The holiday season is a time of joy, giving thanks, and going into debt. That’s because 1/3 of adults have gone into debt during holiday shopping according to SoFi (SoFi). If you have ADHD, you are most likely in that 1/3. That’s because budgeting is a major struggle for those of us with ADHD.
For individuals with ADHD, managing finances and budgeting can be a serious challenge, but even more so during the holidays. With the excitement and impulsivity that often accompany ADHD, it’s essential to take proactive steps to ensure financial stability during this time. In this article, we’ll provide you with eight valuable tips to help you manage your finances effectively and avoid overspending, even with ADHD.
According to a recent survey by SoFi, nearly 50% of people in the U.S. feel nervous or stressed about their finances during the holidays (SoFi). If you have ADHD you are most likely in that 50% that is nervous about finances. That is because those of us with ADHD struggle with our finances as compared to our non-ADHD peers (National Library of Medicine).
Whether you’ve been diagnosed with ADHD or simply struggle with impulsive spending tendencies, this post offers practical advice to help you navigate budgeting during the holidays with ADHD.
Understanding ADHD and its impact on budgeting
The holiday season is a time of joy, celebration, and gift-giving. However, for individuals with ADHD, it can also be a time of financial stress and overspending. The combination of increased social events, advertisem*nts, and the desire to make others happy can lead to impulsive and excessive spending.
One of the main challenges individuals with ADHD face is the difficulty in inhibiting immediate desires and considering long-term consequences. The holiday season often brings with it a sense of urgency to buy gifts and participate in festivities, making it difficult for individuals with ADHD to resist impulsive purchases. Additionally, the abundance of sales, discounts, and limited-time offers can further tempt individuals with ADHD to overspend.
Want my free ADHD Holiday Budget Google Sheet? Keep reading for the link!
The challenges of overspending during the holidays with ADHD
Creating a budget is an essential step in managing your finances during the holidays. Start by determining how much you can afford to spend without causing financial strain. Consider your income, expenses, and any additional holiday-related costs. Allocate specific amounts for gifts, decorations, food, and other holiday expenses.
Once you have set your budget, commit to stick to it. Avoid the temptation to overspend by keeping a close eye on your spending every single day. Use budgeting apps or spreadsheets to track your expenses and ensure you stay within your limits.
Remember, having a budget doesn’t mean you can’t enjoy the holiday season; it simply helps you make thoughtful and intentional spending decisions.
Tip 1: Create a holiday budget and stick to it
One of the most important steps in managing your finances during the holidays is creating a budget. Start by listing all your income sources and expenses. Take into account any additional holiday-related expenses, such as gifts, decorations, and travel. Once you have a clear understanding of your financial situation, allocate specific amounts to each category.
To make it easier to stick to your budget, consider using budgeting apps or software that can help you track your spending in real-time. Set reminders to review your budget regularly and make adjustments as needed. By having a clear budget in place, you’ll have a better idea of what you can afford and avoid overspending.
I’ve made a holiday budget Google Sheet for you to use! Click here to access my FREE Budget Sheet for the Holidays.
Tip 2: Make a list and prioritize your purchases in your ADHD Budget
Creating a list of the people and gifts you plan to purchase can help you stay organized and avoid impulse buying. Start this list early – like today! That way you have time to plan and save for those gifts.
Take the time to carefully consider each future gift and ask yourself if it aligns with your budget and the needs and preferences of the recipient. Prioritize your purchases based on their importance and significance.
By making a list and prioritizing your purchases, you can avoid last-minute panic buying and overspending.
Don’t forget you can use my free Google Sheet Holiday Budget by clicking this link!
You can also consider alternative gift options that may be more affordable or meaningful. Check out this post from a mommy blog on cute, thoughtful, and inexpensive holiday gift ideas!
Tip 3: Check your accounts and track your spending daily
Checking your spending daily during the holidays is a necessary practice, particularly for individuals with ADHD, and here’s why. The holiday season can be a whirlwind of activity, from gift shopping to festive gatherings and all the delightful temptations that come with it.
For those with ADHD, the impulsivity and excitement of the holiday season can make it even more challenging to stick to a budget. This is where daily spending checks become an invaluable tool.
By monitoring your finances daily, you create a heightened awareness of your spending habits. This heightened awareness can act as a safeguard against impulse purchases and overindulgence. It’s like putting a safety net in place, ensuring that your financial well-being remains intact throughout the holiday season.
Moreover, checking your spending daily allows you to make necessary adjustments to your budget, ensuring that you’re staying on track and not veering into overspending territory.
This simple practice can be a game-changer, helping you enjoy the holidays without the stress of financial fallout.
Tip 4: Use cash or prepaid cards instead of credit cards
Using cash or prepaid cards can be an effective strategy to prevent overspending during the holidays. Unlike credit cards, which offer the temptation of buying now and paying later, using cash allows you to see and feel the physical money leaving your hands. This tangible connection can help you make more conscious spending decisions.
Prepaid cards are another option that can help you stay within your budget. Load the card with the predetermined amount you have allocated for holiday expenses. Once the funds on the card are depleted, you’ll be unable to spend more unless you reload it. This method provides a clear spending limit and eliminates the risk of accumulating credit card debt.
Tip 5: Set up automatic bill payments and reminders
During holiday preparations and festivities, it’s easy to forget about your regular bills and financial obligations. Late payments can result in additional fees and negatively impact your credit score. To avoid this, set up automatic bill payments for your recurring expenses.
Many banks and financial institutions offer the option to automate bill payments, ensuring that your bills are paid on time without any effort on your part. Additionally, set reminders on your phone or calendar to keep track of important payment dates. By automating bill payments and setting reminders, you can avoid late fees and maintain financial stability during the holiday season.
Tip 6: Practice mindfulness and self-awareness to curb impulsive spending
Mindfulness and self-awareness are powerful tools that can help individuals with ADHD manage impulsive spending tendencies. By practicing mindfulness, you can become more aware of your thoughts and emotions, allowing you to pause and reflect before making impulsive purchasing decisions.
When you feel the urge to make an impulsive purchase, take a moment to ask yourself if it aligns with your values and financial goals. Consider the long-term consequences and the potential impact on your overall financial well-being. By cultivating self-awareness and practicing mindfulness, you can develop healthier spending habits and avoid unnecessary financial stress.
Tip 7: Avoid triggers and temptations
Identifying and avoiding triggers and temptations is crucial in managing your finances during the holiday season. Take note of situations or environments that tend to lead to impulsive spending and make a conscious effort to avoid them.
For example, if online shopping is a trigger for impulsive purchases, consider limiting your screen time or using website blockers to prevent access to shopping websites. If crowded malls or stores overwhelm you and trigger impulsive spending, consider shopping during less busy times or exploring online shopping alternatives.
Tip 8: Seek support from a therapist for spending with ADHD
Managing finances can be overwhelming, especially for individuals with ADHD. Seeking support from a financial advisor or therapist who specializes in ADHD can provide valuable guidance and strategies to help you navigate the holiday season successfully.
A therapist can help you explore the emotional and psychological factors that contribute to impulsive spending and provide coping strategies to manage ADHD symptoms.
I found that all my impulse spending was linked to my anxiety and depression. I spent to fill a hole inside of me that was caused by my depression.
I also tend to spend money when I feel out of control of my life – especially of my finances. When I overspent one month, I thought “What the heck I can spend a few more dollars since I already overspent this month.” It was a vicious cycle.
Working with a therapist is one of the best things you can too to help all aspects of your life with ADHD.
Click here to read my post on how to find a therapist for your ADHD
Taking control of your finances by budgeting with ADHD
Managing finances and budgeting during the holiday season can be challenging, especially for individuals with ADHD. However, by implementing these eight tips, you can take control of your finances, make wise purchasing decisions, and avoid overspending.
Creating a holiday budget, making a list, and prioritizing your purchases will help you stay within your financial limits. Using cash or prepaid cards instead of credit cards can prevent impulsive spending. Setting up automatic bill payments and reminders will ensure that your financial obligations are met on time.
Seeking support from a financial advisor or therapist can provide valuable guidance and strategies. Practicing mindfulness and self-awareness can help you curb impulsive spending tendencies. Avoiding triggers and temptations is another effective way to maintain control over your finances.
By being proactive and mindful, you can enjoy the holiday season without burdening yourself with excessive debt or financial stress. Take these budgeting with adhd tips to heart, and make this holiday season a time of financial stability and peace of mind.
