Getting extraordinary results from small financial steps
“It is not necessary to do extraordinary things to get extraordinary results,” famed investor and CEO Warren Buffett is reported to have said.
You don’t have to be a Wall Street money manager, though, to take the steps you need this coming year to take control of your finances. While many adults affected by ADHD have to contend with how the symptoms of impulsivity, impatience, and forgetfulness affect their budgeting, you can be successful with your money by taking small steps. In time, pennies saved become dollars in the bank.
The first step is to understand what you value most. As you begin, take some time to visualize realistically the lifestyle you want to live and consider the resources you have available. Clarifying your vision helps you:
- know your unique values, what is important to you
- recognize when your spending is not in alignment with your values
- craft a beginning structure to your budget or spending plan
- get motivated to take the necessary financial action
Once you have your vision, begin by setting your short-, mid- and long-term goals. Set priorities and plot them to your calendar. Create a master list of your spending using receipts or banking statements. Finally, create monthly and annual timelines of your saving and spending.
Remember to pay yourself first. It’s often suggested to immediately put 20 percent of your after-tax income into long-term savings, before paying bills or saving up for short-term purchases. If 20 percent is too high for you as you’re starting out, even $10 or $20 into savings each pay period will grow into a nest egg for emergencies.
Are you ready to learn more and get started on your financial future? Read Managing Money and ADHD.