Have you ever heard the phrase, “You are the average of the people you surround yourself with”? While this can apply to many areas of life, it’s essential to consider when it comes to your finances. As someone with ADHD, you may already be facing challenges when it comes to managing your money – impulsivity, disorganization, forgetfulness, and lack of focus can all make it difficult to stay on top of your finances. But have you stopped to consider how your friends may be influencing your financial habits?
The Impact of Social Circles
Research has found that people with ADHD are more likely to be influenced by their social circles when it comes to financial decisions. For example, if your friends are spending money impulsively, you may be more likely to do the same. This can be problematic if your friends have vastly different financial situations than you do.
If you’re struggling to make ends meet or pay off debt, but your friends are going on lavish vacations and eating out at expensive restaurants regularly, it can be hard to resist the temptation to keep up with them. People with ADHD already struggle with impulse control, so this can be a recipe for disaster.
What are some red flags that your social circle may be negatively impacting your finances?
If these sound familiar, it may be time to set some boundaries or re-evaluate the people you surround yourself with. But don’t worry, there are ways to build a supportive network of friends who can help you stay on track. Let’s cover some other issues you can run into.
Peer Pressure and Impulse Buying
One way in which your friends may be impacting your finances is through peer pressure. You may feel compelled to spend money on things that your friends are interested in, even if they don't align with your financial goals. For instance, your friends may enjoy going out to eat at expensive restaurants or buying new clothes every week. This can lead to impulse buying and overspending, which can harm your financial position.
To manage this, try setting boundaries with your friends. Let them know that you may not be able to participate in certain activities or purchases due to your financial situation. They may not realize the negative impact they’ve been having on you.
It's okay to say no and prioritize your long-term financial health over short-term pleasures. If you come across something that you want to buy or take part in, set a rule that you have to wait a period of time to think about it thoroughly. Sometimes when you get home and truly think about it in peace and quiet, you realize this choice actually isn’t aligned with your goals and you can work on letting the desire go.
Enabling Bad Financial Habits
Another way in which your friends may be impacting your ADHD money situation is by enabling harmful money habits. For example, your friends may encourage you to spend money even when you know you shouldn't. They may also borrow money from you and never repay the debt, leaving you financially insecure.
To avoid falling into this trap, stress the importance of good financial practices with your friends. Encourage open communication about money and work together to support each other's goals. If you find that a friend is unable to respect your financial boundaries, it may be time to re-evaluate their role in your life.
How to Build a Supportive Network
First, think about what kind of people you want to surround yourself with. Ideally, you want friends who are understanding, sympathetic, and supportive when it comes to your ADHD financial struggles. Look for people who are open and honest about their own financial situations, and who are respectful of your boundaries.
You may want to consider joining a support group specifically geared towards people with ADHD and financial challenges – you can easily find these online, and our Facebook group ADHD Money Talk Community is a great place to start!
How do you know if your friends are being a positive influence on your finances?
Discovering New Opportunities
On the other hand, your friends may also be a positive influence on your ADHD money situation. They may introduce you to new ways of managing your money or encourage you to try new experiences that are more budget-friendly. It's also possible that your friends may even be a valuable resource for networking or job opportunities.
To leverage these opportunities, stay open-minded and communicative with your friends. You never know what valuable insights or connections they may be able to provide.
Practicing Mindful Spending
One of the best things that your friends can do to help your ADHD money situation is to practice mindful spending together. Whether you're working on saving up for a big purchase or trying to adopt more frugal habits, having accountability partners can make all the difference.
To practice mindful spending with your friends, try setting bite-sized goals or challenges for yourselves. For example, you could challenge each other to eat out less or find more affordable entertainment options. This can help you make progress on your financial goals while also strengthening your relationships. This can sound a little fluffy, so make sure you set bite-sized, actionable steps to try this out.
Managing your finances with ADHD can be challenging, but it’s important to remember that you’re not alone. By understanding how your friends are impacting your financial situation and taking steps to prioritize your long-term goals, you can create a more secure and sustainable financial future.
Consider working with a Financial Planner (Like Us!) or a Coach who specializes in ADHD. They will recommend tools like Accountability Calls, ‘Body Doubling’, and setting up smart systems to work for you so that your brain can take a breather.
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