ADHD (Attention-Deficit / Hyperactivity Disorder) doesn’t make it any simpler for people to manage their finances, which is a problem for many people.
Around 4% of adults have ADHD, so you’re not alone if this describes you. Fortunately, there are numerous techniques to safeguard and save your hard-earned money.
Your Budget and ADHD
According to research, young individuals with ADHD frequently suffer from money management. That’s because impulsivity, disorganization, and procrastination are all symptoms of ADHD.
Although these characteristics in and of themselves are not detrimental, managing money can be challenging. Here is some advice for each one as it relates to your finances.
Getting a Jump on Procrastination
Dividing Expenses into Smaller Tasks
People with ADHD may feel particularly overwhelmed by big endeavors. List all the financial-related chores you have to finish.
As much as possible, divide them into smaller chores, such as examining your account balance before paying a bill. As you complete each item on your to-do list, cross it off. Each item can be color-coded to help you recall its priority.
Put Important Payments First
If you can, pay your bills at the beginning of the month, including your credit cards, rent, student loans, auto loans, and housing costs.
If not, set up another date for a bill review later in the month. If you use paper copies, mark the bill with the date and the words “PAID” to assist you in remembering which bills you’ve already paid.
Most businesses allow you to make automatic monthly bill payments via electronic means. Plan these payments for times like payday when you know you’ll have money in the bank.
Enroll in phone or email alerts to be informed anytime a bill is paid. Use these alerts as a reminder to study the bill and confirm that the charges are correct.
Follow a Timetable
Set aside a specific day and time to work on your finances every week. Avoid procrastination by making banking a regular component of your schedule.
Set Up a Strategy and Begin Small
Get a savings account going. Set up an automatic savings plan in your savings account to deduct a small amount from each paycheck.
The amount will rise in line with your income if you select the deposit amount as a percentage—savings before the interest of just $25 each two-week pay period equals $650 annually.
How to Manage Disorganization
Keep an Eye on Your Purchasing Patterns
You should keep track of everything you buy, including the price, in a notebook or smartphone app. Set up recurring phone reminders to keep track of your purchases.
On your credit card app, you may also enable buy notifications, which will aid in keeping track of the additional purchases you make.
To be sure you do not forget anything, compare your notes with someone you can trust, such as your spouse or a close friend. Look for patterns to determine where you may cut costs and where you are spending the most money.
Assess Your Budget
Setting notifications for bills and expenditures in calendars and collaging your financial objectives are two other strategies to visualize your budget.
Images of things you’d like to save for, such as a house, car, or vacation, would be included in the collage. To keep track of your progress, fill up a graph in the shape of a thermometer.
Consolidate Your Bills
Every credit card that you own will send you a charge each month. Consider canceling all cards and only saving one. If you do this, you won’t have as many bills to juggle each month.
Pay Your Bills in a Peaceful Setting
People with ADHD may experience constant distractions from children, animals, and social media. Create a private area in which to manage your finances. Keep all distractions, like your phone, off of your workstation.
You can maintain focus by employing techniques like using a white noise machine, listening to relaxing music, or fiddling with a pen or other small object.
Limit the Use of Paper
Managing paper files might be challenging for some persons with ADHD. Consider enrolling in online bills to reduce paper clutter.
Save your bills in folders that are simple to search using keywords. Instead of using folders or binders to organize your finances, try using apps or online applications. Direct deposit and online banking are also advantageous.
Give Everything a Separate Area
Choose a shoebox, filing cabinet, or folder on your password-protected computer to house all of your financial records.
Make sure the location is secure and safe. Keeping them organized will be beneficial when it comes time to check your paperwork or submit your taxes.
Repress The Urge
Avoid going to the mall, a flea market, or your preferred internet merchant to avoid making impulsive purchases.
Decide which method of buying is most likely to keep your money safe by considering whether you are more prone to cave to impulsive purchases in person or online. Refrain from joining email lists for retailers where you frequently overspend.
Prepare for Impulsivity
Make a list of everything you need to purchase before you need it. To aid in budgeting, use an internet price guide. Give a family member or friend you can trust a copy of your shopping list, and ask them to keep an eye on you while you’re out shopping or when you get back.
When shopping, take only the money necessary to purchase the goods on your list. You can also consider bringing along a friend who is careful with money.
Financial ruin may not necessarily result from ADHD symptoms. Create a plan before moving forward, step by step. You don’t have to do this alone, so don’t be scared to ask for assistance. Also, don’t be ashamed.
Numerous persons who do not have adult ADHD also struggle with money management. Step up to the plate and begin; you can do this.