Household Financial Responsibility

“The best solution for me, to lessen the emotional impact, is to let my husband take full responsibility for our finances. I really just disconnect myself from the problem and let him deal with it. He deposits money in my checking account each week for groceries, medicine, and other expenses. I check the balance every morning with Quicken and use my debit card for almost all transactions. I don’t carry a credit card. This system lowers my stress level considerably.”

This solutions works for all who have someone that they trust to take responsibility for the finances. When using this system it is a good idea to make sure that you agree with your partner to discuss any major financial decisions. It is also a good idea to occasionally review all checking, savings, investments, and credit card bills so that you understand and agree with the decisions your partner makes. It is important that you have input to how your money is being spent as well as knowing why your partner sets spending limits.

Budget Planning (payday loans)

By using programs such as Microsoft Money or Quicken you will be able to track your cash flow. The reason why I have not focused on cash flow is that I budget on a payroll to payroll level. By doing it this way I always plan on having a positive cash flow. However it is important to plan for times when you current expenses exceed your current income. If your expenses exceed your current income and it is not due to unplanned expenses (hospital bill, auto repair, etc.), you are not living within your means and you need to rethink how you spend your money and learn more about payday loans. If unplanned expenses are causing your cash flow deficit you have two main ways of dealing with that. The most preferable way is to use your emergency savings to pay for unplanned expense. The other way is to use your credit card responsibly to pay for these expenses. This means before using you credit card you should budget for how you are going to pay off this expense within a few months.

Purchasing a Car

Purchasing a car is a major financial decision that will have an major impact on your finances for years to come. This can be a dangerous decision for Adults with ADD who like to make impulsive decisions and can be overwhelmed by figures and paperwork. If you are using a budget this is where it can come in handy. When trying to figure out what kind of car you should buy you will need to factor in how much gas, insurance, monthly payments, and maintenance will fit into your budget. One thing to watch out for is auto dealers who want to stretch out your payments of 5 or 6 years in order to fit in your budget. While this might fit into your immediate budget it can cause long term losses, because you will be paying more interest on the loan, and by the time you pay of the loan you will need to buy another car. If you can make your car last longer than your loan then you will have that loan payment to save, pay-down credit card debt, or save for items that you really want. Here are a couple of good web sites dealing with the auto buying decision: