PHILADELPHIA (WPVI) — The 30-day Money Cleanse is a budgeting initiative designed to help individuals spend less and save more. Developed by Ashley Feinstein Gerstley, the concept encourages participants to become more intentional about their financial choices.
The program’s approach involves several key steps. First, individuals are encouraged to maintain a spending journal to track daily expenditures. Next, setting specific financial goals helps participants assess the opportunity costs of their spending. For instance, deciding to allocate $50 toward a vacation instead of purchasing clothing can demonstrate this principle. Finally, Gerstley suggests hosting a “money party” to review spending habits in a supportive environment with friends.
The cleanse is not intended to be restrictive but rather a sustainable way to promote mindful spending, which may lead to significant savings; according to Gerstley, participants typically save an average of $950 over the month. Additionally, she recommends avoiding places that may lead to impulsive purchases and advises that one should prioritize savings by setting aside a portion of income immediately upon receipt.
**Why it matters:**
- This initiative may help readers improve their financial well-being by providing tools for better budgeting.
- Businesses can understand consumer behavior better as individuals become more conscious of spending habits.
**The latest:**
- A TikTok video by Alyssa Gillis has gained attention, highlighting the personal impact of the Money Cleanse after she reviewed her beauty product expenditures.
Source: https://6abc.com/post/how-spend-less-save-more-viral-30-day-money-cleanse/17919029/
Source: https://6abc.com/post/how-spend-less-save-more-viral-30-day-money-cleanse/17919029/