Something I have been meaning to do, but too afraid to do, was calculate how much money I have spent on NSF fees. I finally worked up the courage to face one of the many demons having ADHD comes with: struggling to manage finances.
There are many factors that come in to play with regards to poor management of finances when you have ADD/ADHD. I have every single bill or expense noted in my calendar, yet on at least a monthly basis, I forget to shift my money and the funds don’t clear. Having ADHD is frustrating, especially when it literally costs you *thousands* of dollars over the years. People living with this condition would much rather do ANYTHING with that money than have it go to their bank’s pockets. I would rather have gone on a tropical vacation- something I literally have never gotten to experience in my entire life- than fork over my hard earned money to RBC, #sorrynotsorry.
So, how much has it costed me to mismanage my money?
^^ in 2018 alone, I spent $1,575.00! Multiply that by 10 years and it could potentially be over $15,000 I have handed over to my bank for not being organized enough to have my money in the proper account.
“Why don’t you just get overdraft” you ask? Why do you think? I am “high risk” with creditors. The solution to my problem cannot be obtained unless I fix the problem. The importance of managing money is constantly nagging me, and now that I have quantifiable data, it makes me that much more encouraged to take action, because when you know better, you do better.
It is both relieving and that much more frustrating to write this piece, because nobody likes to look at their faults or flaws. It is important to do this though to grow. As much as I don’t even want to publish this, I feel I need to because if I am struggling with this chances are there are fellow ADDults struggling to get their financial shit together as well. So, if all I do today is make you feel like you are not alone, or make myself feel as though I am not alone, I did my job.
I am going to create an ever-growing list on what I can do to improve my money management situation, and if there is something that you do that helps you manage your money better, PLEASE TELL ME! #sendhelp
TARA’S TIPS ON TACKLING TERRIBLE T…FINANCES
- When possible, pay in a lump sum instead of monthly withdrawals. Once a year is a whole lot better than 12x opportunities for NSF fees
- Ask a friend or family member to remind you to pay certain important bills (I nearly had my auto insurance cancelled for missed payment, which would have resulted in TRIPLE the cost to insure as a high risk policy holder FML)
- Set multiple reminders in your phone (throughout the day) instead of one reminder, which usually happens at midnight.
- Move payment withdrawal dates to when you generally have money in your account. PAY ATTENTION TO WEEKENDS
- Create a budget (easier said than done though!)
- Review your spending regularly even just to reflect on spending, look for patterns of when missed payments happen the most
- Work with a therapist who can help you with financial management
- Create an incentive to do well – Scotland is incentive enough
- Apply for overdraft… find a bank that will work with you