Today we're diving headfirst into a topic that can be a little scary: ADHD taxes. No, I'm not talking about the kind you pay to the government, but the hidden costs that often come with having ADHD. But don't worry, I've got your back with some practical solutions to help you sidestep these financial pitfalls.

1. The Procrastination Penalty

One of the biggest ADHD taxes we face is the procrastination penalty. We've all been there, right? Putting off important financial tasks, like paying bills or setting a budget, until the last minute. The result? Late fees, missed opportunities and added stress.

Solution: Embrace the power of accountability, routines and reminders. Set up automatic bill payments, create a weekly financial check-in that is stacked with something else you already do regularly, and find a way to add in accountability by finding a personal finance buddy, having a regular money date night with a spouse or partner, or even (cough, cough) working with a financial coach. 🤑

2. The Impulse Purchase Impostor

ADHDers often struggle with impulse purchases, those seemingly irresistible items that catch our eye and empty our wallets. It's like we have a magnet for shiny, unnecessary stuff.

Solution: The 24-hour rule is your best friend. Before you buy something on a whim, wait a day. If you still want it tomorrow and it fits your budget, go for it. But more often than not, you'll find that the urge has passed. Every time I want to buy the next shiny thing on Amazon, I always shake my head at the last shiny thing I find sitting in my cart! To help yourself with this even more I recommend you delete your card numbers from any online sites and unsubscribe from marketing emails.

You can even set up a separate bank account for impulse purchases. The account balance can help you decide whether to buy or not to buy.

3. The Hyperfocus Hazard

ADHD isn't just about inattention; it's also about hyperfocus. This means you might become fixated on a particular interest, sometimes to the detriment of your financial well-being. Maybe it’s fancy stationary, candle making supplies, or a giant pile of books (I am guilty of all of the above 🫣).

Solution: Channel your hyperfocus into something constructive. If personal finance becomes your passion, dive into learning and implementing money management strategies. Turn it into a special interest that benefits your bank account.

When you feel a hyperfocus setting in, you can even check out local buy and sell groups, or even ADHD hyperfocus swap groups to help you keep costs to a minimum.

4. The Forgotten Fine Print Fee

We ADHDers often overlook details, especially when it comes to financial agreements or terms and conditions. This can lead to unexpected fees and charges we didn't see coming-like buy now pay later agreements that when later comes, it can also come with high interest rates and huge fees!

Solution: Slow down and read the fine print. Better yet, ask someone you trust to review important documents with you. And if you don't understand something, don't be afraid to ask questions.

5. The Mindless Subscription Sinkhole

Who hasn't signed up for a subscription and forgotten about it? Those monthly fees can add up quickly, leaving a dent in your budget.

Solution: Regularly review your subscriptions and cancel any you no longer use or need. Also, set up a reminder to evaluate your recurring expenses every few months. It's a quick way to free up some cash.

If you’re signing up for free trial months, check to see if you can even go in and cancel right away, and still get access to the subscription until the free trial ends.

6. The Overwhelm Overdraft

When you're juggling a dozen tasks and constantly distracted, it's easy to miss when your account balance is running low. Overdraft, and even worse NSF fees can be a nasty surprise.

Solution: Online banking and apps can help you keep an eye on your account balance in real-time. You can also set up low balance alerts to avoid those costly overdrafts.

Having more accounts can also help here. Having an account for your bills that isn’t used for anything else can be a game-changer!

7. The 'Retail Therapy' Regret

Many ADHDers turn to retail therapy when stressed or overwhelmed. Shopping might provide a temporary mood boost, but it can lead to buyer's remorse and financial strain.

Solution: Instead of spending money, find alternative ways to manage stress. Exercise, meditate, or connect with friends. Distract yourself from spending by engaging in non-retail activities.

8. The DIY Disaster Dues

Sometimes, our desire to save money through DIY projects can backfire big time!. If you're not skilled in a particular area, mistakes can be costly.

Solution: It's okay to seek professional help when needed. Don't be afraid to hire experts for home repairs, car maintenance, or financial advice. It can save you money in the long run.

There’s no harm in trying to fix something yourself, but knowing when to tap out and setting DIY budgets for a specific project can help you know when you should send out an SOS for help!

9. The Budgeting Burnout

Creating a budget can be overwhelming, and when we set overly strict budgets, we're setting ourselves up for failure.

Solution: Tailor your budget to your lifestyle. Embrace flexibility and make room for fun spending. Budgeting isn't about deprivation; it's about smart choices. Including money for impulse buys and other things you know realistically you need to have as part of your plan.

10. The 'I Don't Deserve It' Dilemma

Some of us with ADHD feel guilty about spending money on ourselves, even when it's well within our budget.

Solution: It's essential to strike a balance between saving and enjoying life. Budget for things you love, like that daily latte or a weekend getaway. You deserve it.

ADHD taxes are real, but they're not insurmountable. By recognizing these financial challenges and implementing solutions, you can take control of your money and build a brighter financial future.

Remember, managing money isn't one-size-fits-all, and it's okay to seek support from a financial coach like me or a trusted friend.

Stay empowered, my fellow ADHDers, and know that you've got what it takes to hit your financial goals. We're in this together, and together, we can break down the stigma around personal finances, one step at a time.

Until next time, take care, and may your financial journey be as individual as you are! 💸✨