‘ADHD is my savings superpower - here’s how it helps me to manage money’

Managing finances has always been a tricky task, but it can feel like an even bigger challenge for someone with ADHD. 

Attention Deficit Hyperactivty Disorder (ADHD) is a neurological condition that affects how people behave. People with the condition can seem restless, fidgety or disorganised and struggle to concentrate with a tendency to act on impulse. These behaviours can make saving money difficult, but with the right strategies in place, there is a way to take control.  

Josh Benson, a senior software engineer from money.co.uk, shares his experience of ADHD and how it has become his superpower for saving money. 

Have you heard of the ADHD tax? Well, it’s the extra money that people with the condition need to pay for missing flights, forgetting to pay bills, not reading credit card information properly, as well as impulse purchases. 

But can the condition be advantageous when saving money too? Forget the ADHD tax, why not have the ADHD rebate?

I think some of my symptoms have actually helped me to save money. For example, my impulsivity means I get excited about the latest savings accounts. I love opening a new one, and then setting up a direct direct from my current account to savings account so I always make certain savings on payday. 

Hyperfocus is also common with someone that has ADHD, and this helps me to really look into how I can make more savings. I do a deep dive into my budgeting and this involves a lot of research into new products. I explore their advantages and disadvantages and this helps me to understand what are the best products in the market.

My creativity and problem-solving skills then help me to think outside the box in terms of my finances. Is it better to pay for something big with savings, or a 0% credit card and save what you meant to spend?

Plus, I love bargains, so searching for the latest discounts, coupons and cashback offers is definitely dopamine chasing - but it also means I save a lot of money too. 

However, the key to saving money with ADHD is to make sure you have some strategies in places to keep you on the right track.

Here are a few tips and tricks I’ve picked up during the last few years…

Six ways to manage money with ADHD

1. Create a financial flowchart 

If you’ve set up multiple savings or current accounts, it can feel overwhelming. So, I find that creating a flowchart which maps out all my different accounts is really helpful. I also keep an eye on the market and update my flowchart as and when I need to change accounts. 

2. Set reminders

If your savings account comes with a bonus interest rate that ends on a specific date, remember to set a calendar reminder in your phone so you don’t forget. This also works with promotional periods on credit cards, as you can set a reminder to pay off or transfer debt before it ends. 

3. Remember to communicate

If you’re saving with a partner, it’s a good idea to keep them on board with your thinking by clearly outlining what you are proposing. Plus, try and keep money in a joint account where possible, as then you can both access the money. 

4. Always check Ts and Cs

It’s essential to read the terms and conditions before opening a savings account. This is because some accounts come with restrictions for withdrawals, so you don’t want to lock away your money accidentally.

5. Keep pocket money separate

One way to budget is to set up a specific current account for pocket money. Decide how much money you need for expenses; like going out for dinner or cinema trips, and then set up a monthly standing order to the account. This also helps to avoid impulse purchases. 

6. Take time to focus 

I try to schedule some time every year to focus on cutting my bills. I find the Christmas and New Year period is a good time as it’s quieter - and providers’ customer service teams tend to be in a happy and giving mood!