How a Debt-Free Mindset Stops Impulse Spending in ADHD

Deleveraging, Pay Off Debts and Save Money concept dial

Did you know that the average American has over $90,000 of debt ? That’s an astronomical amount, and one that can make anyone feel tied to the system.

However, for those of us who are neurodivergent and have conditions such as ADHD and are Autistic, money management and mindset can be ten times harder to comprehend and understand.

So let’s take a closer look at what you can do to enrich your life and start to live a debt-free mindset.

What is a Debt-Free Mindset?

A debt-free mindset is when you don’t allow yourself to be controlled by money. You live within your means, you save for the future, and you don’t take on unnecessary debt. When you have a debt-free mindset, you are able to focus on what’s truly important in life.

There are many people in the world who struggle with loans and credit card debt caused by impulse purchases. It can be hard to get out of, and it’s easy to feel like you’re stuck in a never-ending cycle. However, there is hope. There is a way to break free from the chains of debt and get on the path to financial freedom.

With a debt-free mindset, you can focus on being content or assigning a value of wealth to life experiences instead of “barely getting by” with minimum payments. People who have a debt-free mindset are usually happier and more fulfilled because they don’t feel bogged down by their debts.

The debt-free mindset helps one turn around and focus on achieving prosperity. When you’re focused on becoming prosperous, it becomes easier to reach your goals. Being in a better place emotionally will help you reach your goals more easily.

red stamp with the word paid on to represent debt-free

Paying down your debts doesn’t need to be scary

Benefits of a Debt-Free Lifestyle

Getting rid of bad debt can be incredibly freeing and can allow you to focus on what’s truly important in life. Here are some of the benefits of having a debt-free mindset:

  • You’ll be able to save more money
  • You’ll be less stressed out about money
  • You’ll be able to focus on your goals and dreams
  • You’ll be able to enjoy your life more

Money doesn’t buy happiness. But it does buy freedom.

Five Steps to a Debt-Free Mindset

Remember that you’re not alone. According to recent studies almost 40 percent of American households have credit card debt totaling more than $8,000. So you’re definitely not the only one trying to get out of debt.

Don’t dwell on your mistakes, especially when it comes to a poor credit score thanks to those pesky missed card payments and unplanned purchases. Everyone makes mistakes, that includes many who are already living the debt-free lifestyle. Dwelling on your past mistakes will only hold you back from achieving your goals.

Stay positive and focused on your goal. It can be easy to lose focus when you’re working towards something difficult like getting out of debt, but it’s important to stay positive and focused on your goal so you don’t give up prematurely.

There are a few key things you can do to develop a debt-free mindset and curb the instant gratification of impulse purchases:

Understand Your Spending Habits

Take all your bills, personal loans and credit card balances, add up your monthly expenses, and have a look where your money’s going. Do you really need more than one credit card? In fact, do you need any at all? Using a debit card and cash alone will stop you spending money you don’t have.

Many debt-free people look back on their past impulsive spending with horror as they realised their priorities were in the wrong place all along.

Of course, paying utilities, mortgages, and student loans are a must for all of us, as are those pesky unplanned expenses. But seeing that extra money go to waste shopping for unnecessary luxuries can put things into context for so many people.

Create a Budget and Stick to It

Make sure you set your financial goals early on, and start small. It may seem tempting to pay down your debts first using a debt snowball technique.

But for some people, it’s more important to start the good habits early such as putting aside a portion of income for an emergency fund. That way, you’ll be prepared for any unexpected expenses. You can also give yourself a waiting period for planned expenses to make sure you’re making the right financial decision.

It may not be the quickest route out of debt on paper, but in reality you’ll reach the debt-free life quicker as it can feel like you’re making progress much faster, being able to make regular monthly payments on time. Prioritizing your mental health is one of the best approaches to debt freedom and a successful shift in money mindset.

Make Plans to Pay Off Your Debts

Take a look at debt management plans that will provide a huge help on your debt repayment journey. These allow a significant contribution to debt payoff by setting up a debt consolidation plan which often involves a compromise where the debtors are happy to accept a reduced payment.

Note this does affect your ability to get future credit. But as you’d expect, debt-free people don’t take out further credit to get back into debt!

old couple smiling at computer while doing finances

It’s never too late to get a hold on your spending and future-proof your happiness

Talk To Your Bank and Seek Out Communities

Remember you aren’t alone. There are many charities and communities that offer support to people who want to become debt-free. For example, if you’re struggling with debt, do some research into local and national support and charities where you are. They’re here to help you find ways to manage your finances and improve your credit score.

What’s more, find a like-minded community online of people in your position who may be able to help. Just don’t fall into more debt by paying for unnecessary access to provisions unless they’re provided by a financial professional.

It’s a sad truth that many communities out there are marketing scams and pyramid schemes that only benefit those at the top. They claim to get you out of debt, but in reality all the advice you’ll ever need is free online somewhere. You may only need to pay a professional to do the labor for you to help get you out of debt.

Celebrate Your Successes

When you’re feeling overwhelmed on your journey it’s easy to forget how far you’ve come. Remember it’s most important to focus on the positives and successes you have along the way.

If you’ve managed to stop impulsive purchases, saved money, paid off your debts, or even made a profit, then celebrate! This could mean anything from saving money for a holiday, buying new clothes, or taking a trip to see family.

Whatever it is, remember to treat yourself. Note that all the examples we gave are, for most people, essentials in life and will do wonders for your mental health. They aren’t superficial luxuries.

Maintaining a Debt-Free Living

The best way to maintain a debt-free mindset will vary from person to person. However, some tips on how to maintain a debt-free mindset may include developing a budget, sticking to that budget, and avoiding unnecessary spending.

But what about our mental state? Just as it’s important to be mindful of the money we’re spending, we should also be aware of the thoughts and emotions we’re allowing into our minds.

We worry about how we’re going to make ends meet, and this financial distress causes us to lose sleep. Before long, we’re so overwhelmed that we can’t think straight. This only makes things worse, as it becomes difficult to focus on getting ourselves out of the hole when all we can think about is how deep it is.

When you adopt this way of thinking, you’ll start looking at your financial situation in a new light. You’ll no longer see yourself as a victim but rather as someone who’s taking control of their life. And that’s incredibly empowering.

Developing Habits of a Debt-Free Mindset

A debt-free mindset begins by meditating and leading an abundant lifestyle. You must start with your mind if you want to achieve lasting change. Through hypnosis or other hypnotic techniques, such as guided meditation, you can reprogram your mind for success. There are a variety of programs available to help people with compassion and abundance change their mindsets towards living in abundance.

Debt-free mindset or self-hypnosis products can help you save money to get rid of debt and start fresh. If you’re willing to make a change, these products can provide the tools you need to achieve your goals. Having a debt-free mindset is about feeling good and knowing what it’s like to have what you want. When you’re in this state, it becomes easier to take the necessary steps to reach financial freedom.

The important thing to remember is not to aim for perfectionism. People with ADHD are known to overthink and create a perfectionist ideal that, while drives motivation, can also create a sense of failure. Coupled with their natural risk-taking instinct, things become twice as difficult. So it’s important to set smaller goals before moving on to the next stages of becoming debt-free.

woman facing the sky with fists in air celebrating

Going debt-free can be the most liberating experience of your life

Lead a Completely Debt-Free Life

Remember you don’t need to be debt-free to have a debt-free mindset. The idea here is to have a healthy relationship with money, making sure that you don’t get yourself into further debt with impulse buying. Instead, the aim is to accrue money in such a way that you provide a full level of sustainability and financial freedom.

And while you may not be financially free right now, every time you pay down debts with a debt-free mindset is one step closer to actually becoming debt free and living the happy financial life you deserve.

Keep reading for more inspiring advice!

Please note: The above information is not financial advice and is the sole opinion of the author based on personal experiences. Please seek advice from a qualified professional.

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Rob Butler
30-Something Millennial with ADHD and suspected Autistic and Dyspraxic. Thought leader behind this website. Big visions of a better future for everyone, but forgets where he is half the time.Loves Rugby, his kids, and anything silly. Hates U2 and Marmite.

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