Daily Habits to Curb Impulsive Spending
As you know by now, I have ADHD. One of the many pitfalls of this disorder is impulsivity, with mindless spending being one of the many damaging ways this can manifest. We often find ourselves buying something we absolutely need (we discovered it existed 0.003 seconds ago), because that dopamine-seeking part of our brain wants what it wants, and can put us at risk as a result.
Once upon a time, I was privileged enough that this didn’t present too much of an issue, as I was making a decent salary that allowed for disposable income and a healthy financial safety net. However, once I left the world of full-time employment and chose a life where a steady pay check was no longer guaranteed, I realised it was time to become more mindful of my finances. So, I got Googling. Every time I looked up tips to manage my spur-of-the-moment spending habits, I was met with:
Make a budget
Stick to it
Roger that.
Budget made.
Err… I already failed step 2.
Unfortunately, a neatly organised spreadsheet does little to help on the days the dopamine-seeking gremlin in my brain says “f*ck it”. So, I had to find smaller, more manageable methods to manage the problem my own way.
Here are some of the daily habits I’ve implemented; I’m hopeful that many people can benefit from at least one or two of these tidbits, whether you struggle with ADHD impulsivity or simply want to be more mindful of your finances in these uncertain economic times.
The 48 Hour Rule
Before buying anything that doesn’t fit within my budget, I implement the 48 hour rule (you could also try a 24 or 72 hour rule, whatever works for you).
The 48 hour rules dictates that any time I feel an impulsive spend coming on, I put a rain check on it for two days. When the timer is up, I check in with myself and ask if I still want to make the purchase.
More often than not, I realise I was just caught up in the moment and don’t really need whatever it is. In fact, a lot of the time I’ve already forgotten about it by the time my 48 hours are up!
Make a List
This is age-old advice, and for good reason. Hitting the supermarket without a list is a recipe for disaster. I’ll either return home with items I don’t need, or forget something and have to go back — opening myself up to the risk all over again.
So, every week I make a rough plan of the meals I want to make over the next week and — this is crucial — take stock of any ingredients I already have at home. From there it’s just a case of making my shopping list and sticking to it.
This doesn’t necessarily mean I’m coming home with nothing but vegetables each week — if you ever catch me denying myself a little something sweet after dinner, assume something is seriously wrong. But if I decide my sweet treat of the week is a pack of cookies, it goes on the list.
Unsubscribe From Mailing Lists
Be honest: how many times has that “limited-time sale” drawn you in? If you’re anything like me, the answer is “more often than I’d like to admit, actually”.
Since I promised myself to unsubscribe every time I company dangles an offer in front of me via email, my spending has decreased dramatically, so I can’t recommend it enough.
While you’re at it, I recommend turning off push notifications from retailers. Better yet, delete shopping apps from your phone entirely!
Pay Yourself Instead
This is my personal favourite tip. Every time I talk myself out of an impulsive spend, I transfer the value of that non-purchase to a savings account.
It’s amazing how quickly it adds up, and forms a tangible reminder to think about how best to redirect those funds towards something more beneficial in the long term.
Remember the Big Picture
Every time my resolve wavers, I simply have to remind myself why I started this journey in the first place.
That looks different for everyone — maybe you finally want to get out of that overdraft, or you’re saving for the trip of a lifetime. Whatever your reason is, write it down and remember it often.