Unlocking Financial Freedom: Mastering Impulse Spending with ADHD
Hey there! I’m glad you’re here and ready to dive into a topic that's near and dear to my heart – avoiding impulse spending, especially for those of us with ADHD. I know firsthand how challenging it can be to resist those shiny temptations and well-placed Instagram ads, so let's tackle this together.
1. Embrace the Power of Lists
I'm a firm believer in lists – they keep me on track if I venture out into the world to shop (which is rare, but I still like to have a plan). Making a shopping list before heading out helps me stay on track. Lists not only help you remember what you need but also act as a buffer against impulsive purchases.
2. Prioritize Your Spending
The key to successful budgeting is understanding your financial priorities. We all have different goals and desires, and that's perfectly okay. Whether it's that daily latte, travel adventures, or saving for a rainy day, it's important to know what's most important to you. This awareness can help curb impulse buying by keeping you focused when temptation hits.
3. Cash (or debit) Over Credit
Now, this one is a game-changer. When you're dealing with ADHD and impulse spending, using cash or money directly from your bank account instead of credit cards can work wonders. With cash, when you physically see your money depleting, you'll think twice before making an impulsive purchase. Debit doesn’t register as much as cash does in our brains, but it still helps us avoid debt.
LEVEL THIS UP: Set up a separate account just for your impulse spending! That’s right, I’m not saying you need to cut it out, but I don’t want it to blow your budget every month. With a separate account that you transfer a specific amount to each pay day you can spend impulsively, but within boundaries that help you stay on track with your overall financial goals!
4. Set a Waiting Period
Impulse buying often happens in the heat of the moment. Create a rule for yourself: if you spot something you want, wait 24 hours before making the purchase, or maybe even longer for larger purchases. This cooling-off period gives you time to assess whether it's a genuine need or just a whim. My Amazon cart tells me a lot of the things I think I need to buy in the moment are definitely passing whims!
5. Unsubscribe and Unfollow
Those enticing marketing emails and social media ads can be devilishly persuasive. Take control by unsubscribing from retail newsletters and unfollowing those tempting brands on social media. Out of sight, out of mind can help you stay on track.
6. Have an Accountability Buddy
Sharing your financial goals with a friend or family member can provide you with some much-needed accountability. They can help remind you of your goals when you're tempted to make an impulsive purchase. By committing to sharing with them and keeping them updated can be a big help cut back on impulse spending.
7. Embrace Mindfulness
Mindfulness isn't just for meditation – it's a powerful tool for managing ADHD and impulse spending. When you feel that impulse creeping in, take a deep breath, or take q quick walk and ask yourself if this purchase aligns with your financial goals. Sometimes, that moment of reflection can be a game-changer.
8. Use Technology to Your Advantage
Fun fact, my brain has challenges with doing math so I’m beyond grateful for a good spreadsheet. Technology can help in countless ways. Budgeting apps like Mint or YNAB (You Need A Budget), or spending tracking in your banking app can help you stay on top of your spending and financial goals.
9. Create a "Spending Journal"
I'm all about documenting your financial journey. Create a "spending journal" to track your daily expenses. Seeing where your money goes can be an eye-opener and help you identify impulsive patterns. You can partner this with a weekly or daily spending goal to see how you’re doing on a regular basis.
10. Seek Professional Help
I may be a little biased here, but if ADHD is causing significant challenges in managing your finances, it's worth considering consulting with a financial coach or counsellor who specializes in ADHD. They can provide personalized strategies and support to help you stay on track, along with accountability to help you stay on track.
In Closing...
Managing impulse spending with ADHD can be a rollercoaster ride, but with the right strategies and mindset, you can take control of your financial journey. Remember, there's no one-size-fits-all solution when it comes to budgeting, so embrace what works best for you. You've got this!
And remember, if you slip up from time to time, don't be too hard on yourself; we're all a work in progress. Just keep learning and growing, one step at a time. 💪💰
