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6 | r e d f c u.o r g You've no doubt heard of an eating cleanse – when you focus on cutting or reducing calories or certain foods in your diet for a set time frame, often a week to a month. But have you ever thought about a financial cleanse? Instead of trying to kick sugar or processed foods, the goal is to detox from unnecessary spending so you can get your finances in better shape and feel your best. Start with a weigh-in. Make a list of all your current debts and monthly expenses. is gives you a clear picture of exactly what you owe and what it takes to meet your basic needs. Identify your main goal. Have high-interest debt? Setting a goal to pay that down is a good place to start. Or maybe you need to boost your emergency savings or take your family on a trip before your child graduates. Decide where some extra money would be most beneficial. Go on a spending fast. What could you live without for 30 days? ink nonessentials, like drive-through coffee or eating out, subscription services or online impulse buys. Cut that spending entirely this month. e idea here is to save as much as you possibly can and put that cash toward your main money goal. Even $5 here and $10 there add up quickly, and you may ultimately discover there are things you can do without altogether. Pay in cash. According to a Massachusetts Institute of Technology study, people spend up to twice as much when they pay with a credit card versus cash. Keep a financial diary – even after the cleanse. Track your spending in detail to get a firm grasp on where your money is going. Use the Money Management tool available inside online banking, an Excel® spreadsheet or a notebook – whatever you will reliably use to document expenditures. You might be surprised by how much you spend in certain categories. It's helpful to enlist support for your goals from your spouse or a friend. A financial cleanse could be just what you need to reset your priorities and establish healthier long-term money habits. Det Your Spending — WITH A — 30-DAY FINANCIAL CLEANSE