Revamp Your Finances: Start Fresh with This Money Makeover!

Are you among the 36% of Americans who feel overwhelmed by uncertainty about the world and the economy, making it difficult to save money? Or perhaps you belong to the 47% of Gen Z or 43% of millennials who struggle with the same dilemma? Despite these challenges, there is a way to take control of your finances and break free from the cycle of financial anxiety.

Introducing the Financial Detox—a transformative journey towards achieving financial wellness and stability. Similar to a health detox, a financial detox involves identifying and eliminating negative financial habits that hinder your progress towards financial goals. By making intentional changes and developing positive money habits, you can rejuvenate your financial health and set yourself up for a brighter future.

Here are some key benefits of embarking on a financial detox:

• Gain clarity on your spending habits and identify areas of unnecessary expenses
• Feel empowered by addressing outstanding bills, debts, and neglected savings
• Redirect wasted funds towards essential priorities such as emergency funds, debt repayment, or investments

To fully reap these benefits, it is essential to have a solid plan in place before commencing your financial detox journey. Here is a 5-step plan to guide you towards financial health and stability:

1. Audit Your Spending
   • Review your bank and credit card statements from the past 3 months
   • Identify unnecessary, forgotten, or impulsive expenses
   • Utilize budgeting apps or tools for better categorization and analysis
2. Check in on Your Debts
   • Compile a list of all debts, including credit cards and loans
   • Prioritize repayments using either the snowball method (starting with the smallest debts) or the avalanche method (starting with the highest interest debts)
3. Simplify Your Accounts
   • Close unused accounts and cancel subscriptions that are no longer needed
   • Streamline your bills for better financial organization
   • Use tools like CardSwap to manage and make changes to your active subscriptions
4. Set Fresh Savings Goals
   • Begin with small, achievable savings goals that are specific and measurable
   • Automate your savings using the OneUnited Bank Mobile App to ensure consistency and progress
5. Track & Celebrate Progress
   • Schedule monthly check-ins to monitor your financial improvements
   • Celebrate every milestone and victory, regardless of size
   • Remember, every step towards financial progress is a step in the right direction

By following this 5-step plan and committing to your financial detox journey, you can regain control over your finances, reduce stress, and pave the way for a brighter financial future. Embrace this opportunity for growth and transformation, and start your journey towards financial wellness today.