Believe it or not, fall is a good time to think about money. Not only is it the beginning of a new school year – often accompanied by new levels of allowance and responsibilities – but just around the corner the holiday season with all of its temptation is coming.
Money management can be a serious issue for people with ADHD. A UMASS study (2003/2004) found that 67% of adults with ADHD had trouble managing money. That’s compared to the control group where only 15% had money management problems. Why? CHADD (an ADHD advocacy and awareness nonprofit) reports that their research shows ADHD adults make more impulse purchases, have higher credit balances, are more often late on bill payments, had lower savings rates and bounced checks more often than others.
Impulse spending has a lot to do with ADHD money management issues. There are a number of things you can do to get on top of your impulse spending. (We’ve covered this topic before but it doesn’t hurt to pull out those tips and review them.)
- Know the difference between “needs” and “wants”
- Make a budget before you go into a store, and stick to it
- Keep it in cash – use plastic for emergency use only (in fact put a sticker on your credit/debit card that says just that!)
- Avoid the mall and browsing catalogs – they both are screaming “buy me”
- Don’t borrow money from friends
- Stay away from casinos
Are these all tips you are already doing? Do you feel like you’ve heard this all before? Yet you still feel like you can’t get your finances under control. You need an ADHD coach.
An ADHD coach can help you find a money management system that works for you.
See the problem is that for some people using their debit card for all purchases is the trick that works, and for others it’s never going shopping without a friend. ADHD is not a one-size-fits-all condition. Every person who has ADHD experiences it a bit differently. There is no magic cure. An ADHD coach can help you figure out what works with your style, your strengths, and you budget. It can feel like a big financial commitment to get a coach, but the long term payoff can mean getting control of your finances, saving for the future and no more sick feeling every time you get the mail.
What are your challenges with money? Let us know in the comments and we will do our best to address them!