Are you expecting a tax return this spring? A large amount of unexpected money coming in at once is called a windfall. 💵 Does the thought of having that much money land in your account at one time make you nervous? Do you have a history of blowing through windfalls the moment the money hits your bank account? You’re not alone!
Because of the way the ADHD brain works, getting a lot of money into your account at one time can cause a flood of emotion: confusion, fear, elation (yay dopamine!). This may trigger ADHD impulse buying or decision fatigue. Have you ever struggled with this, my ADHD friend?
What if there was a way to remove emotion from the equation?
Top Three Ways To Plan Ahead for a Tax Return With ADHD
Here are three things you can do to ensure you don’t squander your next windfall:
1) Assess Your Needs
See if there’s any necessity you’ve been putting off because you couldn’t afford it.
2) Plan Ahead To Give
Making a plan to give ahead of time makes it more likely to happen. Giving may increase your contentment.
3) Write Down Your Plan
Writing it down will make it more likely to happen.
Make a Plan for Your Tax Return That Works for Your ADHD Brain
First, assess your needs. Have you been putting off buying new clothes? Do you need some dental work? How about car maintenance? Or maybe you’ve taken care of all of those in your monthly budget, but now you need a vacation. Make a list, and then prioritize it. I know that can be hard for those of us with ADHD, so consider asking a friend for help.
Second, plan ahead to give. Not sure where to start? Make a list of things you enjoy (women’s health, animals, defeating cancer, helping others with ADHD), and then look for charities that support those things. Decide how much you might want to give to the charity or charities you find.
Third, write down your plan! By planning ahead of time and writing it down, you remove the emotions of the moment from the decision making process. When it’s time to follow through, grab your plan and follow through with it. You’ve got this!
Bonus tip if you get stuck: I really like using the 70/10/10/10 Rule. Use 70% toward your current goal, give 10% away, spend 10% on whatever you want, and save 10% for later. Try it out!
A Money Coach Can Help an Adult With ADHD To Make a Plan for Your Money
If you find yourself struggling to make a plan for your windfall or your money in general, you may benefit from working with a Money Coach whom is familiar with ADHD and budgeting. An ADHD Money Coach will walk you through the big picture of your money and show you what you might be missing. Once you have an ADHD money management plan in place, you’ll know exactly what to do with sudden windfalls in the future! Don’t wait; slots are filling up fast…
Book a call with Money Coach Stephanie today!