2.6 million people in the UK are living with Attention Deficit Hyperactivity Disorder (ADHD), yet its impact on money management remains underexplored. For many people with ADHD, dealing with personal finances is a daunting and stressful task. The common symptoms of impulsivity, forgetfulness and difficulty with long-term planning can make budgeting and saving seem like insurmountable obstacles. But it doesn’t have to be this way.
By shedding light on this issue and exploring practical tools and strategies to help, we can empower those with ADHD to take control of their financial wellbeing.
Today, we’re sharing the story of Amelia, 40, a mum of three who works for the NHS. Amelia has been on a journey with ADHD and her money over the years, and found success recently using RiseUp. Amelia was diagnosed with dyslexia as a child, but it wasn’t until two years ago, through a workplace assessment, that she discovered she also had traits of ADHD. This led to an official diagnosis, which shed light on many of her lifelong struggles.
Amelia’s ADHD presents itself in several ways that impact her daily life, including impulsivity, forgetfulness and dopamine chasing, which means she’s constantly chasing excitement and fun. In addition, Amelia’s ADHD, combined with her dyslexia, also affects her attention to detail, leading to issues such as losing belongings.
The impact of ADHD on Amelia’s finances
When it comes to money management, Amelia’s ADHD presents several challenges:
- Impulsivity: Amelia describes impulsivity as a significant factor in her financial decisions. “Impulse shopping is a big one for me. Knowing that the reason I’m doing it is dopamine chasing caused by my ADHD, I can redirect better.”
- Dopamine chasing: Amelia says she finds herself “constantly looking for something exciting and fun to give [me] that hit of dopamine,” which is a big factor behind her drive to impulse shop.
- Forgetfulness: Amelia often struggles with remembering when bills are due. “I forget when certain bills are due. So obviously direct debits are handy, but unless I keep track of everything I would forget what’s supposed to be coming out and when.”
- Debt: The combination of impulsive spending and forgetfulness led Amelia into £30k worth of credit card debt, which she’s paying off at the moment. She estimates that about two-thirds of this debt is attributable to her ADHD.
- Difficulty with monthly budgeting: “I will set my budget each month, but it can still be quite hard to say ‘no’” when there’s something she wants to buy, she says. Amelia found that transitioning from getting paid weekly to monthly made her financial challenges worse, because she no longer knew what her finances would look like in the immediate future.
How Amelia manages her money with ADHD
Despite these challenges, Amelia has developed several strategies to manage her money more effectively:
- Budgeting for impulse purchases: Recognising her tendency for impulsive spending, Amelia has created a dedicated fund for these purchases. “I have a Pot called Fun Stuff in my Monzo, so I know that if I’ve got an impulse and I really want to do it, I’ve got that amount set aside.” Amelia used RiseUp to work out she could afford to put £15 a week into her Pot, which currently stands at £190. “It might not seem like a huge amount, but I’ve found that as it grows, you get less inclined to want to spend it.”
- Dopamine diversions: Amelia now redirects that dopamine rush she gets from shopping to something more productive. “Making something, which is why crochet and knitting work for me.”
- Realistic budgeting: Amelia emphasises the importance of setting realistic financial goals. “Previously, I’d go too strict and say ‘right, we’re not gonna spend on anything. It’s just gonna be bills,’ and it wouldn’t work.”
- Tracking expenses: Amelia uses RiseUp to track and categorise her spending. “RiseUp tracks and categorises everything so I can see where my money’s going. It’s a good visual. It can be sad and sometimes depressing looking at it, but also can be kind of quite motivating.”
- Separating her money: To manage her forgetfulness, Amelia separates her money into different categories. “I split my money up now as well. I use RiseUp to track what’s set to come out, and then I move the money over for that, and then move everything else out. So I’m never touching direct debit money or spending money.”
- Notifications and reminders: To help with her forgetfulness, too, Amelia says: “I try to put dates down for everything.”
How Amelia uses RiseUp to manage her ADHD and money
RiseUp has become an essential tool in Amelia’s financial management strategy. Here’s how she uses it:
- Centralised financial overview: RiseUp’s ability to pull all financial information into one place is crucial for Amelia. “It’s useful because it pulls everything into one place. It’s got the credit cards, the bank accounts, everything into one place and shows what’s coming out.”
- Expense categorisation: The app’s categorisation feature helps Amelia understand her spending patterns. “Sorting everything into different categories means I know where my money is going. It helps me plan, because I know that obviously the mortgage isn’t going to change and I can’t live without electricity. But then I can see the other bits, like subscriptions. So if I’m finding things tight, I know what I can cancel if needed.”
- Flexible categorisation: Amelia appreciates the ease of recategorising expenses in RiseUp. “I like how easy it is as well to recategorise stuff, it comes up as a suggestion.” This means that transfers between her own accounts are never categorised as new money coming in.
- RiseUp Daily: RiseUp’s easily digestible daily ritual features helps Amelia stay on top of her finances. “Just going through the bits and checking where I’m at. It’s a good prompt to see what’s coming up and then it does the little confetti effect when you finish.”
- Community Challenges: Amelia finds RiseUp’s group challenges particularly helpful for her ADHD because they hold her accountable and generally focus on one thing at a time. “The fact that the challenges are just about using up ingredients in your cupboard, for example, or just looking at something else specific, it’s good because it breaks it up. With ADHD looking at big things can be quite daunting.”
Managing finances with ADHD can be stressful, but Amelia has found that having a clear overview of her finances with RiseUp has reduced her anxiety. “I can now see it in one place, so I don’t have to worry that I’ve missed something or forgotten to account for something.” This improved financial clarity has positively impacted her overall sense of wellbeing. “It’s just one app to go into to look at everything and see what’s there and see what’s coming up.”
As Amelia continues to use RiseUp and learn more about her ADHD, she’s looking forward to focusing on longer-term financial goals. “It’ll be good to start thinking longer term, once I’m not paying off those debts anymore.” She hopes to buy out the government’s share of her house within the next five years, which she purchased through the Help to Buy scheme.
Amelia’s journey offers valuable insights for others with ADHD who are struggling with money management. Her advice is clear: “Don’t be afraid to get it all written down and tracked out. And be realistic. Thinking that I won’t ever shop or won’t ever want to buy stuff is just not realistic.”
She emphasises the importance of being kind to yourself and setting realistic expectations. Even small steps can make a difference. As Amelia puts it, “Even if it’s £10 pounds, it means something.”
Amelia’s story highlights that while ADHD can present challenges in money management, it’s possible to develop strategies and use tools like RiseUp to take control of your finances. By understanding her ADHD traits, setting realistic goals and using technology to her advantage, Amelia has made huge strides in managing her money and planning for the future.
For those with ADHD who are struggling with money management, Amelia’s journey offers hope and practical strategies. Remember, it’s not about perfection, but progress. With the right tools and strategies, it’s possible to achieve financial wellbeing, even with the unique challenges that ADHD presents.
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