Executive function help for when you want to manage spending

[Gerontius]

To money! cause and solution of all life's problems.

I am happily working at my job and so I moved away from my parents to cut the commute and be more independent at last. Was doing ok with the executive side of it. Moving was terribly expensive with fees, renter's insurance, electric power, the expectations of double rent for the security deposit, and all that plus hiring the moving van which remains fairly spendy even for an across-town run...so I broke my ROUTINE, and as we all know, routines are important on the spectrum. Am I bad at math!


I thought I was still doing pretty good with my paycheck... but my debit card declined at the grocery this evening which got me curious. So I looked.

I like thinking I'm a pretty thrifty fellow but in reality I am a scavenger who is bad at math and can't figure out how to dollar. I'm using online banking and you might find this different from now you bank but the one I save with offers me visualization of how much I spend in a month, and on what.

For example I noticed that I simply can't afford to keep eating at work. Too expensive.

Also I have a charge from keeping my old Amazon Prime account open which I should definitely close because I don't buy often from Amazon, at all.

My gasoline bills are showing up too. Even a light sedan getting 37mpg is still expensive to operate. I must forego any amusement and stick to inexpensive fun at home.

There's a lot going on here but it's pretty cool being able to see this stuff visualized. I didn't know because I suffer from financial anxiety and don't want to look at my account - therefore I have less control of it. But if I pay attention to how money is coming in and going out I should be in far better shape.

And if any of you also are having a hard time figuring out the money situation in your life this will probably help you out too.

Finances and stuff are a major source of anxiety for me and I am really not sure what to do with that. Anyway now that I can see what I am doing this is good and will be a help.

 

[Outdated]

I earnt good money and spent every penny of it for my whole working life, then when I went bush there was nowhere to spend any money. I was only claiming unemployment benefit at the time but for the first time in my life I started saving money, and I realised where quite a lot of it had been going.

It was being frittered away $2 and $5 at a time. I'll just buy a can of coke. I'll just buy a pie for lunch. I'll jump in the car and drive to the shop even though it's only 500 metres away. Socialising also costs a fortune because it usually involves buying food and drinks.

My lifestyle was bleeding my wallet. These days I'm a lot less social and I'm easily amused at home on the computer so I spend very little money. I think I must be the only pensioner in Australia that can live well and still save $10K a year.

 

[Progster]

I use a Revolut account and I can set a budget. I can also see how much I spend on average per month and per year. It also analyses what I spend and on what. I think it's important to keep an eye on spending and setting budgets with alarms to tell you when you're over that budget is a good idea.

 

[Crossbreed]

When we ran our home finances from a single account, we lost track of our spending and ended up going bankrupt in 2004.

After that, I approached my finances like a programmer. Our credit score is 800+ even while we continue to live on the edge of poverty.

Executive Function and Spending?

I'm not good with money, and it is totally an executive function thing. My wife even tried to go through the Dave Ramsay stuff a few years ago. When she asked me to help clarify a concept, I could give it to her in stated brilliance. Even made her more confused as to why I couldn't execute the...

www.autismforums.com

I have made tweaks & improvements to the system as necessary.

 

[Neonatal RRT]

"...don't want to look at my account - therefore I have less control of it. But if I pay attention to how money is coming in and going out I should be in far better shape."

^^This^^

It's one thing to have enough money that you have the confidence in knowing that there's always money there. However, most of us are not in that category.

It's really easy for someone with money to give advice to a poor person. "Do this, do that, and in a few years, you'll have built up quite a portfolio." Truly wealthy people literally borrow money to live on, but they borrow against their asset holdings (stocks, etc.). Most have no taxable income. If they do, it's often in offshore accounts. You can't tax the rich, much to the disappointment of the Left. They made the rules of "the game", so don't expect any changes from the politicians they own. So, their perspective on what money is can be quite different than that of a poor person.

The reality is that a high percentage of us live outside of our means, not because we have expensive tastes, per se, but 90% + of our net income is for basic living expenses. We don't have extra to "pay ourselves first", tucking away money into savings and investments.

If you're in that situation, self-discipline, planning, and execution is an absolute must. The only way to do this is to document and observe every penny. Then, ask yourself a few questions, "Was this purchase a want or a need?". If you are struggling with transportation costs, "Can I wait until tomorrow, create an efficient route, and save some money making one trip vs. making a trip today, and another tomorrow?" It may be meal planning, "Can I take one day and make meals for the week?" potentially saving you a lot of money, vs not planning and grabbing something in the moment that may cost you significantly more.

There are many ways to live more financially efficient. The main cost to you is the mental energy to do it, the self-discipline it takes, the planning and execution, and some impingement upon just being "free" to do whatever impulsive thing you want to do or purchase in the moment. No doubt, financial stress can effect our mental health and well-being.

 

[Judge]

I was blessed with a mother who grew up during the entire depression era. Upon adulthood, she became quite scrupulous about expenses and consumerism, and taught me everything she knew. Not to mention I had a father that kept expense records better than the Third Reich!

If anything I'd say the most fundamental thing one can do is to make a concerted effort to document all or most of your expenses. So at any one time you have a ballpark understanding of when you can spend, and when you should think again about it.

It also means that when a bill is due, to pay it within 24 hours of when you receive it. Do that over a lifetime and you may find yourself in great shape with the credit reporting bureaus.

Lastly to budget the inevitable monthly expenses apart from rent or a mortgage. Particularly to budget how much you spend for food. Make a ceiling, and do your best not to exceed it.

From my own perspective, most of this boils down to simply maintaining self-discipline.

 

[Crossbreed]

There are many ways to live more financially efficient. The main cost to you is the mental energy to do it, the self-discipline it takes, the planning and execution, and some impingement upon just being "free" to do whatever impulsive thing you want to do or purchase in the moment.

In our experience, that became easier after it became a habit. We know how much we can comfortably spend on each dinner, for example.