Why Our Money Cleanse Will Make You Feel Better Than Any Juice Cleanse Ever Could
Full Finance Detox: How to Rid Your Finances of Any Toxins
May 15, 2019 .3 min read
Ever try a juice cleanse? Same idea applies here but in this case, we’re doing a money cleanse. It’s an opportunity to reboot our finances, take stock of what we have and what we no longer need, and see if we can accomplish any short term goals.
Spring is finally here.
That means sweaters have been packed away, flowers are sprouting, and the sun shines just a little brighter. For many, spring is the time where we take stalk of what we have and cleanse ourselves of the things we no longer need.
While many people spend this time of year "spring cleaning" their homes, we’ve decided at myWorth that it’s a perfect time to do a financial cleanse. Think of it like any wellness cleanses, where you take a few days to reboot your body.
With this financial cleanse, we’ll take a few weeks to reboot our finances, take stock of what we have and what we no longer need, and see if we can accomplish any short term goals.
One thing that I like to do regularly is look through my subscriptions. They can add up very quickly, and many times we don’t even realize all that we’re subscribed to.
Do You Really Need a Subscription to Spotify and Apple Music, or Can You Choose Just One?
Set a goal in your head of limiting yourself to 3-4 subscriptions each month and see if you can get rid of the rest. You’ll find the money adds up quite quickly. Get rid of what you don’t need so you can make room for what you do.
I also like to take this time to see if I am meeting my financial goals for the year. Am I on track to save my goal of 15-20% of my annual income?
Have I Looked into that Life Insurance Policy that I Keep Thinking About Getting to Protect My Family?
Or even smaller goals, like have I saved enough money to be able to go on a vacation with my family this year? Take this time to make sure you are on track, and see what you can get rid of so that you can meet your goals.
Another great thing to do while cleansing your home is to see what you can sell for some extra cash.
Do You Have a Pair of Shoes in Your Closet That Has Been Worn Once?
Why not take them to the consignment shop down the street so that someone else can enjoy them, while you still make a little money back? Do you have furniture sitting in your garage that you haven’t touched? Think about having a garage sale or selling some of it on Facebook Marketplace. You’d be surprised to at how quickly you can make a few extra bucks.
I also take the time to look through my credit card balances and see which ones can be paid off. There’s always that one tricky card with a low balance that never seems to go away. Use your cleanse to finally pay it off so you can have the satisfaction of paying off the card and then focus your efforts on those with the more significant balances.
If you want to really challenge yourself, see how far you can go with this cleanse.
Can You Stop Eating Out For a Month?
Can you try to go without going to your favorite coffee shop? Can you even try to limit your trips to Target? Then, with all the money you didn’t spend, you can add that extra few hundred dollars into your savings account, investments, vacations, or finally talk to that adviser about purchasing life insurance.
In this time of fresh starts and new beginnings, use this financial cleanse to get yourself back on track with your financial goals, or even give yourself that extra boost to go above and beyond what you thought you could do.
Ande began her 20+ year career as an adviser and quickly realized that many people weren’t taking into account was how emotions play a huge factor in financial decision making. Leaving behind her practice to focus solely on educating both advisers and consumers alike, she became an expert in behavioral finance. Author, speaker, thought leader, and money educator, Ande is helping women to take control of their money.