Setting Financial Goals: How ADHD Adults Can Stay Motivated

For many adults in the ADHD community, managing long-term financial goals can be a struggle. ADHD often leads to difficulty with planning and staying organized, making it hard to stay motivated when working toward abstract, distant goals like saving for a house or retirement. In a recent podcast episode, financial expert Eryn Schultz, founder of Her Personal Finance, shared some helpful strategies for setting concrete, time-bound goals that can help ADHD adults stay on track and get that all-important dopamine hit along the way.

One of the biggest challenges for people with ADHD is maintaining interest in long-term tasks that don’t offer immediate rewards. Schultz highlights how setting smaller, specific financial milestones can help replicate that dopamine rush, which is critical for staying motivated. Rather than saying, "I want to buy a house someday," she suggests turning that into a clear, actionable goal. For example, if you’re aiming to buy a $500,000 house, break that down into specific steps. Instead of letting the goal feel too abstract, set a target, like saving $100,000 over the next four years.

For adults with ADHD, breaking big goals into smaller chunks can make a significant difference. Schultz explained that aiming to save $25,000 per year towards that down payment makes the process more manageable and less overwhelming. Each time you hit one of those smaller savings goals, you get the satisfaction of seeing tangible progress, which can give you the same dopamine hit that you might otherwise get from making a purchase or other impulsive financial decisions. This approach not only keeps motivation high but also allows individuals in the ADHD community to feel a sense of achievement, reinforcing positive financial habits.

Schultz also touched on the importance of staying patient with investments, especially in the face of market volatility. She acknowledged that last year’s market downturn was challenging for many investors. However, she emphasized the need to keep perspective. The stock market, much like long-term financial goals, can fluctuate, but Schultz reminds us that it's essential not to panic. In fact, after a 20% drop last year, the market bounced back with an 18% gain this year, showing that losses can recover if you stay the course.

For adults with ADHD, emotional decision-making can sometimes lead to impulsive choices, especially in response to market changes. Schultz encourages individuals to take a long-term view and not get caught up in short-term fluctuations. By setting clear, concrete goals, whether for saving or investing, ADHD adults can maintain a steady path toward financial security, even during uncertain times.