ADHD: How those affected can manage their finances and invest money correctly

ADHD: How those affected can manage their finances and invest money correctly

ADHD can lead to involuntary additional costs because those affected lose things or are poorly organized. How to approach investing correctly.

This is original content from the Capital brand. This article will be available for ten days on stern.de. After that, you will find it exclusively on capital.de. Capital, like the star to RTL Germany.

Who does not know that?

  • You buy something because you think you have lost or misplaced it, only to find it again later as if by magic.
  • You buy food with big culinary plans, but end up having to throw it away because you forgot it in the fridge.
  • A subscription has automatically renewed because you forgot to cancel it in time.
  • Your child loses his scarf, hat or pens for the umpteenth time.

The “ADHD tax”

These everyday mishaps can become a regular occurrence for neurodivergent people, especially those with ADHD (attention deficit hyperactivity disorder), and thus a financial burden. These involuntary additional costs that arise due to neurodivergence are called “ADHD tax”. In other words, it is about the costs that arise regularly because the organization and structure in everyday life are sometimes a challenge.

Forgotten and unpaid bills for rent, electricity or GEZ can lead to reminder fees and problems with debt collection agencies or Schufa. If such financial missteps occur regularly, it can quickly lead to a debt trap or even poverty. People with ADHD often find it difficult to keep track of their finances, plan ahead and practice solid financial hygiene.

But financial challenges are not the only problem: people with ADHD are twice as likely to die prematurely as other people. This fact highlights that ADHD can have serious life consequences that go far beyond financial aspects.

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3 tips for more overview in financial chaos

While we’re not neurodiversity experts, we care deeply about diversity and inclusion. Here are our top three financial tips that specifically address the needs of neurodivergent people.

1. Automation is key

Use standing orders and direct debit authorizations to reduce the financial mental load. Set a fixed date in your calendar once every six months or a year to check your current subscriptions and debits and make sure that everything is running smoothly.

2. Credit account

Have a credit account that cannot slip into the red. Every bank is legally obliged to offer such an account, even if it is usually not actively advertised because banks prefer to earn money from overdraft interest.

3. Body Doubling – Strong together

Body doubling involves working or studying in the presence of another person who serves as a supportive presence. This method can also be used for financial matters. Since the other person is also working, you are motivated to stay focused and be productive. Body doubling also works wonderfully online via video calls.

Contact points

A diagnosis can be frightening, but also liberating. Unfortunately, women are often diagnosed late (#gendergap #masking). If you suspect that you are affected, medical or psychological psychotherapists as well as specialists in psychiatry and psychotherapy are the right people to talk to. There are also special outpatient clinics for adults with ADHD.

With these tips and information, you may be able to better navigate the financial challenges that come with ADHD and create a more stable financial foundation for the long term. Remember, you are not alone and there are many resources available to help you.

Source: Stern

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