Finances & ADHD

[NotAChevy]

To start with, this is a hard subject for me to discuss because it's one I suck at. I either hyperfocus on it, and save tons, or I spend through my check like it’s water slipping between my fingers- never anything in between. So, we’re going to discuss this together and hopefully, I can learn to be better.

To start off, financial management is defined by Investopedia as, “Financial management refers to the strategic planning, organizing, directing, and controlling of financial activities, such as procurement and utilization of funds, within an organization or an individual’s financial portfolio. It involves managing resources, analyzing financial risks and returns, budgeting, and ensuring that financial goals and objectives are met efficiently and effectively”.

Here are ten strategies to help manage finances for individuals with ADHD:

1. Create a Budget: Use simple budgeting tools or apps to track income and expenses. Visual aids can help make sense of spending habits.

2. Set Up Automatic Payments: Automate bill payments to avoid missed due dates and late fees. This reduces the need to remember multiple deadlines.

3. Use Cash Envelopes: Allocate cash for different spending categories each month to control impulsive spending. Once the cash is gone, you stop spending in that category.

4. Break Down Financial Tasks: Divide financial responsibilities into smaller, manageable tasks to avoid feeling overwhelmed. Tackle one task at a time.

5. Establish Routine Reviews: Schedule regular check-ins to review your finances. Weekly or monthly reviews can help keep you on track and adjust as needed.

6. Limit Credit Card Use: Use credit cards sparingly to avoid accumulating debt. Stick to a debit card or cash for most purchases.

7. Set Financial Goals: Define clear, achievable financial goals to stay motivated. Goals can include saving for a trip, paying off debt, or building an emergency fund.

8. Seek Professional Help: Work with a financial advisor or coach who understands ADHD to create a personalized financial plan and provide accountability.

9. Use Reminders: Set reminders for payment due dates, budget reviews, and financial goals. Digital reminders on your phone or computer can be particularly effective.

10. Educate Yourself: Read books, attend workshops, and follow financial experts to increase your financial literacy. The more you know, the better equipped you'll be to manage your money

What’s the hardest part for you? What do you do to help yourself?

[doghome]

When I met my husband (both of us unaware of his adhd at that time) He had Zero savings, loans on everything he had and lived pay to pay. Once I got involved in his finances I was shocked, he made good money, no reason to have nothing saved. Fast forward 25 years and I have all the respons for our finances, he wanted nothing to do with it, still doesnt, his answer was to not to have to deal with it I guess. Luckily for him my degree is personal finance, and we have a nice nest egg now, so its not an issue but yes he too struggles with bills and money. Not really an answer for everyone to just turn it over to someone else, I get it, but Im just agreeing that he struggles with it and wants nothing to do with it, even when I try to get him more involved

[Mamamichl]

I’m learning how helpful it is to setup direct deposit, auto payments and repeated scheduled transfers. I have my bills and such come out of my main account and I have scheduled repeated transfers into a secondary account. This is the account that I spend from for fun things. When I’ve used it all up, it’s gone. But then I can still pay bills. Something that helps me in particular is my bills actually come out of a credit card and I pay large chunks from my main account so I know it will always be paid, but then I can manage it better. Hope this helps!

[Queen_of_Tara]

I agree with your ideas for handling expenses and debt. For budgeting, i use a simple simple document I created which is a 3 columns with every monthly recurring bill/payment that is a need. Rent, insurance, phone, utilities etc. Stuff I have to pay every month. Under that I write out stuff that is either "wants" like substack subscription, britbox, etc, Takeout, and then things that are needs but they vary in amounts like gas and groceries, and then stuff that isnt monthly, like hair cut, stamps, household goods, etc anything that doesn't fit in the other groups. Sounds more complex than this. I put an X next to it with the date paid or purchased. Copy paste month to month to track. I update it several times a week after reviewing my bank account. Sometimes I have to shuffle a bit when something unexpected comes up. But it's always at my fingertip on my phone so the main thing is that it's easy!!