Managing your finances is a challenge for many people. It's not easy to keep track of your spending, pay your bills, and save a little money from payday to payday. This can be even harder if you have Attention-Deficit/Hyperactivity Disorder (ADHD) . But don't worry, you're not alone. There are many ways to help you protect your hard-earned money while living with the condition. Let's talk about them.
What is the connection between ADHD and your wallet?
Research shows that young adults with ADHD have a variety of problems managing money, largely due to three characteristics that come with the condition.
1. Procrastination: Thinking things like, "I'll pay the bill tomorrow if I have to do it today," or "I'll put the money in savings later."
2. Disorganization : Not remembering where bills are, not remembering when they are due until after the due date.
3. Impulsivity: Doing things on impulse, without thinking. Like going to the store and buying something you don't need "on impulse."
These traits aren't necessarily bad, but they can make it difficult to manage your finances properly. So, let's look at some ways you can deal with each of these traits and strengthen your financial situation.
How to put an end to 'procrastination'?
Procrastination is a common symptom of ADHD , but you can overcome it with these simple tricks.
- Break down big tasks into smaller pieces: If thinking about money all month long feels like a big burden, break it down into smaller pieces. Make a list of each task that needs to be done. For example, write down "I'm checking the electricity bill" and "I'm paying it online next time." When you finish a task, put a check mark in front of it. That way, you'll feel happier.
- Prioritize your most important payments: If possible, pay your essentials like credit card bills, rent, loan payments, and car leases as soon as you get paid. If that's not possible, set aside another day in the middle of the month to check your bills. If you use paper bills, write "PAID" and the date you paid on the bill in large letters. This will help you avoid double-paying and forgetting to pay.
- Get into the habit of paying bills automatically (Auto-pay): Many companies now offer the facility of paying bills automatically (auto-pay) on a certain day each month through online banking. Set these payments to occur on a day when you have money in your bank, for example, on payday. Set up a notification (n OT ification) to receive on your phone or email when a bill is paid. When that notification arrives, check the bill to see if the amount is correct.
- Set aside time for work: Make it a habit to do your financial work at the same time every day of the week. For example, every Sunday from 6 to 7 p.m. When this becomes a habit, procrastination will simply decrease.
- Save even a little: Start a separate savings account. Set up an automatic transfer of a small amount (e.g. Rs. 1000) from your salary account every month to the savings account. You may not even realize it, but at the end of a year, you will have a large amount left over.
What do you do about disorganization?
Does everything sometimes feel like a mess? Can't find where your bills and receipts are? The table below shows some ways to help you get this situation under control .
| Strategy | What you need to do is simple. |
|---|---|
| Record expenses. | In a small notebook or on an app on your phone, write down everything you buy, along with how much it cost. Set a reminder on your phone to do this once a day. At the end of the month, you'll see clearly where most of your money is going. |
| Make the budget visible. | Make a nice, color-coded chart of your income and expenses. Some budgeting apps make this easy. Or, draw a goal you're trying to save for (e.g., a new phone, a trip) on a large piece of paper and color it in every time you add money to it. |
| Reduce bills | If you have multiple credit cards, each one will have a separate bill. This can be very confusing. If possible, keep only the one you use the most and remove the others. Then you only have one bill to worry about. |
| Choose a quiet place. | When working on money-related tasks, things like TV, social media, and noisy children can distract you. Create a separate, quiet, and organized space for these tasks. |
| Stay away from paper. | If you're having trouble managing piles of paper, switch to e-bills. Then you can keep each bill organized in folders in your email. It's easy to find when you need it. |
| One place for everything. | Create a single place to keep all your financial documents (bank books, bills, receipts). It could be a shoebox, a file folder, or a password-protected folder on your computer. The important thing is to keep everything in one secure place. |
If you find it difficult to do these things on your own, never hesitate to ask for help from a trusted friend, partner, or family member. Sometimes, a second opinion can be a great help.
How can you control your spending habits?
People with ADHD often feel like they need to "go see something." Here are some ways to control this impulse.
- Avoid places that tempt you: If there are places where you often feel like buying things you don't need (e.g. shopping malls, flea markets, some online shopping websites), consciously reduce your visits to those places. Unsubscribe from email lists of stores that constantly send you "offers" and entice you to buy things.
- Plan before you go shopping: If you're going shopping, make sure to make a list. Only take money for the items on that list. If possible, bring a friend who is good at saving money.
- Limit the power of your credit card: When you spend money with a credit card, you don't feel the weight of it. Therefore, use as much cash as possible. Withdraw only the amount you need to spend per week and put it in your wallet. Keep your credit card in a safe place at home, where it can't be easily accessed.
- Remind yourself of your goal: Put a small sticker on your credit card that reminds you what you're saving for (e.g., "Thailand trip," "New laptop"). Seeing it every time you use your card will make you think twice before making an unnecessary expense.
- Give yourself a "cooling-off period": If you're thinking about buying something for a large sum of money, wait 24 hours before buying it. Set a timer on your phone. Only consider it if you still feel like you want it after 24 hours. Often, the urge will have subsided by then.
This is not something that can be done overnight. Start with small changes and gradually work your way up to better financial habits. If you feel uncomfortable or stressed during this journey, it is important to talk to your doctor and, if necessary, seek the help of a psychologist.
Take-Home Message
- ADHD is a medical condition. The financial problems it causes are not your personal weakness. There are solutions.
- Stop procrastinating, break tasks into chunks, set up auto-pay, and set aside a specific time for money tasks.
- Create order, track expenses, simplify bills, and work in a quiet space free from distractions.
- Control impulsive spending by working from a shopping list, using cash instead of a credit card, and waiting 24 hours before making a big purchase.
- Don't go through this journey alone. Get help from someone you trust. Also, talk to your doctor if you have any concerns.
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