While managing finances is hard for many people, those with autism can face unique problems. Here, we share some money Management Tips for Managing Finances with Autism that Everyone Can Use. These easy strategies will help anyone with autism manage their money in the best way possible.
Learn How To Budget
The first thing an individual with autism must understand is just how important budgeting can be. This is known as budget: the mapping out where one intends to spend their money. Regarding budgeting, there are 2 rules that people with autism must understand, namely the 50-30-20 rule and the 40-30-20-10 rule.
50-30-20 Rule
With a 50-30-20 rule, they will pay 50% of their salary for their expenses and daily expenditures. Only then, more than this part, will they direct it to their wealth account (which is meant to invest and leave your money in the long run), and another bit over that wage band would be just an emergency fund. You deplete whenever needed.
40-30-20-10 Rule
The second rule is contingent upon what their economic status is. 40-30-20-10 means 40% of their salary would be used for long-term expenses (car and house loans), 30% on their living, etc. 20% of their salary would go towards their financial goals, and they should spend 10% on insurance protection.
Visual Aids
For people on the spectrum who are often visual learners, it is also essential to use VISUAL aids so they know what to write on their budget sheets. For autistic people, visual aids like charts, graphs, or budgeting apps can present income expenses and savings goals in a way that makes financial concepts more sense.
Establish Definite Goals
Setting clear financial goals helps keep you focused and provides the purpose behind managing money in such a manner. A financial goal (with generous consideration for an expense) would offer people with autism a more manageable plan to achieve their monetary goal and be on a budget quickly, let alone channelling the money they spend effectively to meet their desired goal.
Establish a routine
According to studies, people with autism have a particular preference for daily routines. Building a financial management habit will make their money feel more stable and reduce the anxiety related to money for people with autism. They need to start figuring out how to make time every week or month, depending on your financial goals and comfortability, to check in with their finances, budget adjustments, and expense tracking. This allows them to organise their lives and make themselves responsible, particularly when managing finances safely in a world of routines and order.
Requesting help
People with autism often struggle to organise and manage finances themselves and, therefore, should reach out to others if they need help.
Prioritise Financial Literacy
Learning the basics of financial management (budgeting, saving, investing and managing credit) will also help individuals with autism understand how to manage their finances. Numerous books, online courses and workshops are available to improve your financial literacy skills.
Impulse Buying
People with autism are often included on a higher-than-average list of people who tend to buy on impulse, which can result from impulsivity or sensory triggers. To stay afloat, they need to spend mindfully when it comes to buying. Beforehand, consider each purchase you are about to make and ask yourself if this is necessary and proper for your domain and overall objectives.
Acknowledge and celebrate progress
Making the chequebook balance can be difficult, but giving yourself a pat on the back is vitalfor making things work as you go along. Instead of feeling stressed out about how hard it is to deal with their finances, Autistic people should know how strong they are to be able to do so. Are your finances growing because of the wise decisions you have taken? Great job! Pat yourself on the back or treat yourself to some ice cream in congratulations of your efforts. Feel the pleasure in a little step forward.
These small tips can help anyone diagnosed with autism manage their finances and take control of their future. For others, all they needed was time, persistence and encouragement and money management would be a walk in the park.
