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Are you in need of a spending detox?

You may not have realised that you’ve already got the skills to improve your financial health.

After a few weeks of indulging, it’s not unusual to cleanse and reboot your diet. If we can do this for our health, why not apply the same basic detox principles to nourish and replenish our savings? Join us on a spending detox where you’ll learn to apply the same dietary strategies you know so well to create balanced and maintainable spending habits.

Before you start it is helpful to have a goal in mind. You may be hoping to save a small amount each week, or build up a larger sum of money over an extended period of time. Having a goal in mind will make it easier to go through a spending detox, and keep you on track if you get distracted. 

Every cleanse starts with ridding your cupboards of indulgent type foods that will derail your detox. Take a look at your lifestyle and assess the habits that could derail your spending detox. This could be as simple as opting out of receiving those emails alerting you to flash sales. 

Intermitted fasting limits the amount of hours you have to consume food. Why not apply this methodology to shopping and limit your time spent consuming material things…this includes online shopping! Try and limit your shopping time (groceries included) to one hour or less a week. 

Mindful eating is a new concept encouraging active participation in the consumption of food. When preparing to open your wallet and spend, try being more active in the process. It’s easy to mindlessly tap your card and get going. But ask yourself, have you researched the purchase? What value will it provide to you? Do you need it right now? Can you pay it in instalments without going into debt to do so? Is it likely to get reduced in an end of season sale? Taking a moment to be present can really help the bank balance. 

Setting aside time to ‘food prep’ means you’ll have healthy choices available to you for every meal. Apply this same principle to map out your weekly purchases as well. Think about what you’ll need to buy throughout the week and prepare the funds in advance. Having a weekly spending plan will help you avoid impulse purchases and making poor spending choices. 

Employ the mantra, ‘everything in moderation’ and allow yourself a treat here and there. This approach aims to avoid high restriction and bypass the likelihood of a binge. Don’t deny yourself completely of a purchase you know will add value. Opt for the 80/20 dietary method and forgo the regular shopping sprees but treat yourself (within reason) once a month.

Next time you are thinking about setting some goals to improve your overall health, remember there’s more than one way to detox and re-establish healthier habits. If you think you may need some support with balancing your finances or achieving your financial goals, book an appointment with a Financial Advisor today.

Spend detox