“I am way behind on bill paying, and I have late fees piling up!”
“Taxes are due and I can’t find my papers!”
Common ADHD symptoms of impulsivity, lack of attention to detail, disorganization, and procrastination can make it hard to stay on top of one’s finances. For this reason, learning about personal financial management as a young adult is an invaluable life lesson.
As discussed in a prior blog post, financial literacy begins with understanding the following basic aspects of financial management:
Banking and Bank Services
Budgeting
Credit and Debit
Insurance
Savings, including goals and future planning
(For information on these topics, see the lessons in “Money 101” in the free online “Cash Course” offered by the National Endowment for Financial Education and the lessons associated with the PBS website on “Your Life Your Money“)
NUTS AND BOLTS
For an ADHD-friendly overview of financial management, Kathleen Nadeau’s article “Manage your Money with Adult ADHD” offers tips related to the following key topics: tracking spending, paying bills online, balancing the checkbook (and banking online), saving receipts, preparing for taxes, and saving for retirement.
WHAT ELSE?
Financial literacy encompasses additional topics as well. Specific areas in which to develop awareness, some particularly pertinent to individuals with ADHD, include:
Organizing one’s money management
Managing educational expenses*
Working and earning*
Spending, making purchases*
Loans and Debt
Investing
Money and relationships*
Solving problems with money*
Developing awareness of financial tools*
Most of these additional topics are addressed in the useful book ADD and Your Money, written by Sarkis and Klein.
A few other sources are worth a look as well. Those topics with an asterisk (*) are also addressed in the National Endowment for Financial Education’s “Cash Course.” Various forms that may make money management easier can be found online: one source is Money Management International’s “Financial Literacy Month” website.
FOR MORE INFORMATION
ADD and Your Money, written by Sarkis and Klein
National Endowment for Financial Education’s “Cash Course.”
Money Management International’s “Financial Literacy Month” website
PBS website on “Your Life Your Money“
“Manage your Money with Adult ADHD” by Nadeau
Previous blog-posts related to financial issues include:
Fool-proof bill paying #1
Fool-proof bill paying #2
ADHD and Money, Part 1
Watch for subsequent blog posts related to managing your finances as well!
Photo credit: Ambro at freedigitalphotos.net