Book Review: The 21 Day Financial Fast by Michelle Singletary

The 21 Day Financial Fast: Your Path to Financial Peace and Freedom by Michelle Singletary

A lot of people struggle to manage their finances. Either they don't pay attention or they can't resist impulses or they just have more expenses than revenues. Money management is not glamorous and is barely lauded in our culture. But it is very important for personal wellbeing. 

With that in mind, Michelle Singletary has developed a financial challenge: for three weeks, don't use any credit cards (i.e. only use cash) and only buy essentials. The idea is to recognize what you spend money on and what you can live without. Swiping a credit card is a bit of magic, spending money you don't have on you with the promise of paying it later. A purchase is more real and impactful if you put actual dollar bills down for what you are buying. By eschewing non-essentials, you can see how much cost they consume and if their absence is really a hardship for you. Having extra money at the end of the month may be more satisfying than having a Starbucks treat every day.

The book has a section for each day, focusing on one issue in financial life, like how to manage debt or how to make a budget or where to put extra money. Each section is only a few pages, including testimonials from people who have gone through the fast before and tools and tasks (usually journalling) to apply what's been learned. She has a lot of good insights and practical tips for making it through the fast and for being more deliberate in using money.

She comes from a Christian perspective, emphasizing how money is to be used wisely and the spiritual benefits of managing it well. She talks about the Lord blessing you financially if you live a good and deliberate life (i.e. the prosperity gospel) which I don't think is right. God wants you to be full of grace, not full of cash. He cares for your wellbeing, which includes your financial wellbeing, but He isn't going to make you rich because you are a faithful follower. That idea is a small part of Singletary's bigger picture, so you can still do the program without being evangelized. 

As with many self-help books, I did not jump into this whole-heartedly. My challenge was not using credit cards. Using cash at the grocery store or gas station was hard to get used to (and remember). Leaving off buying snacks or random drinks while running errands was relatively easy, I quite often take a travel mug of hot or cold beverage. I am working out our budget, a thing I've thought a lot about but never put to paper (or the digital equivalent). Getting more deliberate about money is important, especially with the goal of retirement coming closer.

The program is very valuable as a financial "reset" if you want to improve habits around money, a goal everyone should have.

Recommended for accessible financial advice even if you don't go fully with the program.