Why Traditional Advice on Money Management might not be right for Adults with ADD Part 2

A good piece of financial advice that many experts will tell you to do is to create a household budget. When many adults with ADD think about a traditional budget they cringe at the thought of doing a lot of math and breaking down budget items to tiny details that they have to monitor. While Budgets are not ADD Friendly you still need to have an idea of how you plan to spend your money. Adults with ADD respond well when they visualize process information. Money planning techniques include:

1.  Putting the money you want to spend on different areas in envelopes

(One envelope for housing, one envelope for food, one for transportation, one for savings, one for spending on yourself, etc.)  This helps with overspending because once you spend the money in the envelope you realize that you should not spend anymore on this are until you get more money.

2. Tracking Income and Expenses using a calendar.

This will visually remind you what bills are due in the future.

3. Using Separate Bank Accounts to track spending on specific areas.

Some people I know have a separate bank account for the day to day expenses and another account for the monthly obligations that they owe. They fund the account for the monthly expenses that they know about, and the rest is in a separate account. This way they do not have to worry about having cash available for the regular bills they owe and the other account puts a cap on the day to day expenses that Adults with ADD can easily lose track of.   

see previous entry Why Traditional Advice on Money Management might not be right for Adults with ADD Part 1

Comments

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regards
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