How can someone with ADHD save money and not spend it?

[taylor00257]

I'm a pro at spending my money fast. Even if I have like $20 the night before pay day, instead of putting money into savings, I will go and buy something for around $20.

How does someone with ADHD save money?

[ginniebean]

Automatic deposit into an account that is not connected to your debit card. You can set up any account that will require three days for the money to be transferred into your regular account before you can spend it.

It takes an hour or so at the bank, probably an appointment to set it all up and then, the money comes off your paycheque, you will never see it, and it's not easy for you to get to impulsively.

Just forget it's there, and it will build up.

[taylor00257]

Very good idea!

[salleh]

and don't go places where you spend money .......

[taylor00257]

LOL it would help, if I didn't spend my money mainly online, which that's a bit harder to try to avoid. I like looking stuff up on Amazon when I'm bored, though I really shouldn't be.

[silivrentoliel]

I hide it. Not "somewhere safe" either. I take out in cash what I want to save and put it in a specific place where DH knows about it as well (just in case I forget, lol). It's easier to not spend it if it's cash that I know I've put away for a very specific reason. It's tactile. I am better with tactile things... debit cards are far too easy to spend money with.

[ginniebean]

Originally Posted by taylor00257

Very good idea!

I do this and it's the only thing that's worked for me. I highly recommend it. even if it's only 10$ a paycheque.. it's something.. it'll build.

[Geno]

Short answer: They can't.

[MX2012]

GinnieBean, that's what I do, I have money put automatically into an account I can get to easily. No debit card, no checks, got to the bank to get it.

[ChangelingGirl]

Thanks fo rthese ideas. I am used to always having enough moeny because I'm not a big spender, but lately due to soe bigger expenses I've had to use my deposit. Automatic saving would be great indeed, as I always forget to check how much I have on my bank account and I might end up with over $1000 that could be stolen if someone stole my debit card and skimmed my PIN.

[namazu]

Originally Posted by taylor00257

LOL it would help, if I didn't spend my money mainly online, which that's a bit harder to try to avoid. I like looking stuff up on Amazon when I'm bored, though I really shouldn't be.

Online shopping can be very dangerous if you have a credit card.

This is one of those situations where I've actually successfully used my ADHD against itself!

I used to have a big problem impulsively buying stuff off of eBay, Craigslist, etc., and I have a basement full of broken furniture that I was going to refinish, reupholster, etc. to show for it, and it drives my SO nuts (but that's a whole different kettle of fish).


So, one day while browsing Craigslist for really cool old stuff, I set up a bookmark folder in my browser -- though for me it sometimes works with Amazon wishlists as well -- called "CL Stuff".

Whenever I see something online that makes me go "Want!", I immediately bookmark the page in the "CL Stuff" folder on my browser's toolbar (or put it in the wishlist, if Amazon).

That seems to temporarily satisfy whatever part of the brain gets a "hit" from feeling like "I found something cool, and now I 'have' it in my possession and can come back to it to get it whenever I want!"

Then -- and this is the genius of the thing, in my oh-so-very-humble opinion -- I move on to the next thing and completely forget about whatever it was that I just put in the bookmark folder or wishlist, because I can't remember things for more than, like, 2 seconds when something else comes along to distract me.

This allows me to avoid a lot of impulse purchases online. There are still some, but much rarer than they used to be.


Another thing that helps me: block Amazon (etc.) using website blocking software, at least during certain hours of the day.

If you actually need/want to buy stuff there, you don't want to block it all the time -- but make it just that much harder to default to window-shopping out of boredom.

[Verile]

Seconding the automatic deposit into a savings account. Also, consider chopping up your credit cards if you have the means to not live on credit. I don't know how the banks work it but give yourself an "allowance" after bills, rent, necessities are accounted for for your checking account that is connected to a debit card.

The more you automate this stuff the better. It's like a security system to protect you from yourself. Oh, and turn off one-click buying and delete all your credit information off of Amazon. If you have to manually input your address and credit card every single time you buy something that extra effort may deter your impulsiveness I imagine.

[Jynical]

My paychecks and whatnots go into my account... I'm moderately good with leaving it alone.

I do take my tips and squirrel them away... and typically I forget about them. Until I'm asked a question like this and remember where they are. lol

It's ok though... I'll forget by morning.

Good luck!

[Beekeeper]

I know most people get a paycheck, but I wait tables a few nights a week to have some extra money. I'm also fortunate enough that the "normal" nights I walk out with more than $100 in cash tips.

It sounds similar to what Jynical does...What I've always done is stash everything in $100 or $50 increments. If I make $130, $100 goes in my cash box and the rest in my wallet. If I make $160, $150 goes in the cash box. The amount in my wallet inevitably grows, and gets used for incidentals. I play a game with myself, that if the amount in my wallet grows to over $100 and I don't have any specific plans for grocery or whatever, $100 goes in the cash box.

I also give myself permission to raid the cash box every so often if I really want something, or the occasional shopping spree with a particular girlfriend, or make the annual beekeeping supply order (it's not a cheap hobby).

Over a four month period, not even counting what I pulled out to use for fun stuff, I accumulated over $2k in the darn box. It came in darn handy when my computer died! But that's exactly why I do it, for things like that.

[jcc80]

This is what I do for a living, helping people save their money. Find yourself a financial adviser or a bank and set up 2 separate accounts. One will be investments for retirement. The other will be your emergency fund.

Get automatic monthly drafts straight from your checking account to both accounts. Your retirement account will most likely have penalties if you try to raid the piggy bank. Your emergency fund should be in a 'money market' account where it takes a day to get your hands on it. Nice 'cooling off' period, you know?