Financial Management Tips and Resources for People With ADHD

Attention-deficit hyperactivity disorder (ADHD) is a neurodevelopmental condition found in both children and adults. It can hamper the brain’s executive functioning, which we rely on to achieve goals, organize, plan and focus. Common symptoms of ADHD include impulsiveness and difficulty concentrating on boring or repetitive tasks. Therefore, people with ADHD often experience challenges with personal finance tasks like forming and sticking to a budget.

People with ADHD can get assistance in effectively managing their finances by employing strategies that cater to their strengths. For instance, gamifying your budget and setting up automated financial systems can streamline money management tasks and reduce the need for constant attention. Regular check-ins with a financial advisor attuned to your needs can also provide tailored guidance and practical steps for feeling on top of your finances.

Common financial challenges for those with ADHD include impulsive spending, resistance to planning and disorganization, which can complicate managing money and adhering to a budget. Here’s what to watch out for if you or someone you love has ADHD.

People with ADHD can struggle with impulsive behavior, which sometimes manifests in reckless spending. You may find yourself making frequent, unplanned purchases that range from small items to significant expenditures, which can severely disrupt budgeting efforts.

People with ADHD often struggle with organizing financial paperwork — such as bills, receipts and tax documents — which can lead to missed deadlines and financial penalties.

Individuals with ADHD may struggle with both setting long-term goals and devising and sticking to the steps needed to achieve these goals, often due to difficulties in maintaining focus and consistency.

The day-to-day management of finances can be particularly taxing, with ADHD sometimes complicating the ability to perform routine tasks like monitoring account balances or reconciling bank statements, especially if you find these tasks overwhelming or uninteresting.

Managing finances while living with ADHD involves understanding and leveraging specific strategies that cater to the unique characteristics of your brain. Here are some tips to help you manage your finances more effectively.

Procrastination can be a significant barrier to financial stability. Breaking down financial tasks into manageable actions can help mitigate overwhelming feelings.

Define what you want to achieve with your finances. Whether it's saving for a future expense, paying down debt or managing daily expenses more effectively, clear goals provide direction and motivation.

Creating an ADHD-friendly budget means developing a simple, flexible system that can adapt to different attention spans and leave room for “fun money” purchases.

Impulsive spending can derail financial management efforts, making it essential to establish techniques to mitigate this behavior.

Automation can help manage regular payments and savings, reducing the chance of missed payments due to forgetfulness or distraction.

Keeping financial documents organized can be a daunting task for people with ADHD, but the right systems can help it become more manageable.

Seeking professional help can provide tailored advice and strategies to manage finances effectively. People with ADHD might particularly benefit from professional financial advice if they're facing recurring money concerns or excessive stress related to managing finances. To ensure a beneficial partnership, consider these tips when selecting a financial advisor:

People with ADHD face unique challenges that can make managing finances difficult. Various programs exist to provide financial support and alleviate the burden caused by these concerns. Here's a detailed overview of these programs:

ADHD can severely impair daily functioning and work capacity, potentially qualifying individuals for Social Security Disability Benefits. Although the Social Security Administration (SSA) does not list specific criteria for ADHD, individuals can be eligible for benefits if they demonstrate that their condition meets the SSA's general disability requirements.

SSDI offers financial assistance to individuals with a work history but can now not sustain employment due to their disability. The benefit amount is based on the individual's earnings record and other factors, such as receiving any other government aid. In 2023, the average monthly SSDI payment was $1,486, slightly above the federal poverty level.

SSI assists individuals with limited income and resources who may not have sufficient work credits to qualify for SSDI. For people with ADHD to qualify for SSI, you must demonstrate that your ADHD symptoms are severe enough to impair your ability to work significantly.

The Americans With Disabilities Act (ADA), enacted in 1990, safeguards the rights of individuals with disabilities by prohibiting discrimination in the public sector. According to the ADA and the Rehabilitation Act of 1973, ADHD qualifies as a disability in the United States, provided it significantly hinders a person's ability to work or engage in public sector activities. If ADHD is mild and does not impact a person's functional abilities in society, they are unlikely to qualify for benefits under these federal or state provisions.

The ADA requires employers with 15 or more employees to make reasonable accommodations for employees with disabilities. This can include modifying job duties, the work environment or the hiring process to suit those with ADHD better if their condition meets the ADA's criteria for a disability.

Most health insurance plans cover both the diagnosis and treatment of ADHD. However, coverage specifics, such as the need for a referral from a primary care physician, can vary. To avoid denied coverage, ensure compliance with preauthorization requirements.

If you face issues with insurance claims for ADHD treatment:

• Contact your insurance provider to understand claim denials and discuss appeal options.
• Seek out patient advocacy services that can help navigate insurance challenges.
• Legal assistance might be necessary for significant disputes or ongoing issues.

Reviewing your current plan and comparing it with others during open enrollment periods helps ensure optimal coverage for ADHD treatments. Look for plans with lower copays for specialist visits and medications commonly prescribed for ADHD. Understand your policy's details, including coverage limits, deductibles and copayment requirements. 

Explore these curated resources to enhance your understanding of managing ADHD in tandem with financial well-being:

• Children and Adults With Attention-Deficit/Hyperactivity Disorder (CHADD): Offers resources and assistance for individuals with ADHD, including tips on managing finances and finding care.
• National Institute of Mental Health (NIMH): Offers a wealth of information on ADHD, including treatment options and strategies for managing everyday challenges, which can include financial aspects.
• Social Security Administration (SSA): Outlines benefits and disability provisions for those with ADHD, helping individuals understand and navigate financial support available through government programs.
• Centers for Disease Control and Prevention (CDC): Features comprehensive guidance on ADHD, including managing health care costs and understanding the economic impact of living with ADHD.