Finances

Create a Structured Budget:

• Set Clear Financial Goals.

• Define short-term and long-term financial goals to provide direction.

• Create a detailed budget outlining income, expenses, and savings goals.

• Allocate specific amounts for categories such as gas, electric, council tax, groceries, other utilities, and discretionary spending.

• Plan for unforeseen circumstances by making an emergency fund.

• Spend time educating yourself on managing your finances.

Automate Finances:

• Set Up Automatic Payments.

• Automate bill payments and savings contributions to avoid forgetfulness.

• This reduces the need for constant manual management.

• Note down or note on phone calendar dates payments come out.

Use Financial Apps and Tools:

• Expense Tracking Apps.

• Utilize apps for tracking expenses and monitoring spending patterns.

• Apps can provide reminders, categorize expenses, and offer insights into financial behavior.

Create Visual Reminders:

• Create visual reminders for due dates, payment schedules, and financial goals.

• Visual cues can include calendars, sticky notes, or electronic reminders.

Simplify Financial Information:

• Consider consolidating accounts to simplify financial management.

• Fewer accounts may reduce the cognitive load associated with monitoring multiple financial streams.

 

Set Short-Term Milestones:

• Break down larger financial goals into smaller, manageable milestones.

• Achieving smaller milestones provides a sense of accomplishment and motivation.

Limit Credit/Debit Card Use:

• Use Cash.

• Consider using cash to limit impulsive spending.

• Reduce the temptation of accumulating credit card debt.

Financial Accountability Partner:

• Share Financial Goals.

• Share financial goals with a trusted friend or family member.

• Having an accountability partner can provide support and encouragement.

• Have your partner/friend store finances on your behalf.

Establish Routine Check-Ins:

• Schedule routine check-ins to review financial goals and assess progress.

• Adjust the budget and goals as needed to accommodate changes.

Use Financial Planning Tools:

• Consider working with financial planners or advisors who specialize in ADHD.

• Professionals can provide tailored strategies and guidance.

• Consider working with debt charities.

 

Below are examples of challenges against potential strategies.

Impulsivity:

• Challenge: Impulsive spending, making financial decisions without thorough consideration of consequences.

 

• Strategy: Implementing spending plans, setting budgets, and allowing for cooling-off periods before major financial decisions.

Budgeting Difficulties:

• Challenge: Difficulty in creating and sticking to a budget.

 

• Strategy: Simplifying budgeting processes, using visual tools, and seeking assistance from financial professionals.

Organization and Paperwork:

• Challenge: Difficulty in organizing financial paperwork and staying on top of bills.

 

• Strategy: Implementing organizational systems, using digital tools for document management, and setting reminders.

Time Management Issues:

• Challenge: Procrastination in dealing with financial tasks, leading to late payments and missed opportunities.

 

• Strategy: Breaking tasks into smaller, manageable steps and using reminders to prompt action.

Difficulty Saving:

• Challenge: Challenges in saving money for future needs or emergencies.

 

• Strategy: Setting up automatic transfers to savings accounts and establishing clear savings goals.

Inattention to Details:

• Challenge: Overlooking important details in financial transactions or contracts.

 

• Strategy: Taking extra time to review documents, seeking professional advice, and involving a second set of eyes when necessary.

 

Financial Planning Challenges:

• Challenge: Difficulty in planning for long-term financial goals.

 

• Strategy: Seeking the guidance of financial planners, breaking down goals into smaller steps, and creating visual representations of progress.

Income Volatility:

• Challenge: Inconsistent income due to job changes or difficulties in maintaining stable employment.

 

• Strategy: Building emergency funds, exploring diverse income streams, and seeking career guidance.

Credit Management:

• Challenge: Challenges in managing credit responsibly, leading to debt accumulation.

 

• Strategy: Monitoring credit reports, setting limits on credit card use, and seeking support from financial advisors.