For those with ADD and ADHD

[Tigz]

This is for those of you with ADD or ADHD.

 

Attention Deficit Hyperactivity Disorders (ADHD, or ADD if you don’t have the hyperactivity) can reek havoc on your life, including your financial life. People with ADD can have serious problems with “remembering” to pay bills on time and can have a problem with impulse buying. Luckily, creditors can’t discriminate against us.

 

I wanted to start a thread and ask how people deal with their ADD when it comes to handling financial matters.

 

I only have 2 suggestions…I am hoping that others will chime in and add some more.

 

My tips are these:

1. Auto Bill Pay!!! Have it set up to where they will take at least your minimum amount due each month (you can, in most cases, also send in a second payment if you want to pay more)

 

2. Impulse buying:

A) Never buy on the spur of the moment. Unless you already have researched the item, or it is something that you NEED right away – wait a few days before buying.

 

B.) Once you have decided to buy something, do not change your mind on the showroom floor (unless it cost less)

 

An example of B above: many years ago, I wanted a waterbed. I went to the waterbed store and already had in mind what I wanted and the general amount I wanted to pay. I picked out the bed and was going with the salesman to write up the paperwork. Out of the corner of my eye I spotted this beautiful black lacquered bed. It cost about $500 more than what I intended to spend (that was a lot of money in the early 80’s)…I kept looking at it and decided that I “just had to have it”. I ended up buying that one instead of the one I had intended on buying. It cost me an extra $500 (+ interest)….I have kicked myself over and over again over the years for doing it – I would have been just as happy with what I originally had picked out.

But it did teach me a lesson…If I decide on buying something, I stick with my original plan (within limits – there are always exceptions to the rule), If I change my mind at the store, I will go home and mull over it for a while before I decide. I don’t let myself or a salesperson entice me to “buy up”.

 

Can someone give some more suggestions?

 

Thanks!

[Gingerly]

I've never been diagnosed, but I suspect I have mild to moderate ADD.

 

I agree that autobillpay through the bank is the #1 thing to keep me on track.

 

Once I get out of debt, I will only use 1 or 2 cards...this juggling thing is too much of a hassle for me.

 

Overall, I think taking steps to simplify your life, like opting out to reduce mail clutter, is very important for people like us. And using feng shui principles to keep the chi flowing is important too, because it's just too easy for us to allow the hectic lives most of us live, which creates clutter in our homes and our lives, to clutter our thoughts.

[JessieLyn]

I have no attention span whatsoever. Some lady at the local college suggested I might have add/adhd... because when she asked me what i was there for i told her she had an awesome cup on her desk.....

 

I don't forget to pay bills. I forget where I put them even if its in one centralied spot on the desk I tear the apartment apart looking for bills...

 

my fiance i believe does have adhd and he never pays anything til 2-3 months later. we moved in december, he still hasnt paid anything except his cell phone.... only reason he paid that was because they tuned it off on him.... twice....

 

I keep telling him to do auto bill pay but he has no interest in it....Our bank charges $4.95 a month. I have 2 bills... its not worth it for me to pay $4.95 to pay 2 bills where, i could mail the same two bills and spend $.74. I have 2 credit cards too but i pay them thru the issuers sites...

 

he on the otherhand has the electric, cable, house phone, car insurance and i think thats it.... still kinda wouldnt make sense for him to pay to pay his bills....

 

he could always switch to another bank tho....

Edited March 19, 2005 by JessieLyn

[cotterpin]

I use auto bill pay for my car insurance and electric bills

 

I use online bill pay for everything else, it's helped A LOT.

 

As soon as I get the statement, I go online and pay it. Before, I'd say, "oh I'll pay that later" and forget to mail the sucker, or forget to pay it altogether!

 

It's also helped me balance my checking account too, since I can look at that online.

[jerseygirl]

I have been diagnosed for two years now. For years I thought that I just wasn't as bright as other people, and I had NO self confidence. It even affected my job performance. I was a major procrastinator and absentminded didn't even come close to describing my situation.

 

Since I have been medicated I have seen a tremendous difference.

 

I use autopay, because the monthly fee is small in comparison to just one late fee. Forget about what one 30 day late can do to your FICO scores.

 

I pay my other smaller bills by phone on the day I receive the bill. The extra $1.50 or so they charge is worth it. My credit has been excellent since I have been medicated. Now, if I can undo the damage from years past ...

[Tigz]

Why on earth did this get bumped to General Discussion?????

 

The thread was started to get and give suggestions concerning financial obligations for those with ADD/ADHD...I think it is much more relavent on the Credit board or at minimum the money management board. How is this thread NOT credit related?

[Parrothead104]

I've not been officially diagnosed, but after using a checklist from a doc, it's a given. I answered yes to 20 out of 27 questions..

 

As far as mail clutter, it's my job. More mail, job secure! (really, where's it gonna go) I see catalogs at work & jot down the site to order them when I get home

 

I keep a small basket on the steps. Open bills ASAP, put address label/stamp on & put in bill holder. I place the rest in the basket & go through 1/2x a week in the "office". I shred anything with name/address on it(slight paranoia due to ex) I file the rest (I keep 2 statments).

 

I prefer to write the checks out myself. I use online bill pay only if nearing the due date. There are enough fees for things as it is, I'm not paying someone else to pay my bills. I'd rather support my employer with that stamp purchase! Really, if you mail 10 bills @.37, that's $3.70, as opposed to hideous online fees, tele-check fees, etc..

 

Anyway, I try to de-clutter as often as possible. The military & my Dad instilled organization in me (I do move things sometimes, but I know where to!). Total opposite of my Mom (she once threw away a CS check ) Sure, I'm scatter brained sometimes, but it makes life fun. DH just loves it

My little basket operation works really well.

 

I'd love to get "medicated", but I've been 33 years without it! Does it make that big a difference? If so, I may consider it.

[Tigz]

 

I'd love to get "medicated", but I've been 33 years without it!  Does it make that big a difference?  If so, I may consider it.

<{POST_SNAPBACK}>

Actually it depends on the person whether medication is needed. Medication alone, many times, doesn't work. They usually take a medication/behavior modification approach. Your father and the military taught you the dicipline. The medication amplifies that.

 

I have noticed that since I quit working, My ADD has gotten considerably worse. So I can say, with some knowledge, that a diciplined environment helps considerably. However even in a diciplined environment, I had considerable problems. Right now I am in the "needs to be medicated, but is not currently taking it" catagory.

 

Tigz

(Who is till seriously irked that they moved this discussion considering it has direct bearing on credit)

[Credit Please]

I am undiagnosed and un medicated. I am not big on medication but if it would help me be more stable minded I would give it a try. I use auto bill pay, i really dont need it but I procrastinate big time, especially when highly stressed.

 

DH helps out a lot, I let him make stressfull decisions for me most time. It must have taken me 2 weeks to send out a validation/ITS, I am in a very high stress mode right now.

 

Here is my biggest concern, because I have ADD, my bonus is I am an excellent thinker (maybe I over think) I have an IDEA super highway that I dont want to lose. Will the meds kill that. If so I will pass.

[SassyinAz]

Tigz,

 

No need to be seriously irked at the moving, my apologies, or you can smack me if you like -- though if you choose the later you'll have to wait until tomorrow because I've been smacked enough for one day at the time I moved it this morning the posts were mostly ADHD related and I thought that was the focus you wanted and would have received in the general forum.

 

Moving to the money management forum, because things tend to get lost in the credit forum and this will be a good resource for anyone having similar issues they are dealing with.

 

Sassy

[Tigz]

or you can smack me if you like -- though if you choose the later you'll have to wait until tomorrow because I've been smacked enough for one day

 

Sassy

<{POST_SNAPBACK}>

Nah, no smacking...I save that for DH

 

I just want to compile a good list of suggestions for those with ADD/ADHD and for those that are exeriencing some sort of crisis that can affect how they pay bills (therefore affect their credit rating).

 

Sadly, A somewhat recent study shows that 70+% of adults with ADD/ADHD tend to have money problems and/or credit problems. They attributed the problems to be a "symptom" (or "systematic" - sorry I am having to do this from memory as I don't have the article in front of me right now) of the disorder.

 

I thought compiling a list of "tips and tricks" could be benificial for them...or anyone that has a problem getting their bills paid on time.

[Julio Machado]

Oops, I forgot what I was going to add...

[Tigz]

Oops, I forgot what I was going to add...

<{POST_SNAPBACK}>

 

Smarta$$

 

Actually the purpose of this post is to request that folks disregard my quote of 70+%...at least for the time being. I can't find my copy of the research article right now...and I don't like saying something that I can't back up with a link or publication reference.

 

When I find it again, I'll update.

 

Also, to quickly go back over some of the suggestions...

 

1. Auto-pay

2. online bill pay (I have found this works too)

3. pay by phone

4. Using a basket/file system - IMO a GREAT suggestion...although it might be too much in the beginning for some...but definitely something to work towards! I would suggest starting using a basket system for your mail and bills...but until you get it down really well, use the other options.

 

For spending habits:

1. Hold off on impulse buys. Give yourself a day or two to really think it over before committing your money.

 

2. (unfortunately, something I can NEVER seem to do no matter how hard I try) Try to have an uncluttered home...that way you won't keep buying the same item over and over because you can't find the one you already have. (I swear I must have 20 tape measures, 10 brooms, and around 7 dustpans)

 

Hoping for more suggestions!

[hegemony]

can I smack you Sassy?

[hindsight2020]

Get a high enough credit line on a ccard, and have every possible recurring bill auto paid. If the creditor doesn't offer autopay online, ask, you might have to mail a form in, but it may be available. Check on one bill, pay on one bill.

 

Good Luck

 

Adderall XR 20mg rocks!!!

[SB12345]

I took over the bills from my husband who I believe has ADHD. ...at first it worked but eventually bills became a non-issue for him. Now I can tell him that there is no money to spend and he will still go out and take out $100 just to have pocket money or to buy a case of candy bars from the boy scouts...forcing me to skip the electric bill so I don't overdraw the account. Charity is great....but electricity is better. Now it has come to a point where I need to go back to work, but I can't afford daycare so he has to take some responsibility for child care...but I can't pin him down long enough even to take a part time job at McDonalds..I even tried working from home and I can't even count on him to keep the kids away from me for three hours in the evening.

[cotterpin]

can I smack you Sassy?

<{POST_SNAPBACK}>

 

 

 

You can't smack my friend Sassy

[hegemony]

 

You can't smack my friend Sassy

<{POST_SNAPBACK}>

you have a friend?

[cotterpin]

 

 

 

You can't smack my friend Sassy

<{POST_SNAPBACK}>

you have a friend?

<{POST_SNAPBACK}>

 

 

 

 

MEANIE!!!!!!!!!!!!!!!!

[katwoman]

These are the things that worked for me:

 

1) Get a desk set checkbook with duplicate copies. This way you can't carry around a personal sized checkbook to make impulse buys and the duplicates allow for a record of the check (for those of us who aren't too good about recording all the neccessary info into those pitsy little columns on that personal sized checkbook). I won't even go near a discussion about balancing the checkbook.

 

2) Have all your utilities and other recurring expenses taken out of your checking account automatically. You can even have your veterinary insurance deducted this way.

 

3) Once you've done #2, you'll have very few bills coming to the house. As soon as one of these show up (as you are tearing open the bill) go immediately to the desk set checkbook and write out a check. Since the desk set checkbook is big, you should have a pen, stamps and mailing labels that can fit inside. With enough practice this will take all of 3 minutes to do. I lived on the third floor (walkup) and would start tearing open the bill and pulling it out on the way up. Then turn the key, not even taking off my coat, write the check, stuff the envie, stamp it, stick on the return mailing label and mail it the very next day.

 

4) Direct deposit your payroll. All of it! Before this was available to me, I used to carry around in my purse, at least 3 months worth of payroll checks.

 

5) No ATM or debit cards. EVER! It's just too easy........which brings me to .....

 

6) Pay with cash. You couldn't have bought that fancy waterbed if you had only brought enough cash for your first choice.

 

 

And that's it!

 

BTW, I tried the medication but it did little for me except to make my heart race. Scarrrrry.

[robb]

Great Question, as all of my credit problems were basically ADHD-related.

 

I totally agree with all those who say to get your bills on auto-debit plans, as this will at least stop the bleeding. Make sure your due dates are spread out so you're not going to automatically overdraft your checking account in any given week. If you're like me, you hadn't been paying attention to this, and had just been randomly paying bills anyway without realizing all your bills were due in the same week.

 

The other thing I did was get hooked on my financial info. I can't do anything calmly and methodically. I either do it frantically or never at all. So, I chose to start doing my finanical rounds of websites and Quicken every single day. With ADHD, if I tried to do it once a week, twice amonth, or even once a month, I'd always screw it up, but daily I can handle.

[genseeker]

I was diagnosed with VERY severe ADHD at age 3 and was medicated. I went off meds when I was about 14 because at that time they thought Ritalin became addictive after puberty. I briefly went back on it when I was almost 20 for college. I tend to go to extremes from other people. I used to be totally lost when finances were involved, really anything. Sometimes I even forgot about going to work, paydays, etc. My ADHD is very severe, even now it is very rare that a child of 3 is placed on max legal doses of meds and still barely under control. But over the past years (I am 33) I have learned to use my ADHD to my advantage. My DH tells me I border on obsessive/complusive, LOL.

 

I purchased an older copy of Microsoft Money (MM) from a friend when they bought a new one. I entered all my bank info and even went so far as to go back as far as possible with bank statments when entering my data. The very first thing I do EVERY morning is download all new info from my bank accounts. Every day, I enter any transactions into MM, that way it looks like the money is already gone from my account, even if it hasn't cleared our bank. I use the online BillPay form my bank because I get it free since DH has direct deposit. I also have all pending bills/deposits recorded into MM. Every new bill that comes in gets logged into MM and corrected if it varies form the maount I estimate. The great thing about this is I take receipts and "split" transaction to show exactly what the money was spent on. For ex. I spend $60 at WalMart..$5 for pets, $12 for meds, rest for groc. This helps me create and maintain a budget. MM also includes a debt reduction planner and a goals planner and I use both of these parts as well. I can honestly say it was the best money spent on a computer program in years.

 

Another good thing is to have multiple calendars around your house with due dates/appts/etc on them. I can't go out my bedroom door wihout looking at my calendar. I also carry a personal calendar for when I need to make an appt.

 

Edited to add: Many people with ADHD who have kids should teach "adjustment" methods to their children. I have 3 kids, all ADHD. In our house, DH is the "abnormal" one because he is the only one not ADHD, LOL. Each of my kids has a calendar. We all mark the day off right before bedtime and check it when we get up. All their appts/due dates for school stuff/etc is on the calendar. I hope to teach them enough so that they can eventually get off the meds.

Edited April 20, 2005 by brokeinVA

[crystal1978_2000]

I have a cork board when a bill comes in I immediatly tack it on the board and look at it everyday to see what bill I need to pay.

Having things automatically pull out won't work for me because i'll forget a bill is being pulled out that day and may end having spent money on something else thus over drafting my account