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5 Steps to a Spending Detox

Do you often wonder where all your money went at the end of a pay period? No matter how much you earn, are you living from paycheck to paycheck? Do you feel like your spending is out of control? If you answered “yes” to any of these questions, a financial detox might be just what you need to improve your financial health.

Stick with me while I explain why.

My green-smoothie-detox story

In the last few months, my husband and I have been on a green smoothie kick. I know. “Yuck,” with a scrunched up nose is the common response we get when we tell someone we enjoy them.

I can see their point. Before I started my research, I didn’t realize how much a simple green smoothie once a day could help detox the body and add missing nutrients to a diet.

My husband and I were feeling lethargic and we each had some weight that we couldn’t seem to lose. I had heard great things about green detox smoothies. Still, I assumed these green slimy drinks must taste awful and wondered if they could really make an impact on our health not to mention what it might feel like going through a detox. Sometimes, though, you’re just ready for a change and we decided to give it a try.

I’m pleased to say they have made a huge difference for us without any feeling of deprivation and only slight physical discomforts when we first started. More importantly, taking this one step led us to cutting out packaged foods with many disguised ingredients, eating more whole foods, exercising frequently and getting enough sleep. We’ve both lost the extra weight that was bothering us, have more energy and are motivated to keep at it.

The key take away from my green-smoothie-detox-story is that one detoxifying step has led us to take on many additional healthy steps. But a detoxification process doesn’t just apply to your body. It can apply to your finances as well. Detoxification is a good word for the process, as the discomfort and challenges of changing financial behaviors can feel quite real, just like a physical detoxification.

However — and this is an important point — often the anticipated discomforts are much worse than what really happens. In the end, you’ll experience the relief of being able to live within your means and the joy that comes with financial security.

Are you ready to try a spending detox?

1. Admit the truth.

You probably already know where your spending weaknesses lie. If you don’t, it’s time to figure it out. Review your bills and bank statements carefully. Search for areas where you feel you are being wasteful or spending without awareness. Are you spending $100 a month on your morning coffee? Are you going out to eat five nights a week? Are you buying too many magazines at the checkout? Too many beauty treatments each month? Only you can decide if these are expenses that align with what you value in life. If they don’t fit, admit the truth and get ready to shift your priorities.

2. Locate the cause(s) of your financial challenges.

As you review your spending, do you see a pattern in your spending? Do you see certain situations that create spending triggers, such as a particular store, times of the day or week, social circumstances, or certain items? It’s worthwhile to pay special attention to bills you have on auto-pay such as phone bills or subscription services. Perhaps you are paying for features and services you never use. Look at you bank fees, too.

3. Ask yourself ‘why’?

Why do you think you’ve been spending money without clarity? Are you bored? Are you sad? Do you feel you work hard and deserve it? Do you simply want more than your income can support? One big challenge in life is dealing appropriately with feelings of anxiety, boredom, stress, anger and sadness. Some people overeat. Some overspend. What are some alternatives that don’t have negative consequences? Think of some other habits you can develop that you might enjoy doing. Going for a walk might make you feel better when you’re stressed. Walking is free and good for you, too.

4. Start the detox.

There are several ways you could go about your financial detox:

  • Go cold turkey. Simply decide to eliminate all the unnecessary expenses from your life, starting right now. This is tough but possible. You’ll have to be strong.
  • Eliminate a few expenses. Maybe you’ll skip the weekly massages and buying lunch every day. You’ll keep some of your optional expenses but eliminate others.
  • Scale back on everything, but don’t eliminate. Maybe you’ll decide to cut all your discretionary spending in half. This way you still get to do everything, only not as much.

5. Take steps to make it permanent.

If you’re going to take away your spending habit, raise your odds of success by replacing it with something else that you enjoy. Evaluate your spending and general sense of well being every month. If you’re having spending withdrawals, you might need a different substitute. Find a partner, coach or group that can keep you accountable.

A spending detox might be just what you need to get your spending under control and help to guarantee a healthier financial future. Change is challenging, but not changing a pattern of overspending will eventually prove to be a greater challenge. Do it now. Be financially strong!

By the way, my standard green smoothie is a blend of a generous helping of kale, an apple or pear, an orange, fresh ginger, and almond milk plus a dash of flax seed oil or some chia seeds.

How can you detox your spending? Feel free to share your comments below.