As this year quickly races past our eyes we may have lost sight of those little or big goals we set for ourselves at the start of the year. Often we begin the New Year fresh, motivated and ready to make the next year the best one yet and although this is great, sometimes we lose sight or get off track of our goals we
had in set.
Sometimes a mid year “detox” is the perfect way to recharge, recuperate and get back on track to
smash out your end of year goals.
Now here at The Wealth Genie we’re predominately focused on financial success and freedom so I’m not just talking about any old detox. No juice detox or lemon water craze. We’re talking “a spending detox”.
I have created five tips to get your back on track of your financial goals and right into a spending detox.
Now because it’s a detox it’s not forever! (That wouldn’t be sustainable) Choose a week (or a month if your game) and get back down to the basics. Not only can a spending detox help you get back onto this years goals it can give you a new appreciation for your money and recognize some bad habits you may have formed.
The spending detox
1. Get back to the goal
First of all it’s important to remember and refresh what your financial goals were and why you were striving for them. Write them down and get motivated again!
2. Cut out all unnecessary shopping
For the period of your detox no sneaky online spends or picking up a cute top after work on Friday. Just for this one-week (or month) only spend money on things you desperately need. The shoes don’t count!
3. Get rid of your debt
Obviously a lot easier said then done but carrying credit card debt is so harmful to financial health and tends to be a huge deterrence in reaching goals. Try making double or triple the repayment this week, bringing you closer to having the debt paid off.
4. Identify where you got off track
Looking back and reflecting on exactly what you were excessively spending your money on and where you went wrong is vital in not doing it again. Identify where you could have not spent as much money and come up with a plan of how to not make the same mistakes in the future!
5. Swap this for that
Going out for dinner, weekends away and treating ourselves to those lovely massages can really make a dint in the spending budget. While all of those things are lovely and should be enjoyed on the spending detox they just wont’ do. Swap going out for dinner with a special home cooked meal, put a candle and some music on and you’re in a make shift five star restaurants!
Think of a spending detox like any other detox! While it’s not exactly that enjoyable in the process, the end result will have you feeling lighter, refreshed and motivated!
- The Wealth Genie
Michele Purvis is an advisor with over 30 years experience working in the accounting and financial services industry helping clients to define and create their wealth.