The word detox can be quite daunting especially when the goal is to start the year on a clean slate. Yet more so than before, people are looking at detoxing and simplifying their lives by reducing the clutter and focusing more on themselves or their family; and ultimately looking at achievable goals that will best suit them in 2020.
Financially, it means looking at ways to save more and ensure that you are saving for the things that matter. “2019 was a tough year for everyone, but it was a year that taught people to reflect and look ahead with much positively and enthusiasm,” says Ester Ochse, Product Head, FNB Money Management. “Whilst many may feel quite strained financially after the festive season, we do believe that there are ways to manage this.”
A financial detox is a ‘type of a cleanse’ that will guide you to get rid of those unwanted spending habits and will help you develop sound spending habits. It forms the basis of all financial life’s disciplines and will leave you feeling emotionally lighter. “Sometimes our conscience gets the better of us, especially when we overspend or splurge on items that we don’t actually need. Detoxing yourself financially will help you ascertain what your ‘needs’, ‘wants’ and ‘requirements’ are. And will be your stepping stone to financial stability and freedom,” says Ochse.
Many people believe that they will not be able to detox financially as they are so deep in debt. But with the correct mindset and methods, a financial detox is possible. Ochse highlights a few steps that can help you get started on your financial detox.
Start with a plan