Adult ADD and Money

Getting Out Of Debt Requires Discipline

If you are struggling with an overwhelming level of debt you have likely come across offers that claim you can “get out of debt fast”.  Unfortunately you are just as likely to “get rich quick” as you are to get out of debt fast.  You probably didn't get in debt overnight and to get out from under the burden of debt you will be forced to make sacrifices, cut costs and make major lifestyle changes to be successful.   If you are feeling disillusioned and feel that you will never be able to find your way to financial freedom, don't lose hope just yet.  You are not alone in your quest to become debt free and there are millions of people who have been on your journey and have made it to the other side.

Discipline is key.

There are many options available to help you get debt free ranging from the snowball method, debt consolidation and debt settlement.  Each option has pros and cons but each require you to find the discipline necessary to make the process work.  One of the leading causes of unmanageable debt is bad money management decisions.  If you are serious about changing your life and lifestyle you can find success through each of these processes.  However if you go through the steps necessary to become debt free and don't make the appropriate changes to your spending habits and money management you will eventually find yourself back in debt. 

 

Change your financial habits.

The following bad money management habits can lead to debt or prevent you from attaining your financial goals.  Evaluate your spending habits and make changes in the following areas:

• Reduce your spending
• STOP using credit cards.  I disagree with experts suggestions to use only one card and charge only what you can afford to pay off each month or to keep a card for use in emergencies.  The reason I find fault with that suggestion is most people who are facing debt relief options are in that position due to poor credit card management.  If you were able to limit your spending or keep your card for emergencies only, you likely wouldn't be in the financial mess you find yourself facing.  I feel strongly (from experience) that the only way to stop incurring more debt is to stop using all credit cards-period.
• Research different options for debt reduction to decide which route is best for your personal situation.  You can tackle debt on your own or with the help of a debt relief company.  If you feel you are either unable or unwilling to follow through on your own, please exercise extreme caution when selecting a credit counseling, debt consolidation or debt settlement company.  There are legitimate companies that have a proven track record of getting results for their clients.  Unfortunately there are far more companies that are simply con artists looking to make a quick buck from people in desperate situations. 

The best step toward getting out of debt for good is acknowledging you no longer have control over your finances and seeking alternatives to get out of the debt cycle.  When you begin to feel overwhelmed remember this: doing nothing is not an option.  Take the steps necessary to turn the table on debt and regain control over your life.

 

 

Trisha Wagner is a freelance writer for DestroyDebt.com, a debt community featuring debt forums.  Trisha writes regularly on the topics of getting out of debt and personal finance.

 

(If you are interested in be coming a guest blogger please CONTACT ME)

 

Editors Note:  One of the biggest challenges that ADD adults have with managing money has to do with discipline. Many ADD adults tend to react negatively when someone mentions discipline. Lets face it discipline has a negative connotation, so if you have an issue with the word "discipline" replace it with "self care". Self care is doing something positive today in order to get continued benefits in the future.

The Economy and Your ADD

By Jennifer Koretsky of ExperiencingADDvantages and ADDmanagement.com.

The 'doom and gloom' is upon us. It's in the papers, on the web, and all over the TV. Your friends, family, and neighbors can't stop talking about it.

The 'economic crisis' is on everyone's mind, and fear and anxiety are everywhere. Is it affecting you and your ADD?

If you're weathering the storm without feeling overly fearful and anxious, then bravo! I applaud you and encourage you to keep doing whatever is working for you.

However, if you're experiencing an abundance of negative thoughts and anxiety about the current financial climate, then keep reading.

What I don't want to talk about today is finance and economics. I'm not qualified to advise anyone in this regard.

What I am qualified to talk about is how a climate of fear and anxiety can wreak havoc on an ADDer, and what you can do about it. So let's begin by briefly looking at the reasons why ADDers in particular are having a difficult time right now.

READ MORE >>

If you would like to be a guest blogger please CONTACT ME

Amazing Special One Time Offer

By: Tara McGillicuddy (Reprinted with permission from My ADD/ADHD Blog)

I bet you were expecting this blog post to be about an offer for a program through ADDClasses.com or my ADHD Coaching services. I'm also sure the title sparked some interest and some emotion. Some of you were probably excited and couldn't wait to see what it was I was offering. Others were probably turned of by the gimmicky title but were still curious to see what I was going to be offering.

I too get turned of by gimmicky sales pitches like this. I think they prey upon the weaknesses of people with ADHD and I don't use them. I think it's very important for those with Adult ADHD to take at least 24 hours to make financial decisions. I would advise all of you reading this to ignore anybody who throws a one time only special offer at you. If an offer like this is coming from somebody who is claiming to be helping people with ADHD I suggest staying as far away from that person as possible.

Don't get me wrong I don't think there is anything wrong with early bird specials and other discounts. Nor do I think there is anything wrong with timed offers. In fact it's often helpful to people with ADHD to be given a time limit and rewarded for acting early. Reminders of that programs are starting soon are also helpful too.

Just be very careful not to be pushed into acting impulsively and purchasing something in the moment!

If you'd like to know more about Tara, check out her sites:

• Living with ADD
• ADDCLASSES.COM
• My ADD/ADHD Blog
• Your ADD Coach

(If you would like to be a guest blogger please CONTACT ME)

By: Tara McGillicuddy (Reprinted with permission from My ADD/ADHD Blog)

I bet you were expecting this blog post to be about an offer for a program through ADDClasses.com or my ADHD Coaching services. I'm also sure the title sparked some interest and some emotion. Some of you were probably excited and couldn't wait to see what it was I was offering. Others were probably turned of by the gimmicky title but were still curious to see what I was going to be offering.

I too get turned of by gimmicky sales pitches like this. I think they prey upon the weaknesses of people with ADHD and I don't use them. I think it's very important for those with Adult ADHD to take at least 24 hours to make financial decisions. I would advise all of you reading this to ignore anybody who throws a one time only special offer at you. If an offer like this is coming from somebody who is claiming to be helping people with ADHD I suggest staying as far away from that person as possible.

Don't get me wrong I don't think there is anything wrong with early bird specials and other discounts. Nor do I think there is anything wrong with timed offers. In fact it's often helpful to people with ADHD to be given a time limit and rewarded for acting early. Reminders of that programs are starting soon are also helpful too.

Just be very careful not to be pushed into acting impulsively and purchasing something in the moment!

If you'd like to know more about Tara, check out her sites:

• Living with ADD
• ADDCLASSES.COM
• My ADD/ADHD Blog
• Your ADD Coach

Guest Author - My Love Affair With Money

By: Diane Ladd (Reprinted with permission from ADD to LIFE)

We all struggle with budgeting and spending too much but is seems that those of us with ADD have more difficulty than most. The ADD symptoms of impulsivity, trouble with planning, lack of inhibition, disorganization, forgetfulness, and the tendancy toward addictions (like shopping too much) make budgeting painful.

Working with an ADHD Coach can help you put your money issues into perspective. By developing a partnership with an ADHD Coach you can develop structures that work for you and work through the process of  managing your money.

A few years ago I was given an assignment by my coach. She challenged me to write a story about my relationship with money. She suggested that I tell the story about money as my lover.

From time to time I have gone back to this assignment. As my feelings, beliefs and attitudes have changed the story has evolved.

I've included my assignment here for you to read and I challenge you to write about your own love affair money.

READ MORE >>

We all struggle with budgeting and spending too much but is seems that those of us with ADD have more difficulty than most. The ADD symptoms of impulsivity, trouble with planning, lack of inhibition, disorganization, forgetfulness, and the tendancy toward addictions (like shopping too much) make budgeting painful.

Working with an ADHD Coach can help you put your money issues into perspective. By developing a partnership with an ADHD Coach you can develop structures that work for you and work through the process of  managing your money.

A few years ago I was given an assignment by my coach. She challenged me to write a story about my relationship with money. She suggested that I tell the story about money as my lover.

From time to time I have gone back to this assignment. As my feelings, beliefs and attitudes have changed the story has evolved.

I've included my assignment here for you to read and I challenge you to write about your own love affair money.

READ MORE >>

Repost: Guest Authors

WANTED : Guest Authors for Adult ADD and Money

Qualifications: I am looking for people to submit articles that are related to both ADD and Money issues. Examples of money issues include personal finances, money management, career, and business ventures. Your post could be about tips to help ADD adults, it could be about your personal experiences with managing your own finances, or it could be anything that you want to write, as long as it relates to both ADD and Money. The content does not have to be original, it just has to have been written by you. You do not have to be an expert or even have your own blog to be a guest writer.

Benefits: The ability to reach a unique audience that is passionate about dealing with financial challenges. Your post will be listed on YOUR ADD/ADHD NEWS, LIVING WITH ADD, and PFBLOGS.ORG, . Your blog or website will be promoted in your post and will be included in a list of guest writers on the sidebar.

If you would like to be a guest blogger please CONTACT ME

I'm a bit Shopped Out

By: Tara McGillicuddy (Reprinted with permission from My ADD/ADHD Blog)

The women on my mother's side of the family have always loved shopping. Shopping was one of my grandmother's favorites things to do. When I was in my early 20's caught a bit of the shopping bug too. Back then I wasn't aware that I had ADD and that my shopping sprees were actually a way for me to self-medicate. I bought a lot of stupid things because they were on sale. Stupid little shopping sprees and forgetting to pay my credit cards on time weren't a good combination at the time either.

A decade or so later I have a much better understanding of my own ADD and in fact really don't like shopping very much. I actually only go shopping now when I need or really want something. I don't do it anymore to relieve boredom and stimulate my brain. I just don't find it fun anymore and most of the time I get over stimulated and leave even the smallest of stores exhausted.

Last week my mother called me and invited me to go shopping with her and my sister. She offered to buy both of us dresses for family a wedding later this month. So, even though I don't like shopping I do like free dresses and seeing my family. So I accepted the invitation.

When I accepted the invitation I really didn't think it through too much that the place where we were going shopping was just about a 2 hour drive for me. When I got the Outlets to meet my mother, sister, and 2 year old nephew I was already a bit spent from the ride.

We met for lunch (and I wont even go into that) then we went to a store that doesn't even carry dresses!! My mother ended up buying me a pair of shoes so I shouldn't really be complaining but my plan was to just buy a dress! When we finally got to the store that had the dresses I really surprised myself! I really liked the first dress that I tried on.

I was now done!! I had a dress and I couldn't do anymore shopping. I couldn't go walking around the maternity store with my mother and my sister (she's 7 months pregnant). I couldn't go to what ever other store it was my mother suggested but didn't really hear. I decided that it was time for me to go home and that's what I did! My mother and sister know that I don't really do to well shopping for long periods of time so they weren't too surprised when I left.

Between the crazy 4+ hours of driving I did, the lunch, and the shopping, I am exhuasted!!

If you'd like to know more about Tara, check out her sites:

• Living with ADD
• ADDCLASSES.COM
• My ADD/ADHD Blog
• Your ADD Coach

10 Steps For Personal Finance Organization

By NCN, (Reprinted with Permission from No Credit Needed)

Here are the top 10 things I do that help me to keep my personal finances organized:

1. Limit the number of “paper” bills. Almost all of the bills that I pay monthly can be received online or via email. I “print” a copy of each bill to a file on my hard drive, for future reference.

2. Limit the number of “paper” checks. In connection with number 1, I pay almost every bill that I have via Wachovia’s online bill pay. Wachovia offers a free checking account, has good service, offers a local branch, and has free online bill pay.

3. Use an “accordion” style portable file box. I use one of these, which I purchased for about 7 dollars at Office Max, and I keep all of my bills in it. Once I pay a bill, I keep the original bill in one of these file boxes, arranging bills via alphabetization.

4. Do a daily, weekly, or monthly “sweep” of my desk / office / kitchen counter. This will be different for almost everyone. Depending on how many bills you receive, how much mail you get, and how much room you have for clutter, you need to design a system which allows you to “clean up and clear out” all of the necessary / unnecessary paper work that you have accumulated.

5. Throw junk away. Seriously, most people keep way, way, way too much stuff in their homes. Get rid of non-essential stuff.

6. KEEP the stuff you need. As a parallel to number 5, remember to keep documents, bills, and paperwork that you might need. I don’t really focus on how long I am supposed to keep a document. I keep everything that I need, organized in my file boxes, underneath our bed. I don’t follow a 3 or 5 or 7 year rule. I keep all important documents. If you will organize them, you will find that they do not take up THAT much space, and you will create peace-of-mind, knowing that your documents are available.

7. Buy a big plastic “storage tub” or “storage box”. If you are like me, you will find that some days (or weeks) you do not have the time (or the energy or the desire) to get organized. This is where the big plastic storage tub comes in handy. Take all of your accumulated paperwork, and literally throw it into the tub. Place the lid on the tub, and put the tub up, out of your way. When you have time to concentrate, get the tub, empty its contents, and file accordingly. The storage tub has done more to reduce clutter in our home than any other device!

8. Talk to your spouse (family, children, etc.). Get everyone on board with organization. Like rowing a ship, everyone must needs be going in the SAME direction, with the SAME intensity.

9. Know thyself!!! Are you a “hoarder”? Are you “forgetful”? Try to understand WHY you put things off, and then take steps to change your behavior. Do not define yourself by your struggles!

10. Relax. ENJOY the idea of being more organized. If you can only take one single organizational step per day (or week, or month)… TAKE IT!

If you'd like to know more about NCN, check out his sites:
No Credit Needed Blog
No Credit Needed Network
No Credit Needed Podcast
No. Calories Needed

Best of Guest Authors Personal Stories

Adult ADD and money. If you have ADD, then like me, you probably find that these two topics are inseparable. How many of us can name mismanagement of funds as one of our biggest setbacks in life? Quite a lot of us, I would bet. Good money management is right up there with organized closets, lasting job satisfaction, punctuality and regular sleep as elusive holy grails constantly sought by our addle-brained selves.     READ MORE >>

The big challenge is yet to come. I have a nagging, creeping dread in the corners of my mind: one day, I will have to earn an income, pay bills for living expenses, and not get into debt because I "forgot" a payment or a signature or that I needed to pay for water. Yes, yes, online bill-pay, automated this-and-that, direct whoosiewhatsit. I'm a natural worrier, so nothing you say will really comfort me. Luckily, I'm fairly easily distracted.   READ MORE >>

Adult ADD and money. If you have ADD, then like me, you probably find that these two topics are inseparable. How many of us can name mismanagement of funds as one of our biggest setbacks in life? Quite a lot of us, I would bet. Good money management is right up there with organized closets, lasting job satisfaction, punctuality and regular sleep as elusive holy grails constantly sought by our addle-brained selves.     READ MORE >>

Get Organized with Bill Pay

By Sara Wallace from Debt Management Talk (a forum where you can discuss anything related to personal finance, and share in the revenue of the forum.)

Many banks are now offering free online bill pay. While it sounds like a hassle to set up (filling out paperwork at the bank, creating a user ID and password, familiarizing yourself with the software) it really will save you time, money and energy. Here’s how:

Say Goodbye to Stamps

Every time they raise the costs of stamps, I find a few more ways to avoid using Uncle Sam’s delivery service. When I can, I use e-mail, fax machines, and personal delivery to get my message from A to B. This is the same concept of online banking. By paying our bills online, rather than stamping a forty cent fee on every one, we save nearly $10 a month, or $120 a year. On top of that, we have also saved on late fees. When we paid our bills the archaic way, we were at the mercy of the mail man. That could take days. Paying our bills online means we can send them in as late as three days before they are due. And best of all, there is no licking envelopes!

Keep it Organized

The real reason I love online bill pay is because it helps keep me organized. Bills we consistently pay each month (mortgage, car payment, etc.) are deducted from our bank account routinely, without lifting a finger. The system sends our mortgage company the exact amount it should, when it should, each month. Thus, we have never missed or been late on a payment. Word of caution: be careful with certain bills that fluctuate month to month--for example, water and electricity bills. These should not be put in the system as automatic, since the bill will vary each time.

Accountability

If you are trying to keep an eye on your spending, try this: Print the monthly statement of your online bill pay. Highlight the expenses that went to something besides the necessities (like shopping sprees, expensive nights out, etc). Take a look at everything highlighted and see how you could cut back. This is a great way to hold yourself accountable for your spending. The initial set up might be somewhat of a hassle, but once the initial time is invested, there’s not much to lose. Sorry Uncle Sam, but the times are changing! So save some time and sanity and get organized with online bill pay.

Developing a Strategy for Pursuing Work-Life Goals

Lynn Friedman is a clinical psychologist, psychoanalyst and executive coach in Chevy Chase, Maryland, specializing in workplace and relationship concerns.

She writes for the Washington Business Journal and the Washington Post interactive site and is on the associate faculty at Johns Hopkins University. Those interested in consulting her can reach her at: (301) 656-9650. www.drlynnfriedman.com, (article reprinted with permission)

This is the second part of a three-part series on developing and pursuing work-life goals. Part I dealt with how to identify your work-life goals and examined obstacles that interfere with this task.

But, what if you know what you want to do -- but you aren't sure where to begin? What if you know that you want to become a doctor or a computer graphic artist or teacher or to start a daycare center -- Or, on a more personal vein, what if you know that you want to find Mr. or Ms. Right, but you aren't sure how to go about it or where to look.

In other words, what if you have a goal, but you aren't sure about how to even start creating a plan to pursue your goal?

First, ask yourself what it will take to achieve your goal. What steps do you need to take? If you don't know, you need to do a little research.

Here are some of the several ways to research:

1. Speak to people in the field that you are considering. For example, if you want to be a doctor, talk to doctors. If you find this prospect a bit anxiety-provoking, prepare yourself. If you want to become a computer graphic artist, talk to those who have successfully done it. If you are entering a competitive field, talk with people in another locale. For example, if you want to open a floral shop in your small town, don't approach the local florist. Rather, talk to the florist in an adjacent locale.

   This step often intimidates people who lack a sense of "healthy entitlement." They figure, "Why would anyone want to talk to me?"

   If this is the case for you, then try some of the other steps below.

2. Go to your local library or bookstore. For example, if you want to be a doctor, read some books on how to become a doctor. If you want to be an web-based graphics designer, find books on that.
3. Contact relevant associations and join them. For example, if you want to become involved with the Internet (and you're a woman), join DC Web Women. If you want to become a physician, contact the American Medical Association and ask them if you can become a student member.
4. Volunteer. If you do not have the appropriate education to join as a bona fide member, contact the local chapter and ask how you could serve. If you are a skilled organizer, offer to help at the front desk at the next chapter meeting, collect money, and meet the members.
5. Find out if any place with which you are affiliated will provide helpful information. For example, if you have any kind of university connection -- alumni or a student -- talk with your alma mater's career service department.

Remember that your goal is to find out how people became a web page designer, doctor, attorney, teacher, etc.

But, what if you fully intend to take these steps, but you find yourself stymied. Somehow, you can't get to the library -- or you don't make those phone calls. Then it's time to examine what is getting in the way. Some possible obstacles include the following:

1. Obligations to the important people in your life, especially small children.
2. A belief that you are not good enough, deserving enough or that you will be unsuccessful.
3. A sense of insecurity, self-doubt, anxiety or depression.

Obligations to the important people in your life, especially small children.

It is hard to deny the needs of small children, particularly during their formative years, especially when one appreciates that they are only small once. Still, it may be very important for your children to see you reach for and pursue your own dreams. This provides a wonderful example for them. So, even if you are deferring your most time-consuming goals until your children are a bit older, you may want to begin to pursue your goal in some, more limited way. Alternatively, you may decide to pursue the goal even while your children are small. If you do this, make sure to set aside a certain prescribed time that is just for you and your child. If you have more than one child, it is a good idea to have weekly "private times" with each child alone. Even if it is just for an hour, this time should be time for you and your child to relax and enjoy each other -- without intrusion from demanding siblings.

A belief that you are not good enough, deserving enough or that you will be unsuccessful.

A sense of insecurity, self-doubt, anxiety or depression.

There are a couple of steps that you might consider.

1. Find a mentor. That is, find someone from a similar background or situation that has successfully done what you are trying to do. Talk with them about some of your apprehensions and doubts.
2. Join a work-life group. In this context, you will get help planning, small, discrete steps that you can take to pursue your goals. Moreover, you will receive support -- as well as the opportunities to help others with their goals.
3. If you continue to find, despite your best efforts, that your insecurity and self-doubt gets the better of you, seek analytically-oriented psychotherapy. There are reasons why a person is filled with self-doubt, anxiety or depression. Often, the underlying causes can be effectively addressed in psychotherapy. This sort of treatment can be liberating -- allowing the individual to pursue many work-life goals that historically had been elusive.

What if you've read part one: Envisioning Your Work-life Plan and part two (this article)? What if you know what you'd like to do and you've developed a plan for pursuing your goals? But, what if you can't seem to galvanize yourself to get started? Read part three: Developing a Strategy for Pursuing Work-Life Goals: Overcoming Resistance

People who like this article also enjoyed:

Envisioning Your Work-life Plan

Developing a Strategy for Pursuing Work-life Goals

Developing a Strategy for Pursuing Work-Life Goals: Overcoming Resistance

A psychoanalytic approach to career assessment Download Dr. Lynn Friedman's pdf file on this interesting tool.

Strategies for getting your Career on Track: Selecting your career coach