ADHD Money Management Tips From An Accountant With ADHD
Scroll to the bottom for the article summarization or keep reading for the more in depth understanding…
Managing my finances has always been easy!
-Said no ADHD'er ever!
If you don’t already know me, my name is Kelly and I am an accountant for one of the biggest financial software companies in the world. I am also the lover, fighter, founder of ADDcountants, the first accounting firm designed for the ADHD entrepreneur. I have been a financial professional for pretty much all of my adult life, and I can promise you I have seen and heard it all!
I’ve always had a knack for finances. But not for the reasons you would think. For me, accounting is very black and white. There are lots of rules that build up a very systematic design. The structure allows me to grasp and understand very well.
You would think that because of my professional successes, my personal finances would be a breeze, right? Nope, it is still a struggle. But what I have gained, are the tools that make it a little less painful. Today, I’m going to share some of the best money management techniques I’ve found for an ADHD’er.
Change your mindset
First things first…Having consistent, effortless, great financial health just isn't realistic. Stop beating yourself up for not being able to do this. Stop the negative self-talk and shaming beliefs that surround your efforts! To achieve good financial health it's gonna take some work, (even for neurotypicals). So push up your sleeves and tell yourself, (out loud) that you can do this!
The fact that you're interested in this topic means you are already winning! Being mindful of your financial weaknesses will allow you to learn and pivot from them. Set a specific time and have a designated space to work on your financial stuff. It is also helpful to involve a partner or friend to discuss your ideas with and hold you accountable.
Create a budget that works with you
Budgeting in general can be overwhelming. Like many ADHD’ers, I find it helpful to break down my bigger tasks into smaller, actionable ones. Instead of budgeting for the whole month, it may be easier if your budget schedule matches your pay schedule.
For example, get paid weekly? Create a weekly budget. Get paid every 2 weeks? Create a bi-monthly budget. Remember, just like most things, practice makes perfect. The more you create, the easier it becomes.
Pay your regular, recurring bills with auto-draft
If you're anything like me, you have paid your fair share of late fees, reconnection fees, and finance charges. Having to remember where my phone is at any given moment is already a struggle, so adding in due dates for my utilities and subscriptions just isn't an option for me, and that is okay! Because I am aware of it, I’m able to create a workaround.
I suggest that you set up your regular recurring bills to be paid with an auto-draft. You’ll want to give yourself some wiggle room on your budget for the ones that fluctuate in amount. Sometimes the difference between your actual and projected budget works out in your favor. Cha-ching!
Have a percentage or set amount of your paycheck moved into a retirement or savings account
Do you have trouble saving or investing money? Remember the saying “out of sight, out of mind?” This saying is especially helpful when it comes to saving and investing. It can be as simple as updating your direct deposit form with your HR department at work.
There is an option on the form for you to designate a percentage or fixed amount to automatically go into a retirement or savings account. Because the money is moved before we see it, it makes saving and investing a whole lot easier to do.
Limit your impulsive purchases by giving yourself rules
If I find myself in an online shopping cart with a spontaneous purchase (regardless of the amount), I have made a rule to limit my irresponsible spending. My rule of thumb is to simply put the purchase off for at least 24 hours and then reevaluate. If I still want the item after 24 hours, I purchase it. However, if the item no longer serves my needs or wants, I simply remove the item. You will be amazed at the money you can hold onto by making this adjustment!
Tax time tips
Whether you prefer an analog or digit filing system, the fact remains you gotta have one or the other. The IRS requires that you keep a backup for your deductions and expenses for 7 years. It’s imperative to have them stored in something that is assessable when you need it.
Step 1: I suggest and use a sturdy hard plastic file organizer that has a top and handles on it.
Step 2: You will then want to create a file for each year you file taxes.
Step 3: Then for each folder, you’ll add your copies of the filed returns along with their corresponding backup. If you prefer to live in a digital world, make it a habit to snap a pic of your receipt and send it to the cloud as soon as you get it.
If you prefer having a good old-fashioned receipt, then get a hanging folder to toss them in.
Step 4: At the end of the month seal it up and place it in your tax folder. Having your paperwork together and organized may seem simple for some, but for us ADHD'ers it can make the difference between starting and finishing the task an attainable reality.
Ask for help!
Ever noticed most people with ADHD are naturally intelligent? But being smart doesn't make you an expert on all things. Tax laws and regulations are constantly changing these days, requiring some serious effort and time to stay on top of. If you feel like your finances are beyond your control, it may be time to turn to a professional.
When choosing one, it is important to pick the one you feel a connection with the most, and of course, one who truly "gets" you. With the help of experts, you can truly transform your destiny. I’ve seen it many times first-hand, all through the lens of an accountant with ADHD.
Feel free to check out Kelly’s site at ADDcountants.com and see how you can get the financial support you need this year! If you want support with your ADHD, check out our site below at MasterADHDnow.com!
↓ The article summarized for my fellow ADHDers ↓
Basically do this:
Change your mindset
Create a budget that works with you
Pay your regular, recurring bills with auto-draft
Have a percentage or set amount of your paycheck moved into a retirement or savings account
Limit your impulsive purchases by giving yourself rules
Step 1: I suggest and use a sturdy hard plastic file organizer that has a top and handles on it.
Step 2: You will then want to create a file for each year you file taxes.
Step 3: Then for each folder, you’ll add your copies of the filed returns along with their corresponding backup. If you prefer to live in a digital world, make it a habit to snap a pic of your receipt and send it to the cloud as soon as you get it.
If you prefer having a good old-fashioned receipt, then get a hanging folder to toss them in.
Step 4: At the end of the month seal it up and place it in your tax folder. Having your paperwork together and organized may seem simple for some, but for us ADHD'ers it can make the difference between starting and finishing the task an attainable reality.
Ask for help and hire an accountant
The ADHD accountant’s info —> ADDcountants.com
Download a pdf of free ADHD tips and tools here —> MasterADHDnow.com.
Snag a FREE no obligation, 15 minute virtual coffee here.
Written by Kelly Garmon @ ADDcountants.com and edited + published by Nic McLaughlin @ MasterADHDnow.com
