Disorganization, impulsivity, and procrastination can create money problems for those with ADHD. It is not uncommon for sufferers to have high debt, and more arguments with significant others over money. It is a constant struggle, as the bills pile up. Here is an ADHD Money Management Action Guide.
Prioritizing: make a budget that drives your priorities.
- Gather a pen, paper and all of your bills or a bank statement.
- Write out your monthly household bills – estimate high for utilities.
- Include money for miscellaneous expenses and recreation.
- If you have pets, include an estimate for vet care, feeding, grooming, etc.
- Annual expenses are divided into monthly payments.
- Include 5-10% for savings, if possible.
- Pay off credit cards and loans with interest before savings.
- If you can, pay additional money on your mortgage, car payments and credit cards.
Planning: develop systems for managing your mail and paying bills.
- Set up a process for managing mail.
- Get three boxes or baskets, a recycling bin and a shredder.
- One box/basket is for bills, one for mail to read later and one for outgoing mail.
- Put these by the door where you get the mail.
- Sort the mail into boxes/baskets before putting it down elsewhere.
- Most of your mail will go in the recycling bin.
- Shred things with your name and identifying information.
- Set up a system for paying bills (Bill Pay through your bank is recommended).
- Figure out how you want to pay bills – monthly or twice each month.
- Set a day and put a reminder on your calendar or alarm on your phone.
- Get the bills due from your inbox, sit down and pay the bills without interruption.
- Repeat for each pay date.
Follow-through: use cash for things you usually pay for with debit/credit cards.
- Gather several envelopes.
- Label each one (gas, food, laundry, hair, pet care, recreation, miscellaneous, etc.).
- Put the amount of cash you have budgeted for each item in the envelope.
- Each time you buy something, use the money from that envelope.
- Try not to spend all of the money before you get paid again, and add it to your savings.
Your ADHD does not have to lead to financial disaster. You must have a plan. Of course, you might feel embarrassed, but you should not be afraid to ask for help when you need it. I hope you found these tips useful!
Until the next post,