09 Jan Motivate Yourself with a 2020 Financial Detox
Holi-yays are officially over and credit card bills are starting to pile up. The new year is all about clean slates and fresh opportunities to cleanse your financial mindset!
A detox usually means removing all the toxins from your body. It also refers to getting rid of something harmful from your life. In this case, financial detox can mean ‘cleansing’ your finances.
If you’re thinking your finances are looking a little burdened, consider kickstarting the new year with a financial detox. If you’re not financially well, you may be prone to anxiety, worry, and fear. While going on a financial detox might not sort your financial concerns overnight, it can be the start of a life-changing habit.
Here are some ways you can try:
Review your spending
Take a look at your spending habits to identify where you spend the most. While the huge purchases are definitely hurting your pocket, the small but cumulative purchases are usually the main culprits. So as part of your financial detox, learn to be mindful about where your money is going—up to the last cent.
Put together a weekly/monthly budget
Set an amount that you will only spend on a certain week or month. That way, you’ll have a much a clearer idea of where your finances are going each month.
Set up an emergency fund
You might have been putting it off in the last decade, but this 2020, start allotting an amount for your emergency fund. Unforeseen circumstances might hurt you financially so it’s better to have a rainy day budget. You can start by setting aside a few dollars from your salary every fortnight and eventually increase it as you go along.
Explore new possibilities
Now this may sound vague but this can mean a lot of things. It’s the start of a new decade so there are limitless possibilities in achieving your financial goals in the next 10 years or even less! The trick is to find valuable resources that could help you in your financial journey. It can be tools you can find online or professional finance brokers you can connect with.
Financial detox doesn’t require you to take an extreme lifestyle change for the rest of your life. Instead, it encourages you to practice healthy financial habits using the available resources around you.
Here’s to healthier financial habits and achieving financial goals this 2020!
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