The short answer, unfortunately, is yes, but today, let's dig into how, and why ADHD causes money problems, as well as some solutions to help. Adulting is hard AF, especially when you throw ADHD into the mix and that can be especially true when it comes to managing your money. But don’t worry, there are things that can help.

Even if you have tried to make shifts with managing your money more times than you can remember in the past, I want to cheer you on and encourage you to give it another try. What I often see as a financial coach focused on helping my fellow ADHDers is that we try to implement plans that work for the neurotypicals and get angry with ourselves when we fail. The problem when that happens isn’t YOU it is that the plan or process you were trying wasn’t suited to you. ♥️

So how can ADHD cause money problems, and what actions can you lean into to help make managing your money easier that suit how your brain work?

1. Impulse Spending: Ever find yourself in the rabbit hole of impulse buying, ending up with a bunch of stuff you don't really need? ADHD has a knack for cranking up those impulsive tendencies and this is the top thing I hear from my clients. So, what's the solution? This one can take some trial and error because we all have different things that trigger our impulse spending, but let’s start with a few ideas.

• Budget for Impulse Spending: Allocate a specific amount for impulse purchases. This way, you can scratch that impulsive itch without derailing your entire financial plan. If you try to stop altogether, this will be very short-term. Instead, open an account that is strictly for impulse purchases and transfer a little into the account each payday. This helps you still make impulse buys but puts some boundaries around it so you don’t derail your overall finances.

• Look for the signs: We all have triggers and habits that lead to impulse spending. Think back (or review your bank/credit card statements) to the last time you made an impulse buy. Think about what was happening in your life. Was it holiday stress? Were you bored? Did you give into the ad on TikTok that had totally been targeting you? By being more aware of the situations that lead to impulse shopping, you can be on the look out for it.

• Switch it up: When you feel yourself falling into the actions or thoughts that lead to impulse shopping, think about something else you can do instead of adding something to your online cart. Maybe you could text a friend, get out for a walk, or blast your current fav song and dance around your room.

2. Forgetting to Pay Bills: Ah, the classic ADHD forgetfulness – bills can easily slip through the cracks and this can lead to late fees, extra interest charges and plummeting credit scores. We don’t want that so let's tackle this head-on.

• Set Reminders: Use your phone, calendar, or a whiteboard to help remind you of payment due dates. Be sure to set the dates or reminder for when you should be making the payments, not for when they are due because it can take several days for the payment to get to where it needs to go.

• Automate Payments: Take the load off your shoulders by automating regular bills. Set it, forget it, and avoid the stress of missed payments. I personally lean towards automating bill payments from my bank vs. letting the business take payments from my account. This puts you in the driver's seat, and you can set up payments based on your paydays or whatever timing works best for you.

3. Procrastination Station: ADHD and procrastination go together like peanut butter and jelly. But, when it comes to finances, procrastination can lead to missed opportunities and financial chaos.

• Break Tasks Into Smaller Steps: Are you overwhelmed by big financial tasks, like building a budget (which I highly recommend)? Break it down into smaller, more manageable steps. Tackling a little at a time is better than avoiding it altogether. You can even set a timer and commit to working on something for 5 or 10 minutes, and then when the timer goes off, you can stop or keep going if you are feeling momentum.

• Accountability Buddy: Enlist a friend, partner, or family member to keep you accountable. Set up a regular time to chat about all things money. I recommend starting with connecting at least weekly. Sometimes, having someone to check in with can build new habits that can help you long-term.

4. Financial FOMO: Keeping up with the Joneses can be a slippery slope. ADHD can sometimes amplify that Fear of Missing Out on the latest trends, gadgets, or experiences.

• Prioritize Your Financial (and Life) Goals: Knowing what matters most to you can help you say no to unnecessary spending fueled by FOMO.

• Practice Mindfulness and Pausing: Before making a purchase, assess if it aligns with your goals. Does the new shiny thing add to or take away from your financial and life goals? If you aren’t sure take time to pause, leave the item in your cart for 24 hours and then re-evaluate if you want to hit buy. Mindful spending can help keep FOMO in check.

5. Unorganized Money Matters: ADHD and organization are not always best friends. The result? Scattered financial documents and a chaotic money mess.

• Utilize Financial Apps or Use Another Tracking System: Leverage what works for you to stay organized. Plenty of apps help track expenses, set budgets, and keep your financial life in order, but the visibility of a whiteboard can also be transformational.

• Designate a Money Day: Pick a day each week to review and organize your finances. It's like a date with your money – scheduled, intentional, and necessary. If you’ve added a money buddy for accountability, finding a time that works for you to do this together, either in-person or virtually, can help you with this new habit.

• Pick a home base for paperwork: I have a spot where I file our paperwork, but I was finding the paperwork was stacking up because I didn’t always have time or the motivation to file it. So, I started a file folder for paperwork that needed to be filed. This allowed me to get it off of my desk and file it properly when it worked for me.

Remember, my fellow amazing ADHD human, managing money with ADHD is a journey, not a sprint, and it often involves a lot of setbacks and side quests. Embrace the quirks, learn what works best for you, and let's kick those money problems to the curb together. Stay fabulous friend! 💰✨