remember to keep having fun (just the free kind). Remember that the Spending Fast isn’t forever. There is a light at the end of the tunnel (that’s why you set a time-frame at the start), and remind yourself of why you’re doing the Spending Fast in the first place — it’s to get out of debt once-and-for-all and to change your life! Look at the list you made in step #3 when your morale gets low.

11. Become Immersed in a Community of Like-Minded People

Get involved in the And Then Whe Saved Community. This is where people share their questions, struggles, accomplishments, set-backs, tips, tricks, and most importantly, their getting-out-of-debt successes. It’s a great place to get a reminder that we aren’t alone in our dreams to live debt-free lives.

12. Attack Your Debts

At the end of the month, send all the money that is left in your account to the bill that has the highest interest rate. Continue to send the minimum due on your other bills. Once a bill gets knocked out, be proud of yourself! You’re really doing it! You’re becoming debt-free! Next, start working on the next highest interest rate bill on the list. Become competitive with yourself; try to get better numbers than the previous month and keep track of your savings from month-to-month. To be able to see all of the savings at the end of the year is amazing.

13 & 14. Be Committed to the Process and Continue With the Spending Fast Until You Reach Your End Date

It’s unrealistic to think that “mistakes” won’t happen so keep going even when they (inevitably) occur so when they do, re-focus, and get back at you. Stick with the Spending Fast for the entire time-frame you committed yourself to. If you reach your goal of paying off your debt and you happen to do it before your predetermined end date (um, awesome!), then why not keep going? Squirrel away the extra money and prepare yourself for the next step — financial security.

15. Be Proud of Yourself for What You Accomplished — Big or Small

When you come to the end of your Spending Fast, look back on all you were able to do. Being proactive and being willing to take charge of your life and finances is definitely something to be proud of!

Throughout the Spending Fast, always be on the look-out for ways to cut the “needs” list down even more, get creative with ways to save money, and be willing to make things yourself in an effort to save.

Before you know it, saving will become (unbelievably) more fun than spending and your financial life will be forever changed!

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