Financial Detox

Financial detox is a trending term, so what is it actually? Its simply means setting your priority on what you spend? Not only setting but to be specifically resetting your priorities on what you spend and how you spend? It’s a time period when you look after your spending habits and then find out a trend and then decide to take an action on re setting the spending habits.

Courtesy: Youtube Channel @morningmoneybuzz

Psychology and Detox

The term detox is discussed when we deal with over spending, over consumption, debt, luxurious lifestyle. The detox is considered to be a positive approach or solution after a negative trend in your spending. But is it true? Detox is a pretty heavy word and always has been used as a solution to problems. But financial detox is nothing serious its just a period of time when people stop unnecessary spending and realigns with their financial goals. Financial detox is also about preserving discipline in spending.

Western Approach Of Financial Detox

Individual Empowerment

Discipline in spending i.e. saving challenge

Breaking impulsive and emotional spending pattern

Controlling luxurious lifestyle approach

Eastern Approach Of Financial Detox

Family Empowerment

Saving is not a discipline but a lifestyle.

Prioritize saving culture not spending

Modest Lifestyle approach throughout

Evolution of the word “Financial Detox “

The financial detox word origin is not precisely documented

It started gaining popularity in early 2000’s to 2010’s

In 2020’s it became a part of financial wellness programs

By 2020’s onward Inflation made this word a common term.

Don’t take these terms too seriously. Finance and Detox both are fancy terms . Finance is a strong word which our entire generation has sought for stability while Detox is not at all a word that has existed on serious basis. when you are using a term Financial Detox then the elder generation would not at all will relate to it. It’s a new generation approach to bring financial stability by using terms like Financial Detox....

Financial Detox Is Not Enough?

Don’t spend to impress others.

Don’t tie your self-worth to your purchases.

Ditch the pressure to look rich, concentrate on being rich not to just look rich.

Don’t ignore the trending approach financial detox completely.

Financial approach should not be culture based

Strengthen your money mindset

Don’t get carried away by any specific money management culture

Total Views