ADHD Entrepreneur: Money Management Tips for Your Personal Finances
Managing finances can feel like a full-time job, especially for those of us with ADHD, and ain’t nobody got time for that! We have businesses to run and financial tasks on that side to take care of, so less to do on the personal side of your finances can be a big step toward making things easier for you!
Our brains are wired to chase new ideas and excitement, making it tough to stay on top of routine tasks like budgeting and saving. But don't worry—I've got you covered with some practical financial management hacks that will make the process a lot less overwhelming and maybe even (dare I say) a bit enjoyable.
1. Embrace Automation
Automation is your best friend when it comes to managing money with ADHD. The less you have to actively think about bills and savings, the better. Here are a few ways to make automation work for you:
Set Up Automatic Transfers: Arrange for a portion of your income to go directly into savings. This way, you save without even noticing.
Automate Bill Payments: Schedule automatic payments for recurring bills like utilities, rent, and subscriptions if that works for your brain. If the idea of automation adds stress, lean into setting up reminders to make sure you have prompts to get things paid when they need to be. This prevents late fees and the stress of remembering due dates.
Use What You Have: Many banking apps help track things for you, and even build a monthly budget to automatically track your spending and categorize expenses, giving you a clear picture of your finances with minimal effort.
2. Break It Down Into Bite-Sized Chunks
Financial tasks can feel daunting, so breaking them down into bite-sized pieces can make them more manageable. Slow progress is still progress so be kind to yourself when putting in the work to find what works for you. Here are a few suggestions for where you can start:
Daily Check-Ins: Review your transactions for a few minutes each day. This will keep you aware of your spending patterns and help prevent financial surprises.
Weekly Money Review: Set aside time each week to update your budget, review bills, and ensure everything is on track. Use this time to plan for upcoming expenses or adjust your budget as needed. It can also be helpful to build some comfort into your weekly review, so it’s something you look forward to. Maybe that’s getting outside, meeting with a friend or partner, or having your fav snack.
Set Small Financial Goals: Whatever your financial goal is, break it down into really small chunks. Focusing on the progress you want to make monthly, or even weekly, can help keep it exciting for you.
3. Make it Visual
Visual aids can help you keep track of finances and stay motivated because they create a regular reminder of what you’re working towards. Here are a few you can try:
Budget Board: Create a visual board with your budget categories and spending limits. Use sticky notes or markers to track spending within each category. Place it somewhere you see daily for constant reminders.
Savings Jar: Use a clear jar to physically save spare change or a printed savings tracker you fill in as your savings grow. Watching it fill up or filling it in can be a rewarding visual cue of your progress toward a savings goal.
Progress Charts: Create charts or graphs to track savings growth or debt reduction. Seeing your progress visually can be incredibly motivating.
4. Keep it Real
Setting realistic goals is crucial for financial success, but it’s important to make them realistic and achievable. Here’s how to do it:
SMART Goals: Ensure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound. For example, instead of saying, “I want to save money,” aim for, “I will save $500 in the next three months.”
Celebrate Small Wins: To keep motivation high, celebrate each achievement with a small reward, like a favorite treat or a night out.
Stay Flexible: Life with ADHD can be unpredictable, so be prepared to adjust your goals as needed. Flexibility is key to staying on track without feeling defeated by setbacks.
5. Find an Accountability Partner
Having someone to check in with can make a huge difference in staying committed to your financial goals. Here’s how to make it work:
Choose the Right Person: Find someone who understands your ADHD challenges and can provide support without judgment. This could be a friend, family member, or maybe even a financial coach.
Regular Check-Ins: Schedule regular meetings to discuss progress, challenges, and strategies. Knowing you have someone to keep updated can help you stay focused and motivated.
Share Goals and Progress: Be open about your financial goals and progress. Sharing achievements and setbacks with someone else can provide valuable perspective and encouragement.
6. Make Use of Technology
Technology can streamline financial management and help you stay organized. Here are some tools and tips:
Reminder Apps: Use apps like Todoist, Evernote, or Google Keep to set reminders for bill payments, budget reviews, and other financial tasks.
Digital Wallets: Apps like Apple Pay or Google Wallet can help you track spending and manage transactions conveniently.
Spending Alerts: Set up alerts through your bank or budgeting app to notify you of unusual transactions or when you’re approaching your spending limit in a category.
7. Work on Building in a Pause
Taking time to pause before spending on things that aren’t essentials can help you stay aligned with your financial goals and reduce impulsive purchases. Here’s are a few suggestions on how to implement a pause:
24-hour rule: Implement a rule to wait 24 hours (or more for larger purchases) before making non-essential purchases. This gives you time to evaluate whether it’s a necessary expense or an impulse buy.
Reflect on Goals and Values: Regularly reflect on your financial values and priorities. Ask yourself if your spending habits or the item(s) you’re looking to purchase align with your goals and values, and make adjustments as needed.
Track Emotional Spending: If you feel yourself regretting a purchase, take time to reflect on what was happening and how you were feeling when you made the purchase. This can help you when similar feelings or situations come up in the future so you can keep an eye out for potential emotional spending.
8. Build Financial Systems
Having systems that support our ADHD brains to manage our finances with less effort is key. Here are a few examples:
Out of Sight, Out of Mind: Stash savings at a different bank than your regular account(s). Automate money transfers into this account, and then it will grow quietly out of sight.
Separate Your Money for Spending: Having a separate account for money meant for spending on anything outside of your bills can be hugely helpful for staying on budget. The smaller amount and increased visibility of a separate spending account lead to less spending, more clarity on where you stand, and help ensure you don’t overspend and end up short on your bills.
Create a Consistent System: Having bills come electronically and virtually can add to the amount of executive function we need to make sure things are taken care of. Try and move all your bills to one delivery method or the other. If you choose electronically, it can also be helpful to set up a separate email just for your bills so you can check it on the days you are taking time for your finances.
9. Embrace Budgeting as a Positive Thing
Budgets have been getting a bad name for as long as they have been around. A budget can lead you to think of restriction and no fun spending but your budget doesn’t have to be restrictive. A plan for your money can be a tool for empowerment and help you build the path to financial stability and freedom. Here’s how to reframe your mindset around budgeting:
Focus on your Values: When building your budget, include the things that are important to you in it. It’s about allocating resources to the things that matter most to you. If we try and cut things out that are important to us or restrict all our spending, it won’t be sustainable and this is a big reason a budget will fail.
Personalize Your Budget: There’s no one-size-fits-all approach, so make it work for you. If you try and stuff your spending into any set of ‘rules’ chances are good you won’t stick with it for long. Ready to build your budget? Grab a free budget template here!
10. Educate Yourself About ADHD and Finances
Understanding how ADHD impacts your financial behaviour can empower you to develop effective strategies. Here’s how to educate yourself:
Read Books or Listen to Podcasts: Books like The ADHD Effect on Money and the Mind + Money Podcast.
Join Support Groups: Online forums and support groups can provide a sense of community and shared experiences. Learning from others’ experiences can offer new strategies and insights.
Consult Professionals: Financial coaches (like me 👋) or therapists specializing in ADHD can provide personalized guidance and support tailored to your needs. This is my main focus on my social media platforms. Come and find me on Instagram, or TikTok or book a free consultation to learn more about working together.
11. Stay the Course
Financial management is a lifelong process that needs to evolve and change! Be sure to be kind to yourself along the way! ♥️ Here’s how to stay patient and persistent:
Embrace Imperfection: Setbacks are a natural part of the process, especially in the first 2-3 months. Learn from them and move forward without self-criticism.
Practice Self-Compassion: When things don’t go as smoothly as you like, take time to pause and acknowledge your efforts and progress, even if they feel small.
Keep Adjusting: Be willing to adjust your strategies and goals as you learn what works best for you. Flexibility and persistence are key to long-term success.
Managing your money with ADHD might require a bit more creativity and effort, but with the right strategies, it’s absolutely possible to achieve financial stability and peace of mind. Remember, the goal is to create a system that works for you and your unique brain. You’ve got this!
