Your personal finances affect all aspects of your life so lets begin the new year by arranging our finances and creating a solid financial foundation for ourselves. Paying attention to the small details of our financial lives can give us peace of mind and a sense of financial security.

The 4 Week Financial Detox

Week one:

  • Identify and list all sources of income
  • Identify and list all sources of expenses
  • Automate your bills and monthly savings
  • Set up frequent budget review dates – “money dates”

Week two:

  • Identify savings goals: short, medium and long term goals.
  • Design a workable plan to change your spending patterns to meet your goals
  • Start saving as early in the month as possible

Week three:

  • List your debts – Who you owe and how much you owe.
  • Decide on a debt repayment strategy that you can stick to. I recommend the Snowball Method
  • Design a workable plan to pay of debt and meet your target debt repayment per month and by year end.

Week four:

  • Monetize your skills
  • Consider taking on a part time job even if its temporary or on a seasonal basis to help bring in extra income.
  • Look for ways to turn your hobbies into a secondary source of income
  • Create/think of ways in which you can create streams of passive income

Let this be the year that you take charge of your finances and financial future. I hope this helps you on your path!

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