If you have attention deficit hyperactivity disorder (ADHD), you may be familiar with impulse spending. It’s a common habit for ADHDers that often stems from challenges with emotional regulation, delayed gratification and impulse control. While a few unplanned buys here and there typically aren’t a cause for concern, regular and constant impulse spending can lead to financial instability and debt. If you want to curb impulsive spending, there are tips you can use like blocking websites, recognizing your triggers, and practicing self care when you’re sad or anxious. Read on for tips on how to manage ADHD and impulse spending.
Why Do People with ADHD Struggle with Impulse Spending?
Impulse spending is the act of making unplanned or spontaneous purchases without considering the long-term consequences. It involves buying items impulsively, and is often driven by immediate desires or emotions, rather than careful thought and consideration. This can have significant financial implications as it leads to overspending and debt.
Impulsivity is one of the core symptoms of ADHD. It’s all about spiking dopamine (the feel good hormone), which ADHD brains lack. Differences in brain regions, such as the prefrontal cortex, which are involved in reward processing and decision-making, can influence hyperactivity and impulsivity in the ADHD brain.
Obsessive shopping stimulates the brain and gives you a rush. Add a lack of impulse control and a difficulty regulating your emotions, and you have a recipe for impulsive buying disaster. People with ADHD often have a tendency to seek immediate gratification. They also may struggle with planning and thinking ahead, which can lead to impulsive spending habits that snowball into financial instability and debt.
4 Common ADHD Impulse Spending Triggers
- Emotional triggers- feelings of stress, sadness or boredom can lead to impulse spending to try to make yourself feel better. Also known as “retail therapy”.
- Sales and promotions- seeing an item you want go on sale for a limited-time can create urgency and lead to unplanned purchases.
- Social media- seeing all the nice things influencers, celebrities, friends and loved ones have can create peer pressure to keep up and buy things to try and create a similar lifestyle.
- Life events- life events like moving into a new home, going on vacation or celebrating a friend’s bachelorette party can spur impulse buying new things when you don’t actually need anything.
6 Tips to Manage ADHD and Impulse Spending
1. Create a Budget
The first step in taking control of your spending is going over your spending habits and creating a monthly budget. Start tracking your income and expenses to get a feel for where your money is going. Create categories, such as mortgage/rent, groceries, subscriptions, restaurants, clothing, etc. Figure out your monthly income and what you’re spending on fixed expenses (mortgage, car payments, gym membership, etc.) then you can start allocating funds to each of the other categories. This creates a framework and gives you a boundary for how much you can spend in each area.
2. Recognize Your Triggers
Once you’re aware of your triggers you can work to overcome them. If you often impulse spend when you’re stressed or bored, stay off your phone and laptop during these moments. Get outside, read a book, meet a friend, cook a meal- engage in offline activities where you can’t spend money. If you’re triggered by social media, consider deleting social media apps from your phone.
3. Create Financial Goals
Having clear financial goals can help reduce impulse spending and keep you focused on your long-term goals. Whether it’s saving for a vacation, paying off debt, or saving up for a home, when you have a specific goal in mind, it can provide motivation and urges you to stop and think before you make an unplanned purchase.
4. Work with a Therapist
Working with a therapist can be really helpful for ADHD, especially if you’re looking to manage impulsivity. A therapist can teach you to recognize and manage your impulsivity triggers, develop strategies for managing your emotions and develop a personalized treatment plan that addresses your specific needs. This can help you make more thoughtful spending decisions and reduce impulsive buying behaviours.
5. Use an App to Block Certain Websites
Are there websites that you’re obsessed with buying from? Perhaps it’s your favourite clothing stores, home decor stores or Etsy shops. Use an app such as AppBlock to block these websites while you’re working during the day and scrolling at night. You can also block social media sites that trigger your spending.
6. Practice Self Care
If you impulse spend when you feel sad or anxious, self care practices can help you cope. Instead of going on your phone when you’re feeling low, go for a walk, do a meditation, take a warm bath or write in your journal. Regularly practicing self care can help regulate your emotions and reduce impulsivity.
3 Best Budgeting Tools and Apps for ADHD
1. Use Your Notes App to Make Shopping Lists
Sometimes the simplest tools are the most effective. Creating shopping lists can keep you from spontaneous shopping and overspending. When you’re going to the grocery store, make a detailed list and avoid casual shopping, especially if you’re hungry. Use your Notes app to write down only the things you need and refrain from deviating from your list while shopping. This can prevent you from buying things in the moment.
2. Use YNAB (You Need a Budget) to Create a Budget
YNAB is a money management app that can help you gain control of your money. It may take some time to set up in the beginning, but once it’s all ready to go, it’s easy! Plus, YNAB has self-proclaimed ADHD-friendly budgeting features. These include ‘direct import’ which automatically imports your transactions when you link your bank account, customizable categories that allow you to add emojis for visual reminders, and ‘auto-assign’ to help prioritize your expenses.
3. Use Plum to Save
Plum is a money saving app that can help you take control of your finances. Featuring smart automations and intuitive tools, it’s based on turning small steps into big milestones, whether you’re saving for a home, planning a dream trip or saving for retirement. The app helps you make saving a habit so you can make real changes in your life.
If you struggle with impulse spending, we hope these tips and tools help you change your habits and get control over your money.
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