If you got a problem, yo I’ll solve it,! K, if you’re still here, you’re in the right place! :)

ADHD makes a lot of things harder in life. When it comes to your money, the cost of ADHD can be significant. From late charges, to higher interest rates because late payments are tanking your credit score, challenges related to ADHD can be costly. Today, I’m going to break down three of the most costly money problems related to ADHD and walk you through a few strategies on how you can make positive changes.

1 - Overdraft fees.

It’s payday, you blink and you see a negative in your bank account. You aren’t sure how it happened, but it happens on the regular. Then you start getting hit with fees that you probably don’t even register, or know how much they are costing you each month.

How can you get a handle on your money, and ditch the overdraft for good?

• First, take a look at your bank fees for the last month, and add up all of the fees associated with overdraft. Having this information can be one hell of a motivator to make changes! Think of what you will be able to do with the money the bank is currently charging you!

• Identify what areas you are spending more money in than you want to. Don’t worry, this doesn’t mean combing through months of transactions, because there is a good chance you already know (hello Amazon). Once you know the areas you’d like to make changes in, here are a few strategies to implement:

• If the spending is in person, consider using only cash for these transactions. Take out an amount each payday and once it’s gone, it’s gone. This can be a huge advantage for you because spending cash registers differently in our brains!

• If online shopping is getting you off track, first remove your credit card from the websites that are derailing your spending, and unsubscribe from their marketing emails. Think about ways that you can still shop at your favourite online stores, but stay within your budget. Buying and using gift cards is a great option (if they are physical gift cards, I recommend you have one spot in your wallet or home that you keep them). Buying gift cards once a month for the stores that you enjoy shopping at is an easy way for you to spend the amount of money you have in your plan without having to track each purchase.

2 - Late payments.

Missed payments suck in many ways! Interest charges, and fees, not to mention the stress of opening a bill that is twice as much as you expected the following month. Don’t worry, I’ve got solutions for you!

• For bills that are the same every month, you can automate a payment every month 3-4 days before the due date.

• If you get paid bi-weekly or twice a month, you can make things even easier, you can split the bill in ½ and make a payment after each payday.

• For things like your electric bill, which can vary month to month, add a reminder to your phone 5-6 days before it is due, and don’t clear the reminder until you have made the payment. You can include on the reminder a note about how you receive the bill so you know where to look for the amount due.

• If you choose to use credit cards, making more regular payments can help in many ways. Think about checking in on your balance and making a payment each payday.

3 - High-interest rates.

Interest rates continue to come back and bite us month after month, especially if you miss payments. Many lenders have fine print written into their terms of service that if you miss payments your interest rate jumps up. For items like car loans and mortgages, if your credit score has been impacted by late and missed payments, you could be looking at significantly higher rates. By focusing on strategies to get all your bills paid on time, future you will have more options.

To lower your current interest rates, you do have a few options:

• Contact your credit card companies and ask for a lower rate. The answer might be no, but if it’s yes, you can save yourself money if you are currently carrying a balance. I’ve had several clients save thousands by making a phone call or two.

• If you’ve been working to pay all your bills on time and reduce your debt, and your credit score is on the rise, you may have options to refinance existing debt. If this is something you are considering, I do recommend exploring several different options as your current lender, or bank, isn’t always going to be the best fit.

Seeing the big picture of your finances will filter down in so many positive ways, but it can be hard to focus on because it isn’t very fun or exciting and it takes time. If you need a big serving of accountability to do the work to make a plan that works for you, let’s connect. Get to know me better by following me on Instagram, or click here to book a free consultation Zoom call with me. You don’t have to do it on your own!

Sherry