ADHD Money Management: Your Unique Money Story

Let's face it: many of us with ADHD face unique challenges when it comes to handling our finances.

But here’s the good news...

Understanding your ADHD money story can be the first step toward taking control of your financial future.

We're going to break it down in this blog so you understand exactly how ADHD affects money (and what you can do about it)

You'll learn:

• What an ADHD Money Story is
• How ADHD and shame affects your finances 
• Which behavior patterns to look out for
• ... most importantly, what you can do about it!

Let's dive in!

What is an ADHD Money Story?

Your ADHD money story is the narrative that shapes your relationship with money, influenced by your experiences, emotions, and the way your brain works.

It’s not just about numbers; it’s about how you feel when you think about money, how you make decisions, and the patterns that emerge over time. For many, this story is filled with ups and downs, impulsive decisions, and a fair share of financial chaos.

Here are some examples of common ADHD Money Stories: 

• "I'll always be bad with money, because I've always been bad with money."
• "If I have $____, then i'll be able to relax and be happy!"
• "Money will take care of itself, I don't need to look at it."
• "Money is bad, and people who have it are bad."

That nagging sense of dread or procrastination that comes up when you start to think about money?

That's part of your money story.

To be sure, this is a human experience! Not just an ADHD one.

BUT...

We know that ADHDers feel more intense emotions than neurotypical folks, and could receive up to 20,000 corrections or negative comments by the time they're 10.

Add money and personal finance without the right guidance, and  a recipe for confusion.

This can lead to money stories that keep you stuck in patterns of shame and self-doubt.

The Impact of ADHD on Money Management

ADHD affects executive function, which is crucial for planning, organizing, and following through on tasks. This means that managing finances (like budgeting and paying bills) can feel overwhelming.

Missed due dates.

Losing track of expenses.

Impulse buys.

Believe it or not, this stuff is common for somebody with ADHD.

For example, you might have the best intentions to save for a vacation, but when a shiny new gadget catches your eye, the impulse to buy it can overshadow your long-term plans.

You buy the shiny object.

Get the dopamine hit for a little bit.

Then regret the purchase afterwards.

This is a common struggle for those of us with ADHD, and it’s essential to recognize these patterns as part of your unique money story. 

Not because these are the things you'll always do, but because you need to understand what you truly believe about yourself before you make positive changes.

The Role of Shame in ADHD Money Management

Shame can be a significant barrier to effective ADHD money management. It’s essential to recognize that your financial struggles are not a reflection of your worth.

Many people with ADHD have experienced financial setbacks, but these do not define you.

By addressing the emotional aspects of your money story, you can begin to heal and create a healthier relationship with money.

This might involve working with a therapist or financial coach who understands the unique challenges of ADHD.

👉 Read How to Break Free From Financial Shame with ADHD 👈

Common ADHD Money Management Patterns

Understanding your ADHD money management patterns can help you identify areas for improvement. Here are some common themes that many people with ADHD experience: 

1. Impulsive Spending: The thrill of a spontaneous purchase can be hard to resist (give me ALL the dopamine!). You might find yourself justifying these purchases as a reward or a way to cope with stress.

2. Difficulty Planning Long-Term: It’s easy to focus on immediate gratification rather than future goals. This can lead to procrastination when it comes to saving for retirement or paying off debt.

3. Emotional Spending: Many individuals with ADHD use shopping as a way to cope with emotions. Whether it’s stress, anxiety, or boredom, spending can provide a temporary escape.

4. Shame and Guilt: The cycle of impulsive spending and financial mismanagement can lead to feelings of shame. You might feel like you’re not good with money, which can further perpetuate negative behaviors.

Transforming Your Money Story

The first step in transforming your ADHD money story is to acknowledge these patterns without judgment.

Remember, you’re not alone in this journey. 

Just by reading this blog and letting this information sink in, you're taking ACTION towards making a change! Believe me, you are 100% making progress right now even if it doesn't feel like it yet.

Here are some practical steps to help you take control of your finances:

• Create ADHD-Friendly Systems: Develop budgeting systems that work with your brain, not against it. Use apps that send reminders for bill payments or set up automatic transfers to savings accounts.

• Set Small, Achievable Goals: Break down your financial goals into smaller, manageable steps. Celebrate your progress along the way to keep yourself motivated.

• Practice Mindful Spending: Before making a purchase, ask yourself if it aligns with your long-term goals. Consider implementing a 24-hour rule for non-essential purchases to help curb impulsive spending.

• Seek Support: Don’t hesitate to reach out for help. Whether it’s a financial planner who understands ADHD or a supportive community, having someone to guide you can make a world of difference.

Conclusion

Your ADHD money story is a unique narrative that reflects your experiences, challenges, and triumphs. By understanding the patterns that shape your relationship with money, you can take proactive steps toward better ADHD money management.

Remember, it’s not about perfection; it’s about progress. You are not broken!

Embrace your journey.

Ask for help.

Change your story.