Impulse spend

According to Monzo, nearly half (48%) of those with ADHD say they frequently buy things on the spur of the moment – compared to just 12% of those without the condition. 

Impulsivity can lead to people buying lots of small things they don’t really need or larger extravagant purchases without stopping to think if they can afford it. 

‘Buy now, worry later’ is a reality for many. 

Miss bill payments

Again, Monzo found nearly half (49%) of ADHDers said they’d forgotten to pay a bill – almost three times higher than those who are neurotypical (18%).

Missing payments can lead to late fees and can also hurt your credit score, making it harder to borrow money in the future or resulting in higher interest charges.

You’ll feel more motivated to tackle these tips during your ADHD ‘power hour’ – that time of day when you’re getting everything done. 

Curb impulse spending

• Identify your triggers and temptations and work out how to avoid them.
• Make a list before you go shopping and stick to it – you can also tell a friend what you’re buying for extra accountability.
• Add up what you’re spending as you shop to keep track.
• Wait a full 24 hours before committing to a big purchase to see if you still want it.
• Unsubscribe from all marketing emails.
• Make it harder to spend money – only take cash when you go shopping so you can’t overspend.
• Keep your credit cards in a safe space, but not where you can easily see them – ‘out of sight, out of mind’ can really help.
• Ask a loved one or someone you trust to look after your cards for you.
• Manually enter your credit or debit info each time – this forces you to think about your purchases.
• Window shop online - add things to a wishlist or shopping cart but don’t buy it. This satisfies the impulse without spending, check back in a few days and you might find you no longer want the items.

Set an ADHD-friendly budget

• Work out how much you have to spend after you’ve paid the bills – divide what you have left by the days until you’re next paid and that’s your daily budget. 
• Try splitting your expenses into different groups – work out how much you spend on energy, food etc. 
• Put when bills need to be paid in a calendar so you can’t miss them. Check them off as you pay.

Tackle executive dysfunction

Technology can be a big help here so use it to your advantage – it’s like having a personal assistant in your pocket:

• Set up your direct debits and standing orders in advance to avoid late fees.
• Consider separate accounts for saving and spending – some banks let you set up ‘pots’ which are like giving yourself an allowance.
• Set up automatic transfers to your savings account.
• Create shopping lists and give yourself a cash limit.
• Use mobile banking – instant notifications and seeing your balance in real time can really make a difference.
• Set payment reminders – you can either use your phone’s calendar or download a specialist app.
• Schedule your bills to go out when you’ve been paid – that way, whatever’s left over is yours to spend or save.
• Set a savings goal – turn saving into a game to provide instant gratification, such as challenging a friend to save more by a set date.

Make it visual 

• Try creating a ‘no spend’ tracker on a calendar. Colour in each day you manage to avoid unnecessary spending. It’s a simple act, but offers instant satisfaction.
• Track your spending using a notebook, spreadsheet or app – you’ll be able to spot patterns in your spending and see where you can make improvements.

Get a body double

This involves working alongside someone else while tackling those tedious financial tasks. Having a friend nearby can help you stay accountable and focused during overwhelming moments.