When it comes to managing finances in your business, it’s easy to get overwhelmed by spreadsheets, budgets, and expense tracking. Suddenly, everyone else seems to have their financial act together, while you’re struggling to remember where you put that receipt from last week’s/month’s/year’s impulse purchase. (Spoiler: not everyone has it together - promise.)
We can’t rewire our brains to make them perfect for financial management, but we CAN adjust our approach to make it work better for us.
So how do you create a financial plan that’s realistic and actually manageable? Here are 4 technicolour tips to help you get there…
Simplify your budgeting process
Ah, budgeting - the backbone of any neurotypical financial strategy. But for many ADHDers, budgeting can feel like trying to book a GP appointment: the harder you try, the more frustrating it becomes. So, how do you make budgeting work for you?
Start small
Instead of trying to track every single penny, begin with broad categories. For example:
● Essentials: Rent, utilities, payroll.
● Nice-to-haves: Marketing, networking events, software subscriptions.
● Extras: That fancy coffee machine or the shiny new gadget you’ve been eyeing up.
Automate what you can
If your budget relies on you to manually record every transaction, it’s likely to fall apart quickly. Use apps that sync with your bank accounts and automatically categorise expenses. This reduces the cognitive load and helps you focus on the big picture.
Revisit regularly (but keep it brief!)
Instead of a monthly marathon session that leaves you feeling drained, try shorter, weekly check-ins. Set a timer for 15 minutes and review your spending. The goal isn’t perfection; it’s awareness.
Tame the impulse spending
ADHD and impulsivity go together like seafood sticks and hummus (just me?). But in the world of finance, that impulsivity can lead to some regrettable decisions, like signing up for yet another subscription service… Did I really need to pay for Netflix for the sole purpose of rotting my brain with Love Is Blind? (Yes, the answer is definitely yes).
Get your impulsive spending under control by:
Create a cooling-off period
Before making a purchase, especially a big one, enforce a mandatory waiting period- 24 hours, a week, whatever works for you. This gives your brain time to move past the dopamine rush and work out whether it’s really necessary/a good idea.
Limit access
Keep your spending tools (like credit cards) out of easy reach. Stash them in a drawer, or even freeze them in a literal block of ice if that’s what it takes - call it contemporary art. The extra effort to access them gives you time to reconsider.
Focus on goals
Align your spending with your long-term goals. Visual cues can be powerful: place reminders of your financial goals (like a picture of that dream office/woodland cabin) where you’ll see them before you spend.
Make financial tracking ADHD-friendly
Tracking expenses and income is crucial, but it’s also where ADHD brains can quickly lose the plot. Trying to remember everything and manually record it? That’s a recipe for disaster. Fortunately, there are things that can help.
Use visual tools
Try apps that turn your budget into pie charts, bar graphs, or other visuals if it’s easier to understand where your money is going at a glance. After all, spreadsheets can be daunting!
Set up notifications
Automated reminders and alerts for bill payments, low balances, or unusual spending can help keep you on track without the need to constantly monitor your accounts. I actually ditched a bank for stopping their low balance text messages, because I absolutely need them.
Chunk your tasks
Instead of tracking expenses as they occur, set aside a specific time each week to do it all at once. This chunking approach can reduce the mental strain and help you stay focused.
Embrace help and accountability
No one said you have to go it alone. Managing finances with ADHD is challenging, but with the right support, it becomes much more achievable.
Hire a bookkeeper
If the thought of balancing your books makes you want to run for the hills, consider outsourcing it. A professional bookkeeper can handle the day-to-day financial management, leaving you free to focus on your business. This could be one impulse purchase that actually saves you money in the long run.
Accountability partners
Whether it’s a business partner, a friend, or an ADHD coach, having someone to check in with about your financial goals can make a big difference. Regular check-ins can keep you on track and provide the external structure that ADHD brains often need.
Educate yourself
Consider taking short, digestible financial courses or reading ADHD-friendly finance books. Understanding the basics can reduce anxiety and give you the confidence to manage your finances effectively.
Your finances, your way
Remember, your approach to managing finances doesn’t have to look like anyone else’s. The goal is to find strategies that work for you and support your unique brain.
By simplifying processes, controlling impulsivity, using tools that align with your strengths, and seeking support when needed, you can turn financial management from a dreaded task into something that empowers your business. And who knows, you might even start to enjoy it!
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