Money Mastery: How ADHD Entrepreneurs Can Successfully Manage Their Money
Managing money as an entrepreneur can be tricky, and if you’re navigating ADHD on top of that, it can feel like a delicate balancing act! The good news? You’e not alone, and with the right strategies, you can take control of your finances and thrive. I’ve written multiple different blogs that can help, so today I’ve put together highlights from previous posts on the Money Mindset Financial Coaching blog to give you a roadmap for success.
1. Build a Personalized Budget That Works for You
Budgeting isn’t one-size-fits-all, especially for ADHD entrepreneurs. You need a system that aligns with your unique needs and priorities. It’s likely that you’ve created more budgets than you can recall, and none of them ever seemed to ‘stick.’ If that’s the case, remember that it wasn’t you; it was your plan. It’s important to have a budget that includes the things that matter to you, but it’s just as essential to have systems that help you implement your plan without having to track every penny. For support to get started, this post on how to budget with ADHD and this podcast episode are great resources.
2. Understand the Profit First Method
The Profit First method is a game-changer for ADHD entrepreneurs. It’s actually a book that I love, but if you have zero interest in reading a book on business finances, I’ve got you! The method is all about all your business income and a job so that you can pay yourself a consistent salary, cover your expenses, and save for taxes and the best part is that it includes a process to pay yourself a quarterly bonus! This post shares all about how new entrepreneurs can implement it in their businesses!
3. Manage Impulse Spending
ADHD and impulse spending often go hand in hand, but you can implement strategies to stay on track. There are practical ways to curb overspending and I share more in this article on Managing Impulse Spending. The most significant shift you can make, though, is focusing on finding contentment and gratitude in what you have. I know it is easier said than done, but when you aren’t looking to impress anyone with the latest gadget or new car, you will feel a lot less pull to make impulse purchases!
4. Implement a Pricing Strategy That Prevents Burnout
Pricing your services is tough, but it’s vital to ensure you’re earning enough to cover expenses while avoiding burnout. Take time to understand your numbers, consider your value, and don’t be afraid to adjust rates as needed. Learn more in my post on Pricing Strategies for ADHD Entrepreneurs.
5. master your Mindset
A scarcity mindset can hold you back from reaching your financial goals. As ADHD entrepreneurs, we often need to work on reframing negative thoughts about money and embracing growth opportunities. Start making the shift by reading How to Embrace an Abundance Mindset.
6. Stop Procrastinating on Money Tasks
Procrastination is a classic ADHD challenge and one I often battle with as well. I’ve got some creative strategies to share with you. When it comes to financial tasks, breaking them into smaller steps can help. And because the hardest part is often getting started, look for strategies that make getting started easier. Personally, telling myself I will only work on something for 15-20 minutes is enough to get me started often. Then, once my timer goes off, it’s a common occurrence for me to keep going because I see that it isn’t as bad as I thought it would be! More on how to handle procrastination here!
7. Get Support When You Need It
Managing money isn’t something that comes naturally to most of us, and it isn’t something you have to do alone. Whether it’s hiring a financial coach (like me, heyyyy there!) or finding a supportive ADHD community, having help can make all the difference. If you’re ready to explore working with me, book a free consultation to see how I can help you build a financial plan that works for your unique brain.
Don’t let ADHD derail your business or your financial goals. With small, consistent steps and the right strategies, you can master your money and build a thriving business. Ready to take the next step? Check out more tips and resources on the Money Mindset Financial Coaching blog.
