The Big Bugaboo--money
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
The Big Bugaboo: Managing Money with ADD
Introduction
If you have ADD, you might find yourself saying, "Payday isn't until next week, and I'm out of money!" or perhaps, "My credit cards are maxed out and the payments are overwhelming," or "Oh no, I forgot to pay that bill again and now there's a $30 late fee!" These financial challenges are common for many with ADD who often struggle with money management. Here are some practical tips to help you take control of your finances.
An ADD-Friendly Bill Paying System
Start by setting up an organized filing system. Purchase colored, hanging file folders and, if needed, a file box. Label your folders with categories like bank statements, utility bills, and car expenses. Keep it simple to avoid procrastination.
Sort your mail daily. Stand by the shredder or trash can to immediately deal with unnecessary items. Address urgent matters and pay bills promptly, then file them in the appropriate folder. If you can't pay a bill right away, store it in a designated spot for easy access when funds are available.
Online banking can streamline this process. With robust security measures, online banking is generally safe. As you receive each bill, input the necessary details into your account. You don’t need to do this all at once; take it one bill at a time. Once set up, paying bills online is just a click away.
Curb Impulse Spending
Credit cards, while convenient, can lead to unnecessary spending. Limit yourself to one universal card, like a Mastercard or Visa, and avoid using it for everyday expenses. Reserve it for emergencies only. Choose a card with low interest rates and no annual fees.
Avoid carrying too much cash or a debit card. Open a separate free checking account for spending. Set a monthly allowance and stick to it until your next paycheck. Running out of money once or twice might deter future impulse purchases.
Resist impulse buying by waiting before making a purchase. Give yourself time to distinguish between needs and wants. Focus spending on what you need rather than what you desire.
Prioritize Savings
Before paying any bills, prioritize saving. Allocate 10% of your income to a savings account and use it only for significant expenses like home purchases, car repairs, or retirement planning.
Conclusion
These money management tips can benefit anyone, ADD or not. Implement one and see how it works for you. You might find yourself returning to try another method?"and you'll likely see positive changes in your financial situation.
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