Money Cleanse
2013 seems to be the year of the Cleanse. Juices are all the rage with everyone from Gwyneth Paltrow to yours truly flocking to Organic Avenue, BluePrint and my local favorite, Mo Green Juices (who knew spinach could be this addictive?). Recently, on vacation with my family, I even embarked on a Technology-free Cleanse, checking my phone only once in 12 days (not surprisingly, my kids did not last as long!).
One of the main benefits of any type of cleanse is to serve as a jump-start, helping you kick some old habits and develop new ones. No one expects that they will be subsisting on juices or remain text-free forever. But spending a few days detoxing from whatever vices you may have can serve as an excellent motivator to begin cultivating new behaviors or scaling back when you notice a bad habit is starting to get out of control.
Since the market for juice cleanses is pretty saturated already (I found out this morning that even Starbucks is offering a line of cold-press concoctions), I thought it would be a great idea to suggest some easy Money Cleanses to try. I know, it doesn’t sound as cool or trendy as a juicing like Gwyneth, but it may be just what the financial doctor ordered this summer:
Spending Cleanse: With the exception of your monthly bills for essentials such as mortgage, credit card payments, utility bills, etc., try going a week spending absolutely nothing. No frappe chino, no second trip to the grocery store, no online purchases on Amazon, Gilt, Zappos or whatever site you happen to frequent. You may see how little you actually need and perhaps realize that your discretionary spending needs to come down a notch.
Credit Card Cleanse: If the Spending Cleanse is too drastic, try to go a week using only cash for your purchases. Usually, I am a big fan of using a credit card– that is, as long as you are able to pay it back in full every month– because it helps you track what you spend as well as earn some cash-back rewards. But going a week using only cash can help you think twice before making a purchase and help you become more mindful. It is much easier to feel the immediate consequences of spending when you are handing over cash vs. a credit card that you don’t have to pay off right away.
Nickel and Diming Cleanse: If you are on the opposite end of the spectrum and can sometimes be too frugal and thrifty, try a Nickel and Diming Cleanse. Go a week being as generous as possible—if you are out to dinner with a friend, offer to pay her share; if you normally tend to cringe at the thought of tipping, give more than you normally would. While being practical about one’s spending is important, you also don’t want to be unnecessarily tight with your purse strings, especially if it is at the expense of your own happiness or your relationship with others.
CNBC Cleanse: Similarly, if you are someone who has a market watch addiction, tuning in to CNBC or the Wall Street Journal twitter feed every chance you get, this is the cleanse for you. Vow to spend a week without checking on the stock market and how your investments are doing. Typically those accounts should be earmarked for retirement or some other long-term investments so the day-to-day swings of the market should not overly concern you. Instead, schedule a regular monthly or quarterly appointment with yourself or with your advisor to check your accounts, and try tuning in to another channel.
So, as you grab your coconut water and head for yoga class, consider another type of cleanse this summer — ridding yourself of your money toxins toward greater financial health and balance.
One of the main benefits of any type of cleanse is to serve as a jump-start, helping you kick some old habits and develop new ones. No one expects that they will be subsisting on juices or remain text-free forever. But spending a few days detoxing from whatever vices you may have can serve as an excellent motivator to begin cultivating new behaviors or scaling back when you notice a bad habit is starting to get out of control.
Since the market for juice cleanses is pretty saturated already (I found out this morning that even Starbucks is offering a line of cold-press concoctions), I thought it would be a great idea to suggest some easy Money Cleanses to try. I know, it doesn’t sound as cool or trendy as a juicing like Gwyneth, but it may be just what the financial doctor ordered this summer:
Spending Cleanse: With the exception of your monthly bills for essentials such as mortgage, credit card payments, utility bills, etc., try going a week spending absolutely nothing. No frappe chino, no second trip to the grocery store, no online purchases on Amazon, Gilt, Zappos or whatever site you happen to frequent. You may see how little you actually need and perhaps realize that your discretionary spending needs to come down a notch.
Credit Card Cleanse: If the Spending Cleanse is too drastic, try to go a week using only cash for your purchases. Usually, I am a big fan of using a credit card– that is, as long as you are able to pay it back in full every month– because it helps you track what you spend as well as earn some cash-back rewards. But going a week using only cash can help you think twice before making a purchase and help you become more mindful. It is much easier to feel the immediate consequences of spending when you are handing over cash vs. a credit card that you don’t have to pay off right away.
Nickel and Diming Cleanse: If you are on the opposite end of the spectrum and can sometimes be too frugal and thrifty, try a Nickel and Diming Cleanse. Go a week being as generous as possible—if you are out to dinner with a friend, offer to pay her share; if you normally tend to cringe at the thought of tipping, give more than you normally would. While being practical about one’s spending is important, you also don’t want to be unnecessarily tight with your purse strings, especially if it is at the expense of your own happiness or your relationship with others.
CNBC Cleanse: Similarly, if you are someone who has a market watch addiction, tuning in to CNBC or the Wall Street Journal twitter feed every chance you get, this is the cleanse for you. Vow to spend a week without checking on the stock market and how your investments are doing. Typically those accounts should be earmarked for retirement or some other long-term investments so the day-to-day swings of the market should not overly concern you. Instead, schedule a regular monthly or quarterly appointment with yourself or with your advisor to check your accounts, and try tuning in to another channel.
So, as you grab your coconut water and head for yoga class, consider another type of cleanse this summer — ridding yourself of your money toxins toward greater financial health and balance.