Summary
Start anew with our financial detox plan—out with the old and in with habits that support your best financial wellness. Let’s prioritize financial health together!
“36% of Americans say they can’t rationalize saving money due to feelings of uncertainty about the world and economy, increasing to 47% of Gen Z and 43% of millennials”, per a report from Credit Karma.
Feeling financially stuck can be overwhelming, but you can take control. Skip the doom spending and check into a new era of financial wellness with our Financial Detox.
The Financial Detox
A financial detox is similar to doing a health detox. It’s about assessing what is not serving your best interests—like poor saving habits, unmanaged budgets, or toxic credit spending—and making intentional changes to improve your overall financial wellness.
Doing a routine financial detox helps you understand where you might have gotten out of sync with your goals and lost consistent discipline with positive money habits.
It’s a small exercise that has an incredibly valuable payoff. Reduce stress and set yourself up for a fresh start to the year.
Some of the benefits of a financial detox include:
- Know exactly where your money goes and identify wasteful spending.
- Feel more in control by addressing lingering bills, debt, or savings neglect.
- Reallocate wasted funds toward priorities like an emergency fund, debt repayment, or future investments.
To tap into all of these benefits, you want to make sure you have a solid plan before starting your detox.
5 Step Detox Plan
Imagine yourself in balance with your financial health… Now walk with us towards this state of mind in 5 steps.
- Audit Your Spending
Review your last 3 months of bank and credit statements. Highlight unnecessary, forgotten, or impulsive expenses.Tip: Use budgeting apps or tools to categorize and spot spending trends like Money Management. - Check in on Your Debts
List all debts, from credit cards to loans. Prioritize repayments using the snowball method (smallest debts first) or the avalanche method (highest interest first). - Simplify Your Accounts
Close unused accounts, cancel subscriptions, and streamline your bills. Use CardSwap to view your active subscriptions and make changes! - Set Fresh Savings Goals
Start small and specific. Think: “Save $50 per week” or “Add $500 to my emergency fund.” Automate savings in your OneUnited Bank Mobile App to stay consistent. - Track & Celebrate Progress
Set monthly check-ins to monitor improvements. Celebrate wins—no matter how small! Financial progress is progress.
Every New Year is the opportunity to start fresh by recommitting to your financial resolutions. Take your budgeting goals from writing to action with our smart money tips.
- Automate Your Finances
Schedule auto-transfers for savings and bill payments. Less stress, more control. - Cut Out “Doom Spending” Triggers
Unfollow social accounts that encourage impulse purchasing. Unsubscribe from tempting promo emails. - Negotiate Bills & Subscriptions
Call providers to lower rates or switch to better plans. You’d be surprised how much you can save with one call. Check for opportunities to switch to a cheaper plan during promotion season to reduce your monthly recurring costs.
Take your detox one step further with AI WiseOne® Insights, a tool that:
- Delivers Real-Time Insights: AI analyzes your habits and provides personalized guidance instantly.
- Sends Proactive Notifications: Alerts you about high bills, smarter savings opportunities, and better debt repayment strategies.
- Reduces Financial Stress: Offers timely recommendations to help you make confident, stress-free financial decisions.
Getting in the habit of doing a financial detox regularly helps you check in with yourself and re-establish confidence in your financial health.
Just like understanding your financial love language, financial detoxing helps you recognize patterns, implement healthier habits, and commit to best practices that serve you.
Take control of your financial wellness journey by doing a financial audit and then removing those unhelpful habits and roadblocks. It’s detox time!
