ADHD Money Talk

Listener Louise writes: "I'm very good at saving. I love watching my savings balance grow and have gamified this process in many different ways to make it interesting and exciting. The problem is that impulse spending kicks in with whatever I'm into at that moment, and suddenly all my savings are gone. How I can stop this happening?"

This problem is common among ADHDers, but I have some practical tips for how to help control spending so you can enjoy saving more. Listen in...

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e58

Head over to our YouTube channel for the full experience on future episodes.

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Are you someone with ADHD who's struggling to get a handle on your finances? Well, you're not alone. Many people with ADHD find it challenging to manage their finances, leading to financial stress and anxiety.

But fear not! There is a way out of this financial mess, which could start with making sacrifices.

The Challenge: Make One BIG Sacrifice

I work with so many people who are one sacrifice away from being able to make incredible progress.

Making sacrifices is important for anyone with ADHD who wants financial freedom. It requires discipline, self-control, and prioritization. But with a little effort and sacrifice, you can take control of your finances and live the life you want. So, take a deep breath, plan, and make those sacrifices. Your future self will thank you.

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e57

Head over to our YouTube channel for the full experience on future episodes.

Get your ADHD.MoneyMap™
Talk it through with me live: book a Clarity Call
Watch on YouTube

Listener Rebecca has transformed from being an impulsive spender to now hyper-fixating on saving and investing.

In today's episode, we discuss the potential struggles with money vigilance and how being close to the financial world can make personal financial decisions harder.

We also explore the decision-making process for buying a car while saving for a house and retirement. We emphasize the importance of striking a balance between immediate desires and long-term financial goals, and ensuring all financial bases are covered before making any big-ticket purchases.

Lastly, we discuss the importance of maintaining a healthy balance when it comes to financial management and the cautionary tale of Ebenezer Scrooge as an extreme example of money vigilance gone wrong.

Join us as we navigate the complexities of money management for ADHD individuals and learn how to find that perfect balance between saving and spending.

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e56

Head over to our YouTube channel for the full experience on future episodes.

Get your ADHD.MoneyMap™
Talk it through with me live: book a Clarity Call
Watch on YouTube

Money does not have to lead us to this life of dependence and scarcity. We were just taught wrong. We weren't taught how money really works. No class in high school shows us how to become wealthy and financially free.

Listen in to hear:

• We were never taught how money really works
• The biggest difference between the poor and the wealthy
• Right mindset but wrong brain

Audiobooks to "read":

Rich Dad Poor Dad by Robert Kiyosaki
Why the Stock Market Goes Up by Brian Feroldi
Atomic Habits by James Clear
Money Mammoth by Brad Klontz
The Millionaire Next Door by Thomas Stanley
Think and Grow Rich by Napoleon Hill
The Automatic Millionaire by David Bach
Broke Millennial by Erin Lowry
Clever Girl Finance by Bola Sokunbi

Want to work with me?
Check out my ADHD Planning & Coaching service.

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Head over to our YouTube channel for the full experience on future episodes.

Get your ADHD.MoneyMap™
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A listener asked me this question, "What does one do if, after adding up fixed expenses, there is no money leftover and nothing to cut back on?"

Listen in as we assess the situation and I help address:

• Viewing Wants as Needs
• Food Prices increased 17%
• Reducing credit card interest rates
• Consolidating debt
• Cutting the Cord and Streaming instead
• Making More
• What you truly want

Of course, I don't have the details and circumstances behind this person's reason for asking the question, but do my best to address the issue from various angles. Hopefully this can help you too.

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e54

Head over to our YouTube channel for the full experience on future episodes.

Get your ADHD.MoneyMap™
Talk it through with me live: book a Clarity Call
Watch on YouTube

Continually eating out hampers our ability to build our financial future. How do you avoid reaching for your phone and ordering from food delivery services like DoorDash, and GrubHub when it brings so much fulfillment and joy?

Ways to Get Your Food Spending Under Control

• Create a spending journal to track the frequency and total dollar amount you spend each week
• Set a fixed dollar amount for eating out each month
• Budget a dollar amount to spend each month on groceries bought from the supermarket
• Shop at discount grocery stores
• Prepare most of your meals yourself at home

If you don't enjoy cooking, consider using meal kit services such as;

• CookUnity
• EveryPlate
• Factor 75
• Freshly
• Gobble
• Tovala

Depending on your situation and how entrenched you are in food overspending, you must decide the measures you need to take. If not, you will continue throwing your money away on food that only gives you a temporary good feeling but is damaging your finances and health. I'm not here to judge, but I am here to tell you the truth. We all need to hear it. Get out there and make a change!

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e53

Head over to our YouTube channel for the full experience on future episodes.

Get your ADHD.MoneyMap™
Talk it through with me live: book a Clarity Call
Watch on YouTube

Are your weekends and weeknights spent devouring freshly prepared delights brought to you by your local food delivery services like DoorDash, GrubHub, or Uber Eats?

Services like this are attractive to those of us with ADHD because it is a quick, easy decision and eliminates having to prepare a meal. The downside, of course, is the cost of these services.

What is your food habit costing you?

A quick rule of thumb is to spend no more than 15% of your take-home pay on food.

• On average, a single food delivery cost is between $40 to $60
• If you are ordering out an average of 4 times per week, you’re spending about $1,000 per month
• 15% of the after-tax take-home pay of $5,000 would be $750 per month for food
• That $750 per month, if invested in the market over 20 years at an 8% return, would be $385,000

If you are among the millions of people ordering out multiple times a week, you could be eating your financial future. But I would not point out this problem without providing a solution. Join me next week for steps you can take to stop reaching for your phone and get your spending habits under control.

For more information, read https://www.dewittcm.com/adhdmoneytalkblog/how-adhd-adults-can-stop-eating-their-financial-futures

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review on my website
Give me five stars on Spotify
Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

Head over to our YouTube channel for the full experience on future episodes.

Get your ADHD.MoneyMap™
Talk it through with me live: book a Clarity Call
Watch on YouTube

As we begin looking ahead into the new year and what we want for our financial goals, it is important that you also reflect on how you did last year to ensure you do not repeat any undesirable spending behavior.

Your order of operations

Here is a quick recap of what your order of operations should be for 2023:

• Establish an emergency fund to cover, at a minimum, three to six months of expenses
• Pay off any credit card debt
• Break big goals down into smaller, more manageable pieces
• Review your cashflow and pull back where possible
• Track your spending
• Set up a reverse budget methodology 
• Pre-save for upcoming larger expenses
• Increase your contribution to your 401(k)
• Start contributing to an IRA

The Enactment of New Legislation - Secure Act 2.0

The Secure Act 2.0 was passed on December 29, 2022, allowing employers and plan sponsors to match student loan payments with retirement contributions, like how employers currently match employee contributions to retirement funds like 401(k)s. Employees can set aside up to $2,500 of post-tax money in separate emergency savings accounts alongside their retirement accounts through their payroll deductions.

Participants can withdraw up to $1,000 from their retirement savings per calendar year to cover emergency expenses without penalty. However, the borrower would have to replace those funds within three years before making another similar withdrawal.

Establishing these goals and taking advantage of new legislation where applicable will help you make 2023 the year you successfully become a better financial version of yourself and achieve financial freedom!

For more information, visit the show notes at https://www.adhdmoneytalk.com/s1e51

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review on my website
Give me five stars on Spotify
Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

Head over to our YouTube channel for the full experience on future episodes.

Get your ADHD.MoneyMap™
Talk it through with me live: book a Clarity Call
Watch on YouTube

The term happiness comes from the Old Norse term “happ,” meaning “luck” or “chance.” In the context of the Declaration of Independence, happiness was about an individual’s contribution to society rather than pursuits of self-gratification.

Joy is a quality of the Soul. It is magnificent, divine, confirming, and otherworldly. Joy lives naturally and eternally within us all.

Where is Your Focus?

Money alone isn’t enough to make you happy. However, helping others can give you long-lasting joy and the feeling of true wealth. One mistake people make is to focus on making money instead of improving the quality of life for themselves and the people they care about.

Here are a few ‘life checks’ you can use to see if there are opportunities you could alter your focus next year:

1. Are you prioritizing the relationships with your family first? If not, what can you do to strengthen those bonds?
2. Are you in the right job, and is it allowing you to create future financial security?
3. In challenging times, do you invite negativity in or choose to focus on the positive?
4. Instead of buying that ‘thing’ you think will bring you joy, would you achieve even greater joy by giving that money to someone else in greater need?

Happiness and joy don’t have to be fleeting. Whether they come to us by luck or chance, we can choose to change our lives for the better, even when we feel out of control with our spending, emotions, or a lack of purpose in our lives.

I hope you all take your money life seriously in 2023. Take a few moments to sit down, review your budget, values, and spending, and make plans you can stick to find that purpose, inner peace, and joy.

Want to work with me?
Check out my ADHD Planning & Coaching service.

Help Me Out!
If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:
Click here to leave a review on Apple
Click here to leave a review on my website
Give me five stars on Spotify
Helping ADHD'ers unleash their financial potential through planning and coaching.

DeWittCM.com/adhd to book free discovery session

Head over to our YouTube channel for the full experience on future episodes.

Get your ADHD.MoneyMap™
Talk it through with me live: book a Clarity Call
Watch on YouTube

Christmas shopping isn’t the only important item on your end-of-the-year list of things to do. There are several financial items you should also check to set yourself up for a great 2023 and potentially save money on taxes this year and get a bigger refund.

Top Ten End-Of-Year Financial Checklist

1. Make sure you have not been paying too little tax on your income this year using the IRS paycheck checkup tax withholding calculator
2. If you have any money left over for the year, consider putting it into your 401(k) plan. It will help boost your savings for retirement and will lower your taxable income for this year
3. Plan how you will spend your money for Christmas by creating a list and assigning a dollar amount so you don’t overspend
4. Reflect upon your spending. How did you do in 2022? Could you have done better?
5. Make some financial goals for 2023. Do you have any debt? If so, plan to pay it off before the end of next year. Also, create a goal for what you can save next year
6. Use any FSA funds you may have. This is tax-free money that you will lose at the end of the year if you don’t use it
7. If you have an HSA, consider maxing it out for this year to get those extra health savings
8. If you’re a business owner, consider whether you qualify for the QBI deduction
9. If you have business expenses, consider if it makes sense to defer or accelerate the costs to reduce your overall tax liability
10. If you are in a low tax bracket this year and your income next year will push you into a higher one, consider setting up a Roth conversion while your tax rate is low and have that income grow tax-free

Make Your End-of-Year Financial Review a Family Tradition

Your year-end financial checklist should also include a status check with your family. Teaching your kids how to manage their money when their young will help them become financially successful adults.

In this discussion, you should cover things such as:

• What was your budget for 2022, and did your family hold to it? What should your budget be for 2023.
• How much did you hope to save in 2022, and were you successful? How should that change next year?
• Was your family overpaying for certain expenses like utilities or cell phones? How can you trim those down next year?
• Were you paying off debt at the beginning of the year? Were you able to pay it off? What goal should you set for next year?
• Does your family have any large purchases on the horizon you need to plan for? Set a goal you can work toward together.

You certainly don’t have to hit all of these goals by the end of the year. However, as you look at this list, try to find at least 2-3 things that you can commit to handling before December 31 and maybe another 2-3 that you can commit to at the start of next year.
 
This isn’t about getting EVERYTHING right. It’s about making
consistent forward progress one step at a time. What next step will you
take?

For links in the show notes, go to https://www.adhdmoneytalk.com/s1e49

Head over to our YouTube channel for the full experience on future episodes.

Get your ADHD.MoneyMap™
Talk it through with me live: book a Clarity Call
Watch on YouTube