Managing finances can be challenging for anyone, but it can be especially daunting for individuals with ADHD. The constant distractions and difficulties with organization that often come with ADHD can make it challenging to stay on top of bills, save money, and make sound financial decisions. Yeah, my wife will never let me forget when our electricity was almost turned off…Oops. I thought I had paid that bill, but never did! Automating your finances can make money management much easier for ADHD professionals. Handle it once and then you can go on autopilot to build money momentum every month. Let’s get started!
Top Three Financial Automation Recommendations for People With ADHD
1.Automate Short-term Savings
Short-term savings is money that you need to be able to access easily. It’s important to have money set aside for things like home maintenance, car maintenance, and annual insurance premiums. You can also save time and headache by automating your gift-giving savings. Christmas is a big expense. It is the same time every year! 💡 If you haven’t been saving for that, it’s definitely time to start! By automating your short-term savings, there’s less to think about on payday.
2. Automate Long-term Savings
While short-term savings are the categories you may need to access in the next month or two, long-term savings are the things you’re saving for that are years down the road. Especially retirement! My beachhouse retirement dream becomes more of a reality every month with an automatic deposit! 🏝️ College savings for our children is also a priority for my family. My wife and I save for it every month without having to do anything now. Automation is incredible for the ADHD brain.
By automating your long-term savings, you ensure that the money is actually there when you need it.
3. Automate Regular bill payments
Automating your recurring bills can save a lot of headache for someone with ADHD. It is such a relief to me knowing that my mortgage will be paid on time every month without me having to think! There are all sorts of things you can automate: mortgage, utilities, phone bill, pet supplies, student loan payments, credit card payments, etc. What else can you think of to add to the list?
Automating is fantastic; however it can be challenging to get it all set up correctly. We’ve given you three areas of your finances that can be automated. But actually executing that plan? That can be tricky. Create a plan. Break it down. Make it easier with these strategies.
3 Practical Solutions To Simplify Automating Your Finances with ADHD
1. Hire a Money Coach
A money coach can help you get organized so that you can make decisions about what to automate, and what not to. They can help you create a plan to implement that automation gradually so it’s not overwhelming, and also hold you accountable to that plan to ensure success. It is worth it!
2. Implement Automated Bank Savings
To combat impulsive spending, consider implementing automated savings strategies. Set up automatic transfers from your checking account to a separate savings account or investment portfolio. By automating your savings, you remove the temptation to spend money impulsively and ensure that you are consistently saving for your future financial goals. Put that money away before you see it or spend it. You won’t even notice that it’s gone. Your future self will thank you!
Additionally, consider using budgeting apps or tools that categorize your spending and provide real-time insights into your financial habits. This visibility can help you become more aware of your spending patterns and make informed decisions.
3. Organize Digital Documents
Transition to a digital document management system. Scan or take photos of important documents and store them securely in digital folders or cloud storage. Organize your digital files by category, making it easy to locate and access documents when needed.
Additionally, consider using financial management apps that allow you to link your bank accounts and credit cards, providing you with real-time access to your financial transactions and statements in one place. This not only reduces paperwork but also simplifies the process of tracking your finances.
ADHD and Money Success
Managing finances with ADHD can be challenging, but with the right strategies and solutions, it’s entirely achievable and will pave a way to your future wealth. Hiring a money coach, automating savings, and transitioning to digital document management can greatly simplify money management for ADHD professionals. By implementing these solutions, you can take control of your finances, reduce stress, and work towards achieving your financial goals of wealth with confidence. ☑️
Take the next step of talking with Money Coach Stephanie to see how the Money Coaching System will work for you!