First of all I would like to wish everybody a Happy New year and start the blog with a thank you to all of my readers and everybody that has supported the blog as well as Adult ADHD NI in 2015. Over the last year I can see a positive shift in attitudes towards ADHD and a growing willingness to understand the condition and recognise the difficulties that those affected experience.
Ideally I would like to start 2016 by writing a positive post but its freezing outside, I have had the dreaded manflu for the past 3 weeks (it will not go away) and I’m not feeling in a positive mood. So what better way to start 2016 than writing about ADHD and money.
The bottom line is, if you have ADHD there is a very high chance that you are crap with money and here are some of the reasons why.
- You impulsively spend your money, often buying things you don’t need and leaving yourself without enough to survive until your next pay cheque.
- Without realizing you spend more than you can afford or than what you actually have causing you to bounce cheques, have poor credit or not have enough to pay your bills.
- You try to keep track “in your head” of how much money you can spend and convince yourself that you are doing a really good job, when you are not.
- You have difficulty saving for the future.
- Being so disorganized causes you to forget when the mortgage or car payment is due.
- You often spend more than you earn
- Due to poor impulse control and the tendency towards seeking a high you may have difficulty diligently saving your money or accumulating wealth gradually over time.
- You seem to be unable to consider the consequences of being left with no money until it’s too late as well as failing to learn from your mistakes and repeating the actions over and over again to the distress of the person and their family members.
- When you are out socializing you act like a millionaire, when you not. (Unless you are, in that case, fair enough.)
- If you have ADHD you are more likely to have an addiction. So your money is compulsively spent on your addiction of choice Alcohol, drugs, gambling, cigarettes, shopping etc.
- You don’t organise your finances or work to a budget.
When I was in my teens and early 20s none of it seemed to matter, I worked hard and spent my money foolishly and thankfully I had no responsibilities. But as I got older it became extremely frustrating and depressing. I would work all week and would plan in my mind to save money and with all the best intentions in the world I would spend 90% of my money within the first 48 hours of getting payed, on crap I didn’t need and then spend the rest of the week with no money, in further debt and having to borrow of people to survive and genuinely forgetting that I had borrowed the money in the first place. All of which caused extreme stain on my relationships with people.
Part of the problem for me is that I don’t really understand money, I don’t process it the same as other people and although I have gotten better at controlling impulsive spending, I believe that due to my ADHD I am still underdeveloped for my age when it comes to managing finances and my spending still often seems to happen spontaneously and without warning.
However it is January and we are all encouraged to revaluate areas of our lives that we would like to improve so I’ve put together somethings that we could all do that would help us manage our finances better.
- Plan our shopping in advance, write a list of essentials and stick to it rigorously.
- Identify areas of weakness, in my case Amazon, and take preventative measures eg. close Amazon account.
- Avoid credit cards.
- Start making a record of all purchases.
- The key to management is to plan for all expenses every month. Before you get payed make a list of all out goings and ensure to prioritise the most important things on the list.
- If possible seek advice or support from financial professionals such as an accountant or a certified financial planner.
- Create financial goals for the short term and long term and use visual aids such as wall charts so that you can see your goals every day.
- Don’t over complicate your budget. Keep it simple, what are my “needs” and what are my “wants”
- Alternatively download a money management app on to your smart phone and don’t forget to use it.
- Don’t be afraid to ask for help managing your finances. Mismanagement of finances is extremely common in people with ADHD and part of managing your ADHD is recognising your difficulties and having the courage to ask for help when necessary.
I’ve came across lists like the one above before and my immediate thought is negative. “Yeah that’s all well and good in theory but when you try to put it into action it’s another story.” But at least we can try. It doesn’t matter who we are, there is always room for improvement.
Writing this post has certainly cheered me up and it has gave me a more positive and focused outlook on 2016.
Niall now offers One to One support for people affected by ADHD support through Skype. If you wish to avail of this support service please contact Adult ADHD NI by Email – Niaadhd@gmail.com