People with ADHD can struggle with impulse spending. We talked to a financial planner who has some helpful tips.
Once you’ve made the switch, you don’t want to overdraft and pay those fees, so monitor your account frequently . This will also give you a chance to review transactions so you begin to notice patterns and build awareness of your spending, allowing you to make better decisions in real time.
Use app and website blockers to break habits. Many people are swayed into buying “the shiny new thing on Instagram.” DeWitt said he reviews a lot of credit card statements for his clients and “food is the Number 1 biggest problem” because delivery apps have made it so easy to order takeout. DeWitt said, “So many people have told me that after several months of not spending $200 a week on DoorDash that they don’t miss it.
DeWitt suggests creating several bank accounts that each serve specific goals, and give them specific nicknames. For example, “Monthly Bills And Expenses” — , “Emergency Savings,” “Housing Fund,” “Money To Invest,” “Spending Money.” For the “Monthly Bills And Expenses” account, add up all of your recurring expenses and use that amount to dictate how much you’ll deposit into that account, preferably through direct deposit from your paycheck. You should have a separate “Spending Money” account for discretionary purchases, so these things don’t get muddled.
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