ADHD Budget Workshop #3 Detailed Analysis of Expenses

Identifying your financial purpose when setting up a budget allows us to maintain our focus on the process and our motivation moving forward. I've created and shared two documents for you to use as you follow this series. The first is a spreadsheet on the reversed budget methodology, which you can find the link under the resource links at the bottom of the page to download and follow along. The second is a Google form with a list of questions to record your spending habits.Values, Goals, & VisionThese questions will help you understand what about money is truly important to you and help you connect purpose to your efforts to become financially secure and independent. 1) Why is money important to you?2) List at least three of your core values3) What two things would you like to achieve or experience in the next two years?4) In the next five years?5) In the next ten years?6) If you were given $10,000 and were told you could not invest it, save it, or use it to pay off debt, how would you spend it?7) What if it was $50,000? When you have ADHD, looking into the future beyond a week is challenging. Answering the questions above allows you to think about your future and identify the important things and some of your long-term goals, which will ultimately help you change how you spend your money. Spending Analysis Using the 50/30/20 Model A spending analysis shows what percentage of your money is spent on needs versus wants. The 50/30/20 Model states that you should spend up to 50% of your income on needs, 30% on wants, and the remaining 20% on savings. It's challenging to save 20% of your income, especially if you're new to budgeting. This model is a guide and something to work toward. Life is getting more expensive as inflation rises, so sometimes there's not enough money to go around, even if you're putting your money in the right places. Finding ways to increase your income can help. Such as: Build upon your personal skills to get a higher-paying jobPut yourself out there, and don't be afraid to ask for a raisePick up a side jobYou are your biggest asset, so invest in yourself!Resources:My Google Docs Budgeting Spreadsheet (click here)My Google Form Budget Questionnaire (click here)The Dare to Lead List of Values (click here)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 AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionHead over to our YouTube channel for the full experience on future episodes.Learn more about ADHD-friendly financial coaching Follow me on YouTubeSubscribe to the newsletter