Have you ever taken the time to actually figure out where your money goes each week and what you could have saved and made better use of? So many adults with ADHD live from pay check to pay check, always hating the last few days as you have run out of money, and not saving for emergencies or rainy days. Now without further ado, let’s get started on my top six budgeting tips, these should help you with your budget each month.
Know Your Budget – This sounds so easy, but for an adult with ADHD you may have no idea what is coming in or out each week. If you don’t have a firm grip on your budget, then how do you really know what is left to spend? Write down EVERYTHING that you have to spend each week (mortgage/rent, cable, insurance ect.) and then write down all your incoming income. Take away all the bills that you may have from your incoming income, and then you will know what is left. The trick to it all is not to worry about what you haven’t got, but simply make the most out of every penny that you do have. If you know what you have to spend each month, then you can work out what you can really afford and then cut down accordingly. But you have to know first- knowledge is power.
Be Prepared For the Worst – Along with your weekly budget, you need to budget for emergencies. What if your car broke down and needed some work or you need a new water tank, you need to have emergency cash to cover it. Try to make emergency funds into your weekly budget. Emergencies do happen and the last thing you want to be worried about is when the worst happens. Always be safe than sorry.
Be Realistic – What Is a Luxury Vs. What Is a Necessity – When you create your weekly budget be realistic with yourself with what is a luxury & what a necessity is. Don’t add into your budget with things like eating out, or going to the movies unless you can afford it. So often some ADDers assume that they have to budget for things like this, and then wonder why they end up broke at the end of every week. It is about being clever with your money, spending on what is needed and minimizing on the luxuries so you don’t end up in the hole.
Christmas Happens Once a Year – Another big budgeting issue for adults with ADHD can be the biggest spending time of the year, and Christmas is the perfect example. Christmas is NOT an emergency, but it happens every year as do birthday. You need to know that you need to spend money during those times, and should be budgeted throughout the year. Realistically this isn’t always possible because there is not enough money in the budget. It is time to be realistic. Why not create an affordable spending budget up front so you don’t go overboard? In my family, we spend $20 dollars on each person/couple, still enough to buy something nice and it keeps Christmas easier to manage.
Save Your Change – Look after the pennies and the pounds will take care of themselves. We have all heard that before, but have you ever really saved your pennies and have seen how fast they can add up. I have a change jar at home where my family puts any change that we have weighing down in our pockets or in our pocketbooks. When it is full I count it up and put it into my bank account and it is usually $20-$25 dollars. Do this a few times a year and your savings will thank you for it.
Use Cash Not Your Credit Card – If you really have difficulty keeping your spending under control, I find that using cash rather than your credit card really helps you become more aware of your spending. At the beginning of the week take out enough cash to cover your budget for the week and only use this money. This way you can see how quickly you spend it and you will become aware of your spending.