Empowering Teens with ADHD: Mastering Money Management Skills

 Why Is Money Management So Tough for Teens with ADHD? ADHD brings unique challenges to managing finances:

1. Impulsivity often leads to spur-of-the-moment spending, quickly depleting funds.
2. Planning and organization difficulties make budgeting and tracking expenses tough.
3. Procrastination can result in missed payments and financial penalties.
4. Emotional spending is a common outlet for stress or boredom, complicating savings goals.
5. Delayed gratification struggles mean long-term savings goals are often sidelined for immediate wants.

 5 Strategies for Improving Your Teen's Financial Skills:

1.  Set Clear, Realistic Budgets: Use simple tools like budgeting apps (e.g., Monarch, YNAB) to help your teen track spending and manage finances.
2.  Automate Finances: Encourage automatic transfers for bills and savings to reduce the burden on your teen’s working memory.
3.  Visual Reminders: Implement charts or lists to visually track financial tasks and goals.
4.  Weekly Financial Check-ins: Spend time reviewing accounts together to build financial literacy and accountability.
5.  Limit Impulse Purchases: Introduce a 24-hour waiting rule for non-essential buys to curb impulsive shopping.

Navigating finances with ADHD is not just about curbing spending; it's about empowering your teen to establish systems that promote lifelong financial health.  If you want to dive deeper into these strategies, click here to watch the video.