Welcome to Fix My Finances, Yahoo Finance’s personal finance series. In each episode, we take a look at one viewer’s financial state of affairs and offer advice, insight and information on a variety of issues, including how to save more, spend less and pay off lingering debt.
This episode we spoke with Lindsey. She is a 32-year-old mom from Texas who, along with her husband, works for a telecom company that helps people who are deaf and hard of hearing. They have a three-year-old daughter and are struggling to find their way out of debt. Lindsey, who is being treated for ADHD, is studying to be a medical coder. They are looking for a strategy to pay down their debt and stay on top of their budget.
Budgeting with ADHD
“Money management is very difficult for ADHD adults,” says Stephanie Genkin, a certified financial planner based in New York City. “It can be overwhelming to figure out where to start, especially if you have trouble with details,” she says. But there are practical ways in which people with ADHD can manage their money and reduce behavior influence on their finances.
Setting up an online savings account with no way to easily access the cash makes using it less tempting, Genkin advises. Skim off money from every paycheck to go directly into that account—you can start with as little as a hundred dollars. This is basically a way to build an emergency fund so you don’t have to end up selling things or borrowing money to cover unexpected expenses.
Hide those credit cards
Staying away from stores where you shop impulsively is good way to stay on budget as well. When you must go out shopping, leave the credit cards at home and use cash. Make a shopping list of necessities and estimate their total cost, then take out only the amount of cash necessary to buy those items. Bring along a friend or a relative to help you stick to your list so you don’t go over budget.
With the introduction of one-click shopping, buying unnecessary items is easier than ever. Curb the habit by deleting your credit information from as many websites as possible and disable one-click shopping if you have it. You should make it as hard and annoying as possible to buy stuff online.
Watch the video to learn more about how Lindsey can fix her finances.
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