ADHD and Saving Money: Why Willpower Never Works (and What Does)
Has there ever been a time in your life when saving felt easy? Not effortless exactly, but manageable, where the $ actually stayed in your savings account for more than a week or two?. A time when you were setting money aside regularly without it being a constant battle.
Most ADHDers I talk to have a very similar answer. They talk about their savings account feeling like a revolving door where they put money in and then BOOM, life happens and they have no other option than to transfer it back to their checking account. And then they start the process over again the next time they get paid, or get a lump sum of money like a bonus or a tax refund. However the money gets into the savings account, it doesn’t stick there for long.
And then I hear the shame and judgement that they haven’t been able to save and that they’ve accumulated more debt then they ever thought they would. They feel like having debt and not having any money set aside for ‘emergencies’ is a personal failing and makes them a failure when it comes to their money.
I’m sharing this so you know you’re in good company if this is where you are, because I talk to a lot of amazing people. People who are successful in their careers, or businesses, and in most other aspects of their lives, but their money is an area, that despite trying, they have not been able to feel successful in.
In the cases that someone has $ set aside, the most common connection is that is somewhere they either can’t access or to access it they have to jump through a lot of hoops. For the folks who are employees it’s not unusual for me to hear them say that they can’t save money, but then share that they are maxing out their retirement contributions through payroll deductions.
So why is it that folks with ADHD struggle to save money in a regular savings account, but don’t have similar challenges when $ is deducted from their paychecks to go towards their retirement?
I’m so glad you asked, I’d love to answer that question for you!
But first, let’s take a second to review why saving is so hard for folks with ADHD.
It’s pretty much a perfect storm based on some of the most common challenges we have. Because this has quickly become a lot more text than I’d like it to be, here’s a point for summary of the challenge and why it hurts our savings goals.
Messed up time perception: $ in savings for future me, who’s she? She doesn’t need it!
Dopamine deficiency: spending $ creates dopamine, more spending = less in savings
Executive functioning challenges: ADHD taxes like overdraft fees, and interest charges make our lives more expensive = less $ for savings
RDS (Rejection Sensitive Dysphoria): impacts our income because we avoid conversations like negotiating pay raises and raising prices for entrepreneurs
So how can you save more in spite of the things that make it more difficult?
Another great question!
By leaning into another common ADHD challenge, we can use it to our benefit. The challenge, if we don’t see something right in front of our faces, we forget about it.
How can that help you with saving more money?
Set up your saving so you don’t see it, and make it happen automatically. Here’s what you need to do:
Start with a savings account at a financial institution that you don’t have the accounts you should check in on. You also don’t want the app on your phone. And even better, if there are barriers that make it at least a little difficult to get your money out of your account.
To add money to your account the best way to do that is to have part of your paycheck go directly there, do not stop an visti your checking account, go directly to savings. If your self-employed, or your employer doesn’t have that option, the next best option is to automate a transfer on payday. If you are an entrepreneur without a consistent salary, this article can help.
This step is the easiest one. Forget about it. Yup, set it up and then do your best to forget it exists. Then when you need it, your brain will remember. It might take some time, but it will.
This right here, is why saving in a work retirement plan where they take the $ off your paycheck works.
It’s automated
You don’t actually see it
You CAN get it, but it’s a bit of a pain in the a$$
So I encourage you to use it to help you with your savings account too!
Start Small
One of the most common barriers is the feeling that the amount is too small to matter. $25 per paycheck feels like it’s ‘not enough’. But $25 consistently that stick in your account gets you a lot further ahead than $200 that only visits for a few days or weeks.
The process matters more than the amount right now. Once the it is set up and the account is actually growing, you can adjust the amount. But you can't adjust something that hasn't started.
Happy saving friend! 🤑
About the Author
Sherry is a financial coach with ADHD, who helps folks ADHD build money systems that actually hold up, not because they're perfect, but because they're designed to work with your brain rather than against it. She lives this stuff too, which means the advice is practical, not theoretical. Learn more about working with Sherry
