Tips for Staying on Top of Daily Finances
When it comes to financial stability and saving money, impulsive spending is the first hurdle to clear. Impulsivity is extremely common among people with ADHD, and although it can be a difficult habit to break, you will need to reign in your personal spending before you see any improvement in your finances.
Luckily, there are a few proven ways to stay within a budget without denying yourself too much:
Give Yourself a Weekly Allowance
If you’re constantly spending more than your disposable income allows, get back to basics and set a tangible limit. Decide what you can afford to spend on non-necessary items each week, and put that amount of cash in your wallet on Monday (or whichever day you wish, as long as it’s the same day each week).
As you go through the week, you’ll be able to simply look at your wallet and know whether or not you can afford an impulse purchase.
Use Envelopes
Everyone tends to save receipts, but when they end up in a big jumble of papers and pamphlets, they’re no good to anyone.
A simple envelope taped to your desk or hung on a wall is perfect for collecting receipts as they come in, and you can seal it at the end the month and replace it with a new envelope to keep everything organized by month (which will be particularly useful come tax time).
Out of Sight, out of Mind
When it comes to saving – for a vacation, for school, for retirement – experts insist that it’s far easier to keep accumulating money when you don’t have to make a conscious effort to put it into the account.
An automatic online transfer from your checking to your savings account (or a mutual fund, or any other specialized place for savings) each month will take the guesswork and temptation out of the exercise.
Even if you start with a few dollars every 30 days, it’s a great habit to get into, and you’ll thank yourself down the road!
Be Reasonable and Realistic
Money management is no easy task, but you make it even more challenging by expecting too much of yourself. You may be tempted to keep your money problems a secret, but it’s far better to open up.
An ADHD coach can help improve your daily approach to banking and spending, and a financial advisor can be extremely valuable when it comes to long-term financial goals, like investments and debt payment.
Don’t discount the opinions or abilities of your partner, either. Talk openly about your respective thoughts on finances, and try to share financial responsibility to avoid straining your relationship.
It’s always a better idea to ask for some help when you’re feeling overwhelmed then to let yourself silently sink into debt and despair.
