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Jacy
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23 Sep 2022, 10:42 am

Hi all,

question about managing finances. I live alone and work full time, but I've always had difficulty managing my finances, budgeting, etc...

Would anyone have any suggestions for resources for managing personal finances for autistic people? It's always been a pain point for me :oops:

Thanks!



CockneyRebel
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23 Sep 2022, 4:10 pm

I also need help in that area.


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jared11235
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23 Sep 2022, 6:07 pm

This is an area that I've had issues with for most of my life but I feel like I have a handle on it now. This is what I do to manage my budget.

1. Figure out how much money you can reliable earn in a month.
2. Figure out what bills you must pay (power, water, housing, etc). This does NOT include optional things like Netflix or other nice to have things.
3. Open 3 bank accounts (not required but very helpful). One for billing, one for savings, and one for allowance. The billing and allowance accounts can have debit cards but the savings account must not. It needs to be more difficult to spend your savings.
4. Figure out how much you can put in savings each month. Even if it is only a little bit like $20 to $50 a month - just make sure you save a little bit each month. More is better but make sure enough is left over for the allowance account so that you almost never need to borrow from savings.
5. When you get paid, transfer the amount needed for billing and savings into those accounts. The rest goes into allowance. Any unexpected money can be split between savings and allowance (live a little and also save a bit more when possible).
6. The billing account is ONLY for paying the required bills. The savings account is ONLY for emergencies. The allowance account is for everything else including food, clothing, gas for your car, and all optional monthly bills like Netflix (I pick on Netflix but I don't actually subscribe to it because I'd rather have that $20 for food).

The amount you put into billing or savings will depend on how often you get paid. If you are paid once a month then then put the full amount into these accounts so that it will be there when you need it to pay bills. If you get paid twice a month then add half the amount from each paycheck to these accounts. Remember billing is ONLY for bills and savings is ONLY for emergencies. Allowance is everything else. Also, remember that the allowance has to last until you get paid again so don't blow through it too fast or you'll be riding the bus and eating Top Ramen for a few days.

Some people find it useful to have a separate emergency fund for specific unexpected things like house or car maintenance but I just tend to save as much as possible and use the savings account for all these unexpected items.

Not sure if this will work for anyone else but it has helped me live within my means. Also, watch out for bank account fees if you decide to open three accounts. If you are disciplined enough, then a single account and a logbook can get you by just as well. I personally like the visual nature of being able to see how much I have in each account for billing, savings, and allowance.



jared11235
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23 Sep 2022, 6:11 pm

Also, I should add. Pay off all credit cards and never use these again. If you do this then you will have lots more money because the credit card companies won't be taking it anymore. Credit is evil!



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24 Sep 2022, 3:39 pm

I just make sure I pay everything priority by priority until its all paid and then the rest is for me.

It took me years to work that out.


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nick007
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27 Sep 2022, 2:14 am

jared11235 wrote:
Also, I should add. Pay off all credit cards and never use these again. If you do this then you will have lots more money because the credit card companies won't be taking it anymore. Credit is evil!
It can be good to have credit cards & keep them active to have a higher crediit score. A good credit score can potentially be helpful when applying for a job, finding housing or appartment to rent, taking out a mortage to buy a home, financing a car purchase, & other such things. Some credit cards also have rewards & if you always pay the balances on time in full every month, those rewards can go to your allowance funds to be used to buy yourself a little treat & give you encurgagement to stay the corse.

Also if your on certain goverment benefits due to being disabled, poor, &/or elderly, you have a resorce limit & can risk losing your benefits by having too much money in your bank. Credit cards were helpful for me when I was working while being on SSI. My work income fluctated aLOT. At times I made too much to be eligible for SSI & I had to pay them back. Other times I made a lot less from working & it took a couple months for SSI to pay me & then I got backpay. I also had medical expenses that fluctated a lot as well. Having a credit card gave me a little extra time to aquire needed money. When I had a bit of money in my bank, I could withdraw cash but the government might of gotten suspicious if I deposited cash back into my bank later. Some of my bills were online things or going to places in person to pay in cash was very inconvient.

That said. While crecit cards can sometimes be very beneficial, It is VERY easy to fall in their debt trap & be in waaay over your head. I have OCD & can sometimes be a good stratigist. I also did well in Buisness Math(but failed every single test in Algebra 1). Plus my parents were dirt poor when they got married but gradually got up to lower middle class by working very hard & being very frugal. Most of my classmates had a lot more stuff than me so I'm used to prioritizing my wants & needs.


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03 Oct 2022, 5:49 pm

I know a few people who use "The Envelope System". You just take some cash out every month and stuff them into different envelopes, for gas, groceries, entertainment...etc. If you run out early then you don't spend any more. I know this might seem a bit outdated with all the online banking nowadays, but it does work. If you don't have the cash then don't buy. Review the budget periodically to see if anything need to be adjusted. Some people (especially older folks) feel better about having restrictions. Also cash feels more real and harder to part with. :D


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