MONEY, MONEY, MONEY
What my life would look like if I was smart with my money :’)
Working my way to better money management
It’s no secret that I am absolutely TERRIBLE with managing my money. To put it into perspective, I earn an average sum of $350 every two weeks (a combination of my work paycheck and allowance). Usually, by the end of the first week, 3/4 of that money is gone. I admit it’s bad. And you’re probably wondering, “Catharine, why are you exposing yourself right now? This is so embarrassing for you.” You’re not wrong for thinking that, but hey—if I can’t be financially responsible, at least I can be emotionally transparent.
So where does all of that money go? Shockingly, it doesn’t go towards any material things that I’ve been wanting to splurge on like clothes, shoes, or accessories. The big wallet-draining culprits are food, bar tabs, and gas. The Holy Trinity of survival for a college student, if you will (honorable mention goes to campus parking fees). I always make sure to set aside a certain amount of money every week for groceries, which can range between $60-$120, depending on how many ingredients I need to get to make my meals for the week. The rest is my et cetera money; gas, parking, going out, shopping—whatever I choose to spend it on.
My issue is that whenever I run out of my et cetera money, I break into my savings account, which doesn’t have much money to give in the first place because of my poor money-saving habits. That’s when I hit a wall. I run through all of my money and then have to wait a week until I get paid again. I have tried budgeting apps, spreadsheets, writing down my spending, and reading the many books that my parents have given me about financial literacy—I’ve tried EVERYTHING to help me grab a hold of managing my money better. But nothing seems to work because I struggle to keep up with it.
As a college student, you want to go to the bars, the movies, the athletic events, the nice dinners, the formals, and the fundraisers with all your friends. But most college students know that money can be tight. Not every college student gets to use their parent’s credit card for the things they want. You gotta be smart with the money you earn. That’s why I need to get a grip on my savings and spending habits to prepare myself for the future. Because when I’m off on my own, I’m the one who’ll be paying my bills, my taxes, all that jazz. If I can’t make it two weeks without spending all of my money, then I’m in for a RUDE awakening. I have got to lock in.
Recently I’ve noticed that a big part of this struggle comes from how my ADHD affects my spending habits. Research has shown that individuals with ADHD often struggle with impulsivity, executive dysfunction, and a heightened sensitivity to immediate rewards. According to a study published in The Journal of Attention Disorders, people with ADHD are more likely to engage in impulsive spending due to deficits in self-regulation and delayed gratification. This means that when I see something I want, whether it's an iced coffee, a last-minute event, or a random convenience, I often buy it without thinking about the bigger picture.
Additionally, ADHD brains crave dopamine, the neurotransmitter responsible for feelings of pleasure and reward. Shopping, dining out, or spending money on experiences can provide an instant dopamine hit, making it harder to resist unnecessary purchases. Dr. Russell Barkley, a leading ADHD researcher, explains that people with ADHD often struggle with "future-oriented thinking," meaning they have difficulty envisioning the long-term consequences of their financial choices. This explains why budgeting feels like such a challenge—I know I should save money, but at the moment, the immediate gratification of spending outweighs the logic of saving.
Now, I don’t want you to think I’m pulling the ADHD card as an excuse for my bad money management. I mention these facts because they do play a role in explaining some of my spending habits, but at the end of the day, I’m the one in control of what I decide to spend my money on — and that’s on me, not my ADHD.
However, I’ve seen a trend in my spending habits: If someone gives me money, it feels like play money—something to use freely without a second thought. But when I work for it, I feel a stronger attachment to each dollar and become more mindful of how I spend it. It’s as if the effort I put into earning that money makes me want to hold onto it longer.
This realization gives me hope that I’ll be better with my money this summer when I start my internship. I’ll be working consistently, earning my paychecks, and hopefully developing stronger budgeting habits. My goal is to prioritize saving, especially since I’ll have regular income coming in. I’m also planning to set strict boundaries for my spending and designate a clear amount for fun while keeping a firm grip on my savings.
To help myself stay on track, I’ve taken online financial literacy courses and researched ADHD-friendly ways to keep up with my spending habits:
Use a Visual Budgeting System – Instead of relying on traditional spreadsheets, I can use color-coded charts or cash envelopes with visual reminders to track my expenses.
Set Up Automated Transfers – Having a portion of my paycheck automatically transferred to savings will help me avoid the temptation of spending it.
Give Myself an "Impulse Budget" – Setting aside a small, predetermined amount for impulsive purchases allows me to indulge without derailing my entire budget.
Use Cash for Discretionary Spending – Taking out a fixed amount of cash each week is something I already do for my groceries. However, taking out a specific amount of cash for fun expenses can help curb the urge to overspend.
Implement the 24-Hour Rule – If I want to make a non-essential purchase, I’ll wait 24 hours before buying it to see if I still want it.
Accountability Partner – Having a friend or family member check in on my spending habits can keep me on track.
Make Saving More Rewarding – Tying savings to something enjoyable, like putting money aside for a trip or a concert, can make it feel more motivating.
Gamify the Process – Turning savings into a challenge, like trying to save a certain amount by the end of the month, can make it feel like a fun goal rather than a chore.
Managing money is something I’m still figuring out, but recognizing my patterns is a step in the right direction. With this upcoming internship, I see an opportunity to break my cycle of overspending and start fresh with better financial habits. I’m hoping that by the end of the summer, I can look at my bank account and feel accomplished instead of panicked.
