Mastering Your Money with ADHD and Financial Stress

Financial Health: Mastering Your Money with ADHD & Financial Stress

As we approach the summer of 2023, it's important to take a moment to reflect on our financial goals and create a plan to achieve them. We understand that managing finances can be overwhelming, especially for those with ADHD, anxiety, and financial stress, but it's crucial to focus on finding your financial aspirations. Whether you're working towards saving for a down payment on a house, securing your retirement, or paying off debt, know that there are steps you can take to improve your financial well-being. Here are some tips to help you get started:

1. Set specific, small measurable goals - start with 90 days

By establishing clear and concise goals, you can stay motivated and on track to achieving your financial dreams. This can be especially helpful for those with ADHD. Lots of small short-term goals can lead to a longer vision.

2. Create a budget - even just scribble it on paper

Understanding where your money is going can be a challenge, but it's key to taking control of your finances. After tracking your spending for a few months, create goals that align with your priorities and aspirations. Consider using budgeting apps that can help keep you organized and focused. But don’t get lost in the act of perfecting the app, cause it’s not about perfect, it’s about getting started.

3. Invest in things you love and would buy

With the economy on the rise, investing in companies with strong fundamentals and a history of growth can be a smart move toward securing your financial future. But sometimes, just getting started with investments in companies you believe in is a good start. For those that are not interested in the markets, it may be helpful to seek the advice of a financial advisor to help navigate the complexities of investing and not make impulse decisions.

4. Start saving for retirement - just get started today.

We understand that planning for the future can be daunting, but it's never too early to start. Take advantage of your employer's RRSP or other retirement plans, or consider opening a TFSA or other retirement account. For those with ADHD or financial stress, it may be helpful to set up automatic contributions to your retirement account to ensure consistent savings and just set it and forget it.

5. Review your insurance coverage - or start thinking about it!

We care about your well-being and want to ensure you have sufficient insurance coverage for your home, car, and health. If you have dependents who rely on your income, consider life insurance. It may be helpful to set reminders to review and update your insurance policies regularly or tell your advisor to call your regularly to review.

By following these steps and creating a solid financial plan, you can achieve your aspirations and improve your financial health. For those with ADHD, anxiety, and financial stress it is often helpful to seek the support of a financial planner or therapist who specializes in thinking outside the box to help keep you on track. The economy is on the upswing, presenting a prime opportunity to plan for your financial future. At JLS Financial & Parallax Planning, we believe in you and wish you good luck and happy planning!