The simple answer is "Everything."

The longer answer is that when you join The Church of Jesus Christ of Latter-day Saints, you promise to devote your time, talents, and resources.

In dollars and cents, we pay 10% of our increase in tithing. That's about 10% of our paycheck. We pay a fast offering once a month which is the equivalent of what we'd pay for food we'd ordinarily eat during the time we are fasting. We are asked to pay a generous fast offering; much more than we would pay for food. We contribute to the Humanitarian Fund. We contribute to the missionary fund. At times we have contributed to the Perpetual Education Fund which helps members in other countries obtain an education. We serve missions. Every young man, 18 or older should serve a mission. Young women, 19 and older may choose to serve a mission. The family usually pays for the mission. That cost is about $10,000. Retired couples are also encouraged to serve missions at their own expense.

Our time is spent on daily personal and family scripture study and prayer, on service to others, on monthly visiting teaching and home teaching, and on our callings. As women, we are assigned in pairs to visit a few other women monthly. We share a lesson and visit. The men are assigned in pairs to visit the families of the ward (members within a certain geographical boundary who attend church together) monthly. Most members of the church have a calling. We are asked to serve within an organization to help the other members of our ward. I could be a teacher of children or youth or adults. I could be the president or counselor or secretary of an organization in the church such as Primary or Relief Society or Young Women's. Primary is for the children, Relief Society is for the women, and Young Women's is for the youth, girls ages 12-18. The men serve as teachers or leaders as well. There are no paid clergy in our church. On Sunday, a couple spoke who recently moved in. They took the time to prepare their talks and shared them with the congregation. We also have pianists, music choristers, choir leaders, Cub Scout leaders, Scout leaders, and Activity day leaders (for girls ages 8-11). We help people move in or out, take dinners, clean houses, arrange exercise classes, and offer training.
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Paying a price or cost should yield a purchase or reward. As a Mormon I've received many blessings. Friendship, support of ward members, assistance while moving, dinners when needed, training to work on a committee, and knowing that wherever I go, wherever I live, I am part of a ward family. Then there are the blessings after this life, immortality (living forever) and eternal life (living with God). We do not believe we pay a price to get into heaven. We believe as Nephi says, "for we know that it is by grace that we are saved, after all we can do" (2 Nephi 25:23). We promise to keep the commandments, always remember the Savior, and endure to the end. Our reward: Everything. All that our Heavenly Father has.

For Mormons, fasting has three active components. Go without food, pray, contribute money. Typically the first Sunday of each month is a Fast Sunday. We abstain from food and drink for two consecutive meals.

No food:

You could eat lunch on Saturday and not eat dinner on Saturday and not eat breakfast on Sunday, and then eat lunch on Sunday. Usually our family eats dinner on Saturday night and doesn't eat Sunday breakfast and Sunday lunch, but then we eat Sunday dinner. We call the meal where we eat after fasting, breaking our fast. Some people believe that you should fast for a full 24 hours. For example, 6 pm on Saturday until 6 pm on Sunday, but that is not a church policy; two consecutive meals in a 24 hour period is the instruction.

Pray:

The joke in Mormon culture is that fasting without prayer is going hungry. There is a power in praying for a specific purpose during your fast and keeping that in mind while you are fasting. I've fasted to know which college to attend, if I should marry my husband, to have a child, for healing for a friend or relative, for strength for a friend or relative who is going through a tough time, to help my husband find a job, for inspiration in my life. The answers we receive are called revelation which is a subject of great depth. I try to begin my fasting with a prayer and end my fasting with a prayer.

Contribute money:

In our church, we have an extensive welfare program to help those in need. One aspect is the fast offering. The idea is to contribute the money you would have spent on food in an offering to be used for those in need in your ward (a ward is the members who live within a geographical boundary). Young men with the Aaronic Priesthood collect the fast offerings and the Bishop of the ward distributes them when needed. I just threw in terms I haven't discussed yet. Priesthood, Bishop, Aaronic Priesthood. There is so much that can be discussed in future blog posts. :)

Other fasting information:
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You can fast on days other than Fast Sunday. There is not a specific age when children begin fasting. That is for each family to decide. Our children began by fasting one meal when he/she was old enough. Fasting is hard. I am usually weak and hungry and have a headache, but when I fast with a purpose, I receive revelation, I know that God is mindful of me, and I feel gratitude for many things in my life including food.