Managing money can be challenging for anyone, but for those who identify as or have been assessed as neurodivergent, these challenges can be even more pronounced.
Some common financial challenges include impulsive spending, difficulty sticking to a budget, difficulty saving money, putting off financial tasks, and missing bill payments which can rack up debt.
In fact, research by YouGov and Monzo found that having ADHD can cost individuals an extra £1,600 per year.
Why does this happen? ADHD is just one of the conditions that can be described as neuro-developmental, meaning the brain develops and processes information differently. ADHD, for example, impacts parts of the brain related to emotions, learning, memory and self-control. So it makes sense why managing money would be impacted.
Now that we know all of this context, we can get to the good stuff.
We spoke to a group of people who are neurodivergent to understand more about how they feel it impacts their money.
Here are 8 common issues that came up when it comes to neurodivergent people and finance, and some tips and tricks on how to manage them.
Many of these tips are aimed towards managing money with ADHD, but we hope that they’ll be helpful to anyone who identifies with other neurodivergent conditions as well.
Challenge 1: Missed payments
This can come up in various ways, from not setting up the right account, missing deadlines, or forgetting to transfer money to the right account.
Tip 1: Automate your payments
Automation will forever be your bestie here. Set up direct debits from the account you’re paid into for all your bills so you don’t have to remember to transfer funds. This ensures essential bills like electricity, water, gas, internet, and council tax are paid automatically.
The best thing about direct debits? They adjust to price changes so you won’t need to update them manually.
Challenge 2: Task avoidance
People with neurodivergence can find task initiation and motivation quite challenging.
Even tasks that seem simple or easy can feel overwhelming, and build up to the point that the person can shut down.
This can relate to any task – including phone calls and life admin – meaning you’re less likely to shop around for the best deal or cancel things you don’t use.
But with bigger or more important tasks like a tax return or actioning a letter from HMRC, the consequences can be more serious.
Tip 1: Break it down
Set yourself the following rule. Give yourself just 1 minute to do the task and start.
You can set a timer, and gamify it – how much can you get done in that timeframe? Often, getting started is the hardest part. Once you get going, you might not even feel the need to stop until the task is done.
And if you don’t, that’s ok too. You’re 1 minute closer than you were before! Don’t beat yourself up – you can always come back to it at a later time.
Tip 2: Make it urgent
Creating a sense of urgency can push you to do the task. The unintentional way of doing this is through procrastination. But finding more intentional ways of creating urgency can be a better way of handling this. You can do this by breaking bigger projects down and having deadlines for each step.
An accountability partner (whether it’s a friend, co-worker, or family member), can also help by checking in on your progress.
Just let them know that it’s more helpful for you to have a specific deadline instead of “whenever.” They might be trying to be understanding and helpful by doing this, but it actually isn’t.
Tip 3: Find a way to make it ‘new’.
Try a different way of doing something, or try doing the task in a different location or environment. Or you might try a different method than one you’ve used before. You could also tap into gamification and set yourself a challenge – how fast can you do this task, or can you do it in a more creative, easy or better way? The key here is to mix it up so it doesn’t feel same-y or boring.
Tip 4: Make it personally interesting to you.
You’re far more likely to do or learn something that interests you.
But sometimes we have to do things we don’t really want to do, for example at work or school, or simply life admin.
In a case like this, the way forward is to find something in it that’s of personal interest or benefit to you.
You could also think about creating a reward system for after you’ve completed the task. Some people like really visual trackers like charts for example. Then once the chart has been filled out, you get to have a reward. You could even have different tiers of rewards for each different type of task. For example a bigger reward for a larger or more arduous task.
You also want to make sure the gap between the task and the reward is shorter, as something too long-term won’t feel motivating enough.
Tip 5: Play your favourite song and say, “I’ll do it while this song is on.”
This is a great one for music lovers.
If that’s all you get done that day, that’s fine. Pat yourself on the back and you can come back to it tomorrow.
If that’s given you the motivation and you feel happy with continuing, pick another song and go from there. You can even pick out a special playlist that you use for tasks like this.
Challenge 3: Impulse buying
Impulse buying fuels a dopamine hit – and that feels so good in the moment. It can also seem harmless, especially if it’s just a small amount to treat yourself.
But these costs can really add up over time, so it’s worth finding ways that work for you to reduce this.
Tip 1: Add friction
The key here is to add friction and make it harder to buy things impulsively. Online retailers want you to spend money, and make it easier by allowing you to save your credit or debit card information.
Don’t save this information, and delete it if you do have it saved. Sometimes the hassle of going to get your bank card to complete the transaction will be enough to make you rethink your purchase.
If you’ve memorised your bank card details, consider ordering a new card and not updating this information on the websites where you frequently shop.
Challenge 4: Long-term saving
Saving for the future can be tough, especially if you naturally focus on the present rather than long-term goals.
Tip 1: Set up a standing order
Setting up a standing order from your current account to your savings account means that you’ll build a savings habit without even noticing it!
The key here is making sure the money goes into your savings on or as close to payday as possible. If we wait for the end of the month to save, we risk having nothing left to save. But if you set that money aside first, you can get creative and gamify how you spend the money that’s left.
Also think about setting short-term savings goals for your longer-term goals. So for example, if your goal is to have a £15k deposit to buy a house in 2030, you can set a shorter-term goal of having £1k in your home-buying pot by the end of summer 2025.
If you can have visualisations of your progress towards this goal, that’s even better. It’ll help you feel proud of your achievement and help you stay motivated and on track.
Tip 2: Round up
Some banks offer current accounts that round up the amount you spend and send the difference to a savings account. This might seem like a tiny (even laughable) amount but it really all adds up. You just need to look at the Monzo 1p Saving Challenge to see how far it can take you!
Challenge 5: Spending money on interests that no longer interest you
Hyperfocus can really throw off your financial goals.
It can lead to deep dives into hobbies where you buy everything you need only to lose interest later. This can leave you with unused items and a drained budget.
You might find after putting your hobby aside for a while, that you cycle back to it when it feels new again. This is ok! You’ll notice if this is your pattern and you’ll know whether to hold on to the items you bought or whether it’s time to donate or resell them.
Tip 1: Use visual aids to track spending on your hobbies
Using visual aids can help you keep track of how much you’re spending. Many banking apps let you create dedicated savings pots, which can be used to budget for different interests, or if you prefer something physical, try a paper tracker.
Tip 2: Set up a separate “fun money” account
This account is where you’ll transfer a set amount monthly (e.g. £20). If there’s not enough in the pot, you’ll need to wait, giving you time to decide if you still want the item.This means you won’t dip into your current account or your savings.
Challenge 6: Burnout
Burnout can be common for neurodivergent people, especially when navigating systems that aren’t designed with them in mind. It can be really brutal, and in many cases you might not be in the position to fix or change the systems that are contributing to or causing the burnout.
When experiencing burnout, unexpected expenses (like taking unpaid-leave or booking a last-minute getaway) can throw off your budget.
Tip 1: Seek support
When seeking support, it can be helpful to ask friends and family to do tasks with you rather than for you. Their presence might be all that’s needed as well – they don’t need to actively participate in the task.
This is called ‘body doubling’, which is essentially having someone be present with you while you work or do a task. This can even be a pet! This works because it helps provide accountability and structure.
You could also consider trading tasks with someone else. For example, you could help someone wash their dishes and they can help you fill in a form. It’s often easier to get motivated to help someone else than to help yourself!
Challenge 7: Last-minute purchases
This can often happen with gifting and travel. For example, if buying gifts or travel essentials is set aside until the very last minute (even though you might have been researching and planning the perfect present or accessory for months!) you might throw off your budget by paying more for expedited shipping to make sure the item arrives in time.
You might also end up at the shops at the last minute and be in the position of buying something that you and the recipient might not really like because there’s so little choice. It could also be more expensive because you’re paying a fee for the convenience.
Sometimes the cost is worth it and the expedited service is helpful, but it can be useful to try some different hacks to see if they work for you.
Tip 1: Your calendar is your best friend
Write down important dates (birthdays, holidays, weddings) and set reminders weeks in advance. Time-blocking (reserving time in your calendar) for shopping can help prevent last-minute spending. This is extra useful because it gives a visual indication of how long something will take, so you don’t get caught out later.
It’s easy to reschedule if you don’t get around to it, and you’ll get extra notifications to help keep track of time passing and when things are coming up.
You could even plan your shopping in batches to coincide with the big sales that happen throughout the year, like the summer sales, Black Friday sales, Boxing Day sales and January sales. Consider bulk buying birthday cards, or buying the following year’s festive cards and wrapping paper in the January sales.
Tip 2: Communication is helpful, especially around festive events.
The more we talk and are open about our challenges and struggles, the more we can find compromises that alleviate them.
- One fun tradition to try in the festive seasons is to give each other a small stocking stuffer for Christmas plus a voucher or gift card.
- Then the presents can be bought at a more convenient time, e.g. Boxing Day sales.
It might take away the thrill of a surprise, but it also means each person gets exactly what they want and need and can reduce the stress involved. That’s a win for everyone involved!
Challenge 8: Avoiding obligations that don’t seem urgent
When a letter or bill arrives with a really long deadline, they can feel less urgent and less important, until they suddenly become urgent (and stressful).
Tip 1: Do it immediately or time block it
As soon as a letter or email arrives that requires payment or life admin, consider handling it immediately so you can cross it off your list. You’ll feel good for having done it, and ‘future you’ will thank ‘past you’ later.
An alternative is to create an artificial, earlier deadline. Put it in your calendar as a task or event, or block some time in your diary to take action on it.
This might not work for you if you know it’s a fake deadline, but this is a great one for friends and family. If they need you to do something by a certain date or time, get them to give you an earlier deadline.
This means that the task will get done well within the timeframe that they need it to be completed.
We hope you’ve found some helpful tips here, either for yourself or someone you know.
Do what works for you
Ultimately, everyone is different, so what works for one person may not work for someone else. It’s worth trying out all sorts of things to see what works best for you. You could try keeping a ‘financial success diary’ or list to help you track which strategies work best for you.
When you find your flow, you’ll be able to create the systems that work best for you around your style and preferences.
And whatever you choose, just remember that as long as it works for you, it doesn’t have to make sense to anyone but you.
If you would like someone to talk to about your money, book a session and speak to one of our coaches.
Sources:
https://www.theguardian.com/money/2022/jun/25/shopping-adhd-spending-habits
https://www.independent.co.uk/voices/adhd-tax-money-impulse-buying-debt-b2141361.html
https://www.moneysupermarket.com/news/how-to-handle-your-money-with-adhd
https://www.perfectlyautistic.co.uk/blog/money-and-adhd-cash-hacks-to-help
https://helloalma.com/blog/demand-avoidance
https://monzo.com/blog/the-extra-costs-of-living-with-adhd
https://www.manchestermind.org/burnout/
https://www.psychologytoday.com/gb/blog/living-neurodivergence/202405/burnout-and-neurodiversity
https://www.autism.org.uk/advice-and-guidance/professional-practice/autistic-burnout
