Managing Personal Finances with ADHD: A Practical Approach

Managing personal finances can be challenging for anyone, but for adults in the ADHD community, it often feels especially overwhelming. ADHD impacts executive functions like planning, organizing, and decision-making, which can make tasks such as budgeting, saving, and investing seem daunting. In a recent episode of the I Am Capable podcast, we sat down with Eryn Schultz, founder of Her Personal Finance, to discuss practical strategies that can empower adults with ADHD to take control of their finances.

Eryn's journey into the world of personal finance education began after she graduated from Harvard Business School in 2015. She realized that while she and her classmates were well-equipped to manage corporate finances, many lacked the tools and confidence to handle their own personal finances. This realization led her to start teaching online courses, where she has since helped hundreds of students balance their financial goals.

One of the biggest takeaways from our conversation with Eryn was her emphasis on simplifying financial habits. For many people in the ADHD community, the constant need to make decisions can lead to "decision fatigue," where the mental effort required to choose leads to procrastination or avoidance. To counteract this, Eryn recommends automating as much of your financial life as possible. For example, setting up automatic payments for bills or automatic transfers into a savings account can reduce the cognitive load and help you stick to your financial goals without needing to think about them constantly.

Eryn also stressed the importance of financial self-compassion. Many adults with ADHD have faced challenges with money management in the past, leading to feelings of guilt or shame. However, it's crucial to view these moments as learning experiences rather than failures. By reframing setbacks in a more positive light, individuals can move forward with greater confidence. The ADHD community can benefit from adopting a growth mindset, where mistakes are part of the learning process and not indicators of failure.

Additionally, Eryn encourages breaking down larger financial goals into smaller, manageable tasks. For example, rather than aiming to save $10,000 in a year, start by saving a small percentage of each paycheck. These incremental goals feel more achievable and can help maintain motivation over time.

By embracing these practical strategies—simplifying choices, automating tasks, and practicing self-compassion—adults with ADHD can reduce stress around finances and gain the confidence to manage their money effectively.

Eryn's website: herpersonalfinance.com

Listen to this full episode of the podcast here!