Money and ADHD: Unravelling the Costly Tangle

Hey there, fellow wanderer in the world of adulting! It's your friendly neighbourhood ADHD (full disclosure I am undiagnosed, but certain) financial coach here to lay down some truth bombs about how your ADHD might be hitting your bank account harder than you'd care to admit. Now, before you start thinking I'm just being a complete killjoy, let's take a stroll down the lane of financial reality, shall we? 😬

1. The Procrastination Paradox:

Ah, procrastination, my nemesis. You come to greet us daily, and we don’t want to be friends anymore! You know that feeling when you've got bills to pay, but suddenly reorganizing your sock drawer becomes an urgent priority? Well, congrats, you're giving the bill collectors an unintentional workout. The cost? Late fees that add up faster than your stack of unfinished to-do lists. And don’t even get me started on how late bill payments can come and bite you down the road. If those bills show up on your credit report, your late payments will cost you higher interest rates for loans! The cost difference between a 9% car loan and a 22% car loan is steep!

Solution: Set up automated payments like your life depends on it (because, let's face it, it kinda does). Make friends with technology, and let it handle the grunt work.

BONUS STEP: Create a separate account for your bills. Be sure to automate money going into this account, or ask your employer to divide your pay so enough goes into this account to cover the bills. Use a no-fee online account so you’re not adding any bank fees.

2. Impulse Buying Extravaganza:

We ADHD magicians are notorious for being the proud owners of an extensive collection of things we didn't really need but absolutely had to have in the moment. Cue the spontaneous Amazon sprees and midnight shopping escapades. The result? A bank account that cries itself to sleep. I like to go way down the rabbit hole when I find something I love. If one is good, isn’t five better? And I do not want to talk about all the scrapbooking or candle-making supplies I have.

Solution: Institute a "24-hour Rule." Give it a day if you desperately want that glittery unicorn-shaped toaster oven. After 24 hours, if it still feels like the best idea since sliced bread (or unicorn-shaped toast), then go ahead. But chances are, your wallet will be saved by another distraction.

BONUS STEP: A separate account for spending. This could be a separate account for all your spending, like gas, groceries, and take-out. OR you can even add an impulse spending account. Can you tell I am a big fan of setting clear boundaries around your spending using bank accounts?

3. The Grand Forgetfulness Symphony:

Ever had an appointment slip your mind faster than you can say appointment? ADHD brains are excellent at orchestrating this grand symphony of forgetfulness. This can lead to no-show fees and also make you feel pretty shitty for wasting someones time, and your money!

Solution: Calendar apps are your new BFFs. Set up reminders, alerts, and alarms for important dates. Your phone will basically nag you until you relent and head out the door. Not that I want to encourage your to go impulse buy something (cue 24-hour waiting period), but between my Google calendar and my Apple watch, I can see at a glance what I’ve got happening next.

4. The Shiny Object Syndrome:

Remember those three side gigs you started last month? No? Well, your ADHD brain does. And while chasing new opportunities is great, juggling too many can lead to half-baked results and missed financial goals. Each abandoned project is like a miniature monetary black hole.

Solution: Channel your inner Marie Kondo and declutter your commitments. Pick one or two projects that genuinely spark joy (and profit). Let go of the rest, and watch your productivity soar. Even better if you can turn that business or hobby graveyard into cash by selling some of the items.

5. Organization Oblivion:

Ah, the classic inability to find your important documents. Tax season? More like treasure hunt season. The cost of disorganization? Missed deductions, wasted time, and maybe a dash of stress-induced hair loss. This is considerably worse if you are self-employed!

Solution: Give your documents a home, dare I even say their own not-so-doom pile? And don’t forget the digital documents; they need their own place too. Add an email folder at the beginning of each year and name it Taxes-the year. Whether it's digital or a trusty old filing cabinet, ensure you have a place for every important paper.

BONUS STEP: Spend a few minutes each week tidying up your physical and digital financial space. It's cheaper than therapy-although that should also have a place in your budget!

So, there you have it, my ADHD bestie. Your unique brain wiring might cost you a tad more than you'd like, but it doesn’t have to be that way!

Remember, you've got this! Until next time, stay fabulous and financially savvy! 🚀🧠💰