Start Small: Money Management for Adults with ADHD
“I need a detailed strategy for keeping better track of my money and sticking to a budget. The blanket-statement suggestions that work for the rest of the world don’t help those of us with ADHD.”
Reviewed on April 20, 2017
Because people with ADHD tend to be impulsive spenders and have difficulty keeping track of their finances, it can cause a lot of strife at home.
Divide and Conquer
I recommend that couples consider keeping separate accounts. This may reduce the conflict over checks not recorded in a checkbook or a money-management program, and impulsive purchases.
Call the Professionals
I also recommend seeking the help of an financial professional — this includes accountants and financial planners.
Many times, people with ADHD have heard throughout their lives, “You should be able to do this on your own.” This can lead to people having difficulty reaching out for support. However, it is important to remember that knowing you need help is a sign of strength. Get recommendations of financial professionals from trusted friends and family members. Do a short consultation with a professional to help determine if the professional is a “good fit” for you.
Simple Is Better Than None
In regards to a budget, in my book ADD and Your Money, I present a budget worksheet and instructions.
Creating a budget tends to be a detail-oriented task, which is a challenge for people with ADHD. A simplified budget, such as the one found in my book, is one with limited items broken down into “needs” and “wants”. A simplified budget calls for rounded or estimated numbers rather than spending time coming up with exact amounts down to the penny. Even following a simplified budget can help you reach your goal — saving more than you spend.