ADD and Money Woes

Are you short for month at the end of each month? Do you have 5-10 credit cards, all maxed out to the limit? Do you forget to pay your bills on time? If you have answered, "Yes," to any of these questions, don't feel bad. Most people with ADD can't control money. But don't worry. We have some tips that can help you improve your financial picture:

An ADD-Friendly Bill Paying System

Take some time today to buy some colored, hanging file folders. If you don't have a file cabinet, pick up a file box, too. Then, when you get home, make some labels for the folders, and give them names like bank statements, utility bills, automotive expenses, etc. Don't make it too complicated or another ADD trait will rear its ugly head---procrastination.

Every day, when you bring your mail home, don't throw it on a counter somewhere and let it pile up. Sort it right away. Even stand over the trash can while you're doing it. Toss the things you don't want or need, and keep the rest in your hand. Then, pay any bills that you get immediately, write the date you paid them on the front, and file them into one of your hanging folders in the file box. If you can't pay it right away, have a special "bill" place, like the front of a desk drawer, for instance. Put nothing else in the front of that drawer, except your bills. Then, when it comes time to pay the bills, you'll know exactly where to find them.

Online banking is a great way to streamline the bill paying process. Bank security is top notch, so the question of you having a problem online is really out of the equation. The chances are very slim. So, what you do is you take each bill that you receive and you put the information needed into the online banking account. You don't have to do this all at once. Wait until your next bill comes in and do it one or two at a time. That way, it seems less daunting, and remember, you only have to do it once. After all the information has been entered, paying a bill becomes as simple as clicking a button, a mouse button, that is.

As you pay each bill, put it into the file folders in your cabinet or box. That way, if any questions arise, or if you're just waiting for tax time, everything will be there waiting for you.

Avoid the Dreaded Spending Urge

With the ease of use and availability of credit cards these days, it's easy to just pull out plastic to pay for everyday expenses. Only keep one credit card, and never use it for daily spending! Put it away in a safe place and only pull it out when you have an emergency, like an unexpected trip to the dentist. Make that one card a universal card, like Mastercard or Visa, and stay away from department store cards because they'll suck your bank account until it's dry. Be wary of interest rates, too, and shop for the best card for the lowest expense of owning it. Make sure there's no annual fee, too.

Don't carry around huge wads of cash or a debit card linked to your bank account, either. If you prefer the convenience of plastic, open a separate bank account and put a monthly "allowance" into it for yourself. When the money's gone, you'll just have to wait until next month to get more. This should help you to budget your spending and hold back on those impulse purchases a little.

Avoid these impulse spending habits by waiting to buy something. Just walk the other way and wait a day before you actually shell out the cash. This time interlude will allow you to see the difference between what you really need and what you just want. Wants aren't important. Needs are what you should concentrate your spending on.

You Should Be Your First Expense

Before you pay any bill, any expense for the month, you should always be paying yourself. Ten percent of your income, every time you get money or a paycheck, should go into a savings account. If you don't have a savings account, get one and never, ever use it except for depositing. Your savings account is for huge expenses, like buying a house, repairing your car, or retirement.

All of these tips are solid money management tips for anyone, whether they have ADD or not. Try one of them, and see if it doesn't help you to manage your money better. We guarantee it will. When you find out for yourself that it does, it's simple! Come back and try another.

Tellman Knudson, CEO of Overcome Everything, Inc., is a certified hypnotherapist and NLP practitioner, who has coached many ADD clients to greater happiness. Learn more of his practical solutions to ADD issues at Instant ADD Success.com