People with ADHD can find it stressful to manage money and pay bills.ADHD and money issues seem to be linked.Money management can be difficult for people with ADHD because of symptoms such as disorganization and procrastination.
The ADHD brain does not work well with financial planning.It is a tedious and detailed task that requires concentration and focus.It’s not only difficult to make a financial plan but also to stick to your budget and spending plan if you have ADHD.
ADHD and Money Problems
You are not the only one who has trouble managing your money if you have ADHD.People with ADHD often experience specific financial problems.Some of these include:
Spending on impulse
Bounced checks are the result of not keeping track of your checkbook balances
Debt (ADHD combined with debt is a troublesome pair)
Late payment of bills can result in fees and interest
Maintaining and amassing huge credit card balances
Loss of checks and bills due to disorganization, including receipts, papers, etc.
These money problems can be very distressing, particularly if you think you have dug yourself a deep hole that you will never be able climb out of.This feeling is common.This is also an illusion.You can manage your debt and ADHD, and develop the skills you need to achieve financial stability now and in the future.Adults with ADHD can get financial assistance.
Advice for Adults with ADHD on Financial Assistance
Money management can be learned.Money management is a skill that can be learned, even if adult ADHD symptoms are interfering in your financial health.As you learn new skills, keep in mind that the ADHD brain requires things to be enjoyable, visually appealing, and rewarding.As you adapt these money management tips to fit your lifestyle, keep this in mind.
Budgets that are too complex can hinder your progress.
Create a monthly budget that tracks and lists income, expenses and discretionary spending (unplanned expenses)
Keep track of your bills using organizational tools like accordion files, colorful folders and desk organizers.
Track your savings visually so that you can see the results of your efforts. You could draw a thermometer and write the target saving goal on the top.The positive reinforcement you receive will encourage you to save and budget.
Hire a financial advisor or give your partner the responsibility of managing money.
These techniques are particularly useful for long-term financial planning.You can also find tips on short-term money management.
ADHD and managing money in the Moment
It’s important to be able to manage your finances in the moment, especially if you have ADHD.ADHD-related impulsive buying is one of the biggest causes of financial debt.
Dopamine, the brain’s reward system, and a need for immediate gratification and reward are behind many ADHD behaviors.When you have ADHD, it’s almost like a desire to buy something as soon as it appears on your radar.This purchase releases dopamine which is lacking in the ADHD brain. You feel a rush of excitement that reinforces your impulsive buying habit.
Here are some tips to help you manage your money and reduce impulse purchases.
You can reduce your credit card usage by only having one, and only using it when you are planning to make a purchase.
You should only carry a small amount of cash (no checkbook, debit card or credit card).
Keep a list of your shopping
Recycle catalogs and delete promotional emails immediately
Ask yourself whether you really need or want the item before you buy it.Don’t buy something you don’t really need.
Spending money on a fun activity instead
How to manage money with ADHD in the most powerful way
Someone with ADHD has a tendency towards being a big-picture person.This strength can be put to good use in financial planning.
Instead of thinking about reducing your debt, focus on your purpose.What are your goals and visions?What is your current situation and how would you like to manifest this vision?
Consider your priorities and values.What are your values and how do they align with what you spend?Are your spending habits helping you to achieve that goal, or holding you back from it?
You can reduce impulse spending by reflecting on your financial goals and dreams.ADHD and money issues decrease when ADHD and money management are positive and purposeful.