Finances can be challenging for anyone, but it can be tough to manage finances with ADHD. Neurodivergent brains are wired to be easily distracted, disorganized, and impulsive, making managing money daunting. However, there are ways to overcome these challenges and gain control of our financial lives. In this blog, we will explore five tips on how you can better manage finances with ADHD.
Make a budget and stick to it
One of the most important things you can do to manage your finances is to make a budget. This will help you identify your income, expenses, and savings goals. Once you have a budget, make sure to stick to it. It can be tempting to overspend or make impulsive purchases, but sticking to your budget will help you achieve your financial goals in the long run. Another trick is to name it something else if the term 'budget' has negative connotations. Try using resource reservoir, spending plan, forecast funds, or make something up! The main thing is that it works for you.
Use technology to your advantage
It can be challenging to keep track of finances through traditional methods like pen and paper. With technology, you can easily set up automatic bill payments, use budgeting apps to track your spending, and get reminders for upcoming expenses. This will help you stay organized and avoid late fees and penalties.
Simplify your finances
Having too many bank accounts, credit cards, and investment accounts can make managing your finances more complicated than it needs to be. Simplify your finances by consolidating your accounts, closing unnecessary ones, and using fewer credit cards. This will help you avoid confusion and make your finances more manageable.
Try finding a friend or family member to be your accountability partner. They don't need to know the details, but having someone there checking in to see how you are doing can be helpful to keep yourself on track. If you find yourself needing a stronger push in the right direction, it may be time to seek professional help. Financial counselors can help you create a budget, develop a savings plan, and tackle that ever-looming debt. Our Financial Resource Center has a team of financial experts who can help you navigate the complexities of money management.
Celebrate your successes
It is important to recognize your successes when learning how to manage finances with ADHD. Celebrate small victories, such as paying off a credit card or sticking to your budget for a month. This will help you stay motivated and on track toward achieving your financial goals.
Managing finances with ADHD can be challenging, but overcoming these obstacles with the right tools and mindset is possible. Use technology, make a budget, simplify your finances, seek professional help, and celebrate your successes. With the Financial Resource Center, you can gain control of your financial life and achieve your long-term financial goals. So, what are you waiting for? Take the first step towards financial success today!
If you would like to speak to a trusted individual about your mental health or financial situation, The Village Family Service Center is here for you. From our mental health counseling services to our Financial Resource Center, we have options to help you move forward in your journey of improved mental health or financial freedom. Call 1-800-627-8220 to request an appointment for your mental health or money concerns.