compulsive spending

Create a bank account linked ot card, but only send a daily small amount to it.

Dissallow any other cards. He is not likely to escape from this otherwise(I have similar).

Have all inward money of his, in future, come into account A where account B has the card and the slow money feed.

I have an adult son with aspergers syndrome,  He started gambling on the internet.  He did internet banking and has his own bank accounts.

After a lot of stress for everyone involved,  The solution was he has 2 bank accounts everything goes into one bank account.  He will be moving out into supported housing.  I have 3rd party on his bank accounts so I can see what he is spending and he knows this.  I do this through online banking.  To get 3rd party banking the person has to agree to this and they go to the bank with you to give their consent.

When he moves out I will set up a standing order to put money in his other account for food, spending money ect.  He will have a cash card for this account which is also a debit card, so he can buy on the internet.  He cannot run up an overdraft,  This will give him control of his money but without the risk of losing it all.

hope this helps, good luck

Though I have got it down to having a little splurge now and then, now I am retired.

People have explained finance to me many times and it still does not mean anything to me.

In business I always had an accountant working for me and it was their job to control the company finances.

Though it is helpful to know one's weaknesses, when the spending urge hits there is very little that I can do about it - though I do have a pocket money account and that is what I use.

The household accounts are done by my live-in carer.

Chipper said:

My son is a young adult diagnosed with  Tourettes Syndrome & Asperges.  He has  a fairly low IQ & now lives in the community with carer support.  His compulsion to spend is becoming a major problem -  his carers have  tried to help him budget but he usually argues & insists on shopping on the internet, & buying electronic gadgets & playstation games. 

Has anyone got any ideas on how to cope with this sort of compulsion?  He is now overdrawn & feeling miserable as now has no money to spend on Xmas presents & risks not being able to pay his rent & losing his Sky contract.  I am giving him a small amount to spend on family presents, but am very concerned that he will never break free from this cycle of constant craving for consumer items.

It would be so helpful if the banks could show some responsibility & limit the issuing of debit/credit cards to vulnerable people.  Does anyone know any helpful way in which obsessive spending can be controlled? 

Hi, there are some good responses to this tricky question, I wonder if you could set aside some of his income in a seperate account or fund that is dedicated to the kind of things the person wants to purchase, it may be the larger amount of their income! and generally not make it into good or bad spending but that it is allowed but only from this pool of funds?  alternatively, approach the social services about the kind of funding they can provide to help you support your sons financial needs, as this is a genuine need and serves a function for your son, of course, I am not advocating limitless spending!  and we all know how difficult it is to get any funding for anything so this is maybe a more ideological position.  I do wish you succcess with this, it may take some repetition and preparing the ground before you can go in with a full on suggestion about the money being available in other ways:)

Thank you folks for both your replies - the idea about direct debits is very good & also holding on to the bank card or even perhaps changing the card to one that can be pre-loaded, so he can't go overdrawn.  The Managing Money advice drawn up by the NAS looks excellent so I'll sit down with my son & go through some of the worksheet exercises. 

Hi,

Perhaps this website might be useful to your son:

www.managingmoney.org.uk

It's the new resource developed by the NAS to help people with ASD learn about all different aspects of managing their money.

Hope it's some help.

Sandra

Direct debits that come out on the first day of the month can help, as can having a standing order set up that takes x amount out an whatecer cycle the money goes in (e.g. every 4 weeks) and that amount goes into a separate account and it is that account from which DDs etc are paid and someone other than your son has the card (I kept a card for a friend at one point to protect her from serious debt. I think it helped that I lived the other side of London from her so she needed enough money to get to me to ask for the card!)