Revenue collection - Effective Financial Management Strategies for Those with ADHD
Haven't we all been there?
- You purchase something because you believed it was lost or misplaced, only to later find it as if by a miracle.
- You buy food with large culinary plans in mind but end up having to throw it away because you left it in the fridge.
- A subscription renews automatically because you missed the cancellation deadline.
- Your child misplaces their scarf, hat or pencils for the umpteenth time.
The "ADHD Cost"
These common mishaps might seem trivial, but they can become a recurring issue for neurodivergent individuals, especially those with ADHD (Attention Deficit/Hyperactivity Disorder). These unintentional added expenses that arise due to neurodivergence are referred to as the "ADHD Cost." This term refers to the expenses incurred when organizing and maintaining structure in daily life is a challenge.
Forgotten and unpaid bills for rent, electricity, or GEZ can lead to penalty fees and encounters with collection agencies or Schufa. If these financial missteps happen frequently, it can quickly lead to a debt spiral or even poverty. People with ADHD often struggle to keep track of their finances, plan ahead, and maintain proper financial hygiene.
Financial issues are unfortunately not the only concern: research shows that people with ADHD are twice as likely to die prematurely as others. This fact highlights the significant impact ADHD can have on life beyond financial matters.
3 Tips for Staying Organized in Financial Chaos
While we're not experts in neurodiversity, diversity and inclusion are important to us. Here are our top three financial suggestions designed specifically for neurodivergent individuals.
- Automation is the Key
Use standing orders and direct debits to lessen your financial burden. Set a fixed date in your calendar every six months or year to review your current subscriptions and direct debits, ensuring they're all running smoothly.
- Credit-Based Accounting
Maintain a credit-based account that can't slip into the red. Every bank is legally obligated to offer such an account, even if they don't usually advertise it.
- Buddy System - Strength in Numbers
With the buddy system, you work or study alongside someone who acts as a supportive presence. This method can also be applied to financial matters. Since the other person is also working, you're motivated to stay focused and productive. The buddy system also works effectively over the internet via video calls.
Where to Seek Help
A diagnosis can be unsettling, but also enlightening. Unfortunately, women are often diagnosed late (#gendergap #masking). If you suspect you might be affected, contact medical or psychological therapists, specialists in psychiatry and psychotherapy, and specialized outpatient clinics for adults with ADHD.
By applying these tips and information, you might be better equipped to handle the financial challenges associated with ADHD and create a more stable financial foundation in the long term. Remember, you're not alone, and there are numerous resources available to assist you.
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Source: www.stern.de