Reset Money Habits with a Spending Cleanse

Look, no one is perfect with money; we’re all creatures of habit. When we’re stressed out, bored, or unhappy, we tend to spend more money than if we weren’t. This can kick off a vicious cycle!

A periodic “spending cleanse” is a great way to slow down spending and reset money habits.

It can be so easy to get off track. But a spending cleanse gives us the chance to step back and become more aware of where our money is flowing. It’s an opportunity to be more intentional while realigning spending with your values and financial goals.

There’s no “right way” to conduct a spending cleanse, and you get to set the timeframe. But don’t go too easy on yourself! And if you’re in a relationship or have a family, remember to communicate about your cleansing plan before shaking things up.

How to Kick off a Cleanse

Once you’re ready to try a spending cleanse, here are a few options:

1. Take a week (or two) off from spending. Purchase groceries and pay bills the day before you begin, and then stop the spending. Buy nothing with cash or card for your set time period. And then, plan to jot down a note whenever you feel the urge to spend.

2. Do a credit card cleanse. Stash all of your credit cards in a drawer and don’t touch them for a month. For this option, the idea is to get by with CASH ONLY.

3. Limit spending to “needs” only. Here, you’ve first got to be honest with yourself about what are classified as “needs” versus “wants.” Resist the temptation to purchase anything beyond legitimate necessities.

4. Track all spending, regardless of payment method. Prior to starting this, determine how you’d like to track spending. You can use a user-friendly online tool or app, or create a spreadsheet. Then, track every single dollar spent with as much detail as you prefer.

A spending cleanse reveals how, when, and why
we spend money.

Once you’ve completed a cleanse, don’t forget to make time for reflection!

• What was the easiest part?

• What was the most challenging?

• What do you already do well?

• What new habits are you going to carry forward?

Whatever option(s) you attempt, try to embrace the process knowing that you’re taking back control of your spending in pursuit of greater wellbeing.