The ADHD Entrepreneur: How to Be the Boss of Your Business and Personal Finances

Being an entrepreneur comes with its own set of financial challenges, but when you add ADHD into the mix, it creates even more layers that can get messy and complicated. But don’t worry—you don’t have to be a financial guru to get things working like a well-oiled machine. The key is to find strategies that work for your brain, which can take some trial and error, but I want you to know that there are things out there that will work for you, so if what you’re doing (or not doing) isn’t working, it’s time switch things up! Let’s have a look at some simple, easy-to-implement steps that can help you be the boss of your business and personal finances without overwhelming yourself.

1. Start with the Basics: Separate Business and Personal Finances

This one is a non-negotiable step. I know I said you have to find the ways that work for you, but this separation is essential if you are self-employed in any capacity! This is one of truly the most important step you can take as an ADHD entrepreneur. Mixing your business and personal finances can create a shit storm of chaos that can lead to confusion, missed payments, and a lot of unnecessary stress. By keeping them separate, you’ll have a clearer picture of how your business is performing and what you can actually afford in your personal life.

Step: Open a separate bank account and credit card for your business. Use them exclusively for business expenses, and pay yourself a salary that goes into your personal account. This way, you’re not constantly dipping into your business funds for personal expenses, and vice versa. If you are a sole proprieter you can look for no-fee online options that fit the bill for what you need so you aren’t adding in any additonal monthly costs.

Why It Works: It creates clarity and clear boundaries. It make it easier to manage and see how both areas are doing without the chaos of trying to figure out what money belongs where.

2. Automate Your Finances

Automation is like having a financial assistant who never forgets a task. Set up automatic transfers and bill payments so you don’t have to worry about missing due dates or forgetting to save. Bonus if you can also set up your business so you are automatically collecting payments from clients/customers. This makes things easier for you and your clients. If you have a service based business, consider setting up packages with recurring monthly payments. This can be really benefical for your cash flow.

Step: Set up automatic payments for your bills—both business and personal. You can also automate transfers into your savings or investment accounts. If you’re paying yourself a salary, automate that transfer as well, and if you’re not, consider how you can start. I’ve got resources to help you do exactly that. You can sign up here to get them right to your inbox.

Why It Works: With ADHD, it’s easy to forget tasks that aren’t immediately in front of us. Automation removes that burden from your brain and ensures your financial obligations are met without you needing to remember them.

3. Create a personal + Biz budget

Budgeting gets a bad rap, but putting a plan in place that aligns with what is important to you both on the personal and business side can help you start to see budgets as freeing, not restrictive! As an entrepreneur, having a budget for both areas of your life is important and lets you see the big picture. This can create clarity on what income you need in your business to build the life you want.

Step: Grab a journal, a whiteboard, or my free resources, which do all the math for you and walk you through transforming your budgets from black and white to implement them in your life. As you build your plans, consider starting with the essentials in both areas of your life and then add in the non-essentials to see the range of income that covers both ends of your budgets.

Why It Works: A clear plan gives you clarity on where you stand and what you should strive for. The systems that I recommend to my clients and discuss extensively in other blogs and podcast episodes can be a big help in implementing your plans.

4. Set Short-Term Financial Goals

Long-term goals can feel overwhelming, especially when you have ADHD. Breaking them down into smaller, short-term goals makes them more manageable and can give you more dopamine hits along the way to your larger goals!

Step: Instead of setting a goal to save $10,000 over the next year, break it down into saving $833 per month. Focus on one month at a time. Similarly, if you have a debt to pay off, set a goal to pay down a specific amount each month rather than focusing on the entire debt.

Why It Works: Short-term goals are easier to track and achieve, providing you with regular wins that keep you motivated.

5. Use Visual Reminders

Out of sight, out of mind is a common ADHD trait that is a big challenge for me (you can tell by looking at my coffee table). That’s why visual reminders can be incredibly effective in keeping your finances on track. Whether it’s a sticky note on your computer or a chart on your wall, these reminders can help you stay focused on your financial goals.

Step: Create a visual representation of your financial goals and place it somewhere you’ll see it every day. This could be a simple chart showing your progress toward a savings goal or a reminder to check your budget before making a purchase.

Why It Works: Visual cues are a powerful way to keep your goals at the forefront of your mind, reducing the chances of impulsive spending or forgetting important financial tasks.

6. Implement a “Pause” Button for Purchases

Impulsivity is a hallmark of ADHD, and if left unchecked, it can wreck your business and personal finances. One effective way to manage this is to implement a “pause” button for non-essential purchases. A second great strategy is implementing a rule that you only make non-essential purchases unless you have the money to pay for them before you buy them. I know it’s not fun, but the impact that shift can have on your finances is significant.

Step: When you’re tempted to make an impulsive purchase, put at least a 24-hour hold on it. During that time, ask yourself if you really need it, if it aligns with your financial goals, and if you can afford it without going off budget. I like to have longer waiting periods for larger purchases.

Why It Works: Giving yourself a cooling-off period helps you make more intentional spending decisions, which can prevent buyer’s remorse and keep your finances in check. You will likely surprise yourself with how different you feel about a potential purchase after you wait 24+ hours!

7. Simplify Your Accounting: Use Software That Does the Heavy Lifting

Managing the financial side of your business doesn’t have to involve hours of bookkeeping. There are plenty of software options that can automate a lot of this work for you. And if this is something that you really dread and avoid, consider hiring someone to help you with it if your budget allows.

Step: Invest in accounting software like QuickBooks, FreshBooks, or Wave that can handle invoicing, expense tracking, and even tax preparation. Many of these tools also integrate with your bank account, making it easier to track your finances in real time and ensuring all of your expenses are captured each month.

Why It Works: Automation and simplification reduce the cognitive load on your brain, allowing you to focus on running your business rather than getting bogged down in the numbers.

8. Get an Accountability Partner

Having someone to check in with can make a huge difference in sticking to your financial goals. This could be a friend, a fellow entrepreneur, or even a financial coach (oh hey there 👋, and did you know I offer a free consultation?) who understands the unique challenges of managing finances with ADHD.

Step: Set up regular check-ins with your accountability partner to review your finances, discuss challenges, and celebrate wins. This could be a weekly, bi-weekly, or monthly meeting, depending on what works best for you.

Why It Works: Accountability partners provide external motivation and can offer valuable insights and encouragement, helping you stay on track with your financial goals.

9. Limit Financial Decisions to Specific Times

Decision fatigue is real, and it’s even more pronounced for those with ADHD. By limiting financial decisions to specific times, you can reduce the mental drain and make better choices.

Step: Set aside a specific day and time each week to review your finances and make decisions. During this time, you can pay bills, review your budget, and plan for upcoming expenses. To ensure you keep things you need to follow up or decide on top of mind, you can create a notes folder on your phone, or have a whiteboard to jot things down on.

Why It Works: Limiting financial decisions to a specific time reduces the number of impulsive decisions you have to make throughout the week, allowing you to approach your finances with a clear head.

10. Celebrate Your Wins

It’s important to celebrate your financial wins, no matter how small. This positive reinforcement can help you stay motivated and committed to your financial goals. ADHD can often cause us to downplay our wins and not take a breath before we move on to the next thing, so taking time to celebrate is important to work into your life!

Step: When you hit a financial milestone (or any milestone for that matter), treat yourself to something special—but make sure it’s within your budget! This could be a small purchase, a night out, or even just taking some time off to relax.

Why It Works: Celebrating your wins creates a positive feedback loop, making it more likely that you’ll continue making good financial decisions in the future.

You’ve Got This!

Managing your business and personal finances as a neurospicy entrepreneur isn’t easy, especially when you are first working to make changes, but it also doesn’t have to be a daunting task. By getting started with these steps, you can take control of your money and ensure that both your business and personal life are financially sound.

Remember, the goal isn’t perfection—it’s progress. Start small, build good habits, and don’t be too hard on yourself if things don’t go perfectly. With the right strategies in place, you’ll find that managing your finances can be less of a chore and more of a tool that helps you achieve your dreams. So go ahead—be the boss of your business and personal finances. You’ve got this!