Managing Money with ADHD

Let me start off by explaining. I have ADHD. As I've gotten older, I've had to admit that I've had issues with managing money.

If you have Attention Deficit Hyperactivity Disorder (ADHD), chances are you too have issues with money. In general, people with ADHD have a harder time than others when it comes to paying the bills on time and sticking to a budget, assuming that they have one. Learning to manage your finances is possible with a little help and understanding.

Why are people with ADHD so bad at managing money? 

There are a number of reasons. Many people today rarely carry cash. In fact, most transactions these days take place electronically. This can turn money into an abstract concept to people who have ADHD. If they do not have the reality of having the cash in their hand and watching it diminish as they spend it, they do not have a real idea of the state of their bank account. Forgetfulness, impulsive behaviour, such as spending, and a lack of attention can all contribute to financial woes.

How can I learn to manage my money more effectively? 

Managing money effectively is a learned skill and there are all kinds of resources available to help. One of the easiest ways to begin is to set up a budget. Start by listing the income that comes in each month and then list how much you spend. Start with your bills, listing the fixed ones first. This would be things like rent or car payments that do not change each month. Then list things like utilities, gas, and groceries. Be sure to include any expense you have each month. Total your expenses and divide by the number of paydays each month. This is the amount that needs to go into your bank account for bills each month. Now take a tally and see how much you have left each month. This is your discretionary spending money.

What if I don't have enough money to manage? 

Regardless of your income, if you have money coming in and money going out for bills, you have enough money to begin managing it. If you don't have enough money to cover your bills each month, you need to start slashing expenses. Take a look at your discretionary expenses, which is probably where the problem lies, and cut those out until you have enough cash. Also, start keeping a notebook of everything you spend each day. You may be surprised by how much you are spending.

Are there places I can get help? Yes. 

You can find self-help online and from books. There are a number of reputable programs online to help. Many churches offer financial management classes as well. You might even ask your bank for a recommendation. It's easy to become distracted and lose track of your money when you have ADHD, but it is vital that you learn to manage your money responsibly. There are many tools and resources that can help you get a firm grip on your financial situation, paying your bills with ease and even setting aside some savings.