Mastering Financial Freedom with ADHD: The Balancing Act!

Are you ready to take away some important & tactical tips that will help you unlock financial freedom? In this blog, we’ll be diving into the art of balancing discipline and indulgence to unlock your financial freedom. 

There are three very common mistakes when it comes to budgeting: not setting a budget, having too many categories and expecting a budget to *magically * solve financial problems.

Click Here to Listen to This Episode on The ADHD Money Podcast!

Budget Killers: Food!

Recognising budget suckers is half the battle of ineffective budget management. It may shock you, but that innocent trip to a grocery store or the comfort food ordered while lounging on the couch can quickly become a major budget killer. We often underestimate our spending on food, failing to factor it into our budget, those cheap meals and little extras at the grocery store all add up! 

Identify practical tips to bring down your grocery expenses and avoid impulsive purchases:

• When eating out, set a spending limit and work to or under that to ensure you’re not spending outside of your budget.
• Reduce the frequency of your eat-outs, for example, if you normally eat out four times a week, try only eating out twice a week.
• Look online for restaurants that have money-saving deals, this is a great way to save money and try out new places.

Train Your Brain To Resist The Bad Habits (And Stick Within Your Budget)

Unlearning old habits and creating new ones can be a daunting task, especially when it comes to impulse buying. Instant shopping brings us that “feel good” feeling and is too good to resist for most of us. But with a little more self-awareness, we have the power to resist the urge, control our impulses, and prevent our budgets from derailing. 

Identifying ways to control your spending when heading to the shops is important and a good place to start to put a halt to impulse buying:

• Write a list of the items you need when heading to the store and stick to it. This will help to create a habit of mindful shopping. 
• Re-think your shopping habits and stick to your predetermined budget.

Achieving financial discipline is a process, every small step in resisting bad habits counts.

Set a Budget with Spending Limits

Don't just track your spending, set a budget with specific spending limits for different categories. This will give you a target and help you know when you're spending too much. Keep your categories simple, such as shopping and fun, groceries, household necessities, dining out, subscriptions, utility bills, and miscellaneous.

By mapping this out in advance, you will increase your chances of sticking to your budget. When going through all of your expenses and creating a budget, it is important to analyse your past spending behaviour, look closely at where your money has been spent in the last three months and base your new budget on this, you can alter each category accordingly month-to-month, for example; in December, you know Christmas is coming, meaning you may have to extend your “shopping” budget. 

Remember, my fellow adults with ADHD, with consistent effort and the right strategies, you can unlock financial freedom. By creating an organised yet simple budget that works for you, your family, and your business needs, you can easily master the art of discipline and indulgence with your spending.

 

Subscribe to our weekly newsletter!

Every week, you get ADHD-friendly financial tips, to-do lists, reviews of new financial and productivity tools, read interesting articles, and stay updated on the new services we are rolling out!