If you don’t have challenges with your spending, no need to read further. But, if you do, read on to explore some of the reasons your spending challenges may be related to your ADHD and the possible workarounds for those challenges. How to control my spending – let me show you.
1.Stop Using the Credit Card
By promoting a cash-based spending system, I’m not saying credit cards are bad or evil. I used credit cards for years and paid off the balance each month. I still carry a credit card with me for emergencies and reimbursable business expenses.
Use a debit card, rather than credit cards; only put enough money in the account to cover your monthly budget.
Don’t go to stores where you know you may overspend.
Make it difficult to access your credit cards. You can freeze them, lock them up or give them to someone you trust or just put them away safely.
Use positive reinforcement. Each time you decide not to buy something impulsively, put the same amount of money in an account for something you really want.
Make it harder to buy online by not storing your payment information.
Entering your information each time might give you the time you need to reconsider.
2.Use Cash for 30 Days – Trial
Try this out for 30 days and see the results for yourself. Only use cash for the next 30 days and do not use your credit card at all.
You’ll be surprised at the insights you gain. Sure it’s a little more inconvenient but one of the ultimate benefits will be stress-free financial control
3.Review Finances Quarterly Or Semi-Annually To Find Your Holes
It is always a good idea to regularly review your spending. You need to do it monthly when updating your budget.
However, I’ve noticed that often by reviewing my spending over a longer time period I can pick out trends that aren’t immediately obvious on a month-to-month basis.
4.Control Your Spending
The main point right now is to simply control what you spend. Decide ahead of time how much you are going to take out; how much you think is reasonable for that category.
By making that conscious decision you have already increased your chances tremendously that you won’t overspend. If you run out, you will have to make a very conscious decision whether or not to withdraw more.
5.Set A Budget For Unnecessary Purchases
This way you can treat yourself, but in a more controlled manner where you don’t have to feel guilty afterwards for splurging excessively. Sometimes treating yourself in a small way can help to curb spending on larger purchases later on. Give this a try for 30 days. See Save Money Budgeting – 10 Steps.
6.Track Your Expenses
You probably forget about many of the small swipes you make multiple times a week—snacks at the gas station, Starbucks runs, a sandwich on the go—which can leave you wondering where all your money went at the end of the month.
7.Final Step – Review At the End of the Month
At the end of the month, sit down and review where your pay check has gone. How much did you spend on eating out? Are you paying your bills on time? Do you have any money left over that you could put in savings or toward a credit card? Seeing the numbers at the end of the month can tell you a lot about where your money is being spent and more importantly the state of your finances.
So what’s the best way to keep track of everything? I have come across a great resource of templates that are free to download that can help you – visit Mead Home
It does not matter where you are in your financial journey, but dedication and commitment to continued financial education are key. It can be amazingly satisfying to stop spending and gain control of your finances instead.
True mastery on how to control my spending comes from constant practice, training and sharpening your craft. Make sure you continue to devote the time and energy to your personal finances throughout your lifetime.
Make this an adventure.