- Set yourself a financial goal for this year buying your first home, a new car, going on holiday or just saving for the future then make this your focus for your financial detox. Having a goal can help you stay on plan as you try to change your money habits.
- Put together a budget. It sounds boring but it is the perfect place to start. It gives you the tool to look through your current spending and the opportunity to really question the activity on your bank account.
Scrutinise the regular payments you are making. Are all the direct debits going out really necessary or are you wasting money?
Don't just renew insurance policies, payments to energy companies or anything else you make regular payments on shop around for better deals. It takes time but it's worth it and there are lots of websites that help make this process quick and easy.
Be brutally honest with yourself about your spending habits. Are you a late-night online shopper? Do you impulse buy? It's these toxic spending habits that can stop you paying off debts or paying into savings.
Constantly going into your overdraft can be toxic for your finances. Overdrafts are an expensive way to borrow and if you aren't getting out of your overdraft each month, then perhaps you should look at a loan to repay it that will give you structured repayments you can afford at a lower interest rate. Then look into a bank account with no overdraft facility that way you break the cycle of slipping into expensive borrowing habits again.
Check your bank statements carefully looking for payments you don't know about mistakes can happen! Also check your receipts there can be charging errors when you are shopping too.
Remember to pay yourself. Saving for the future with a pension fund or into a savings account is going to give you security in the future. Why not start by saving any money you were given for Christmas rather than spending it? Start 2017 the way you mean to go on!