Don't worry; the government doesn't tax people with ADHD.
The term ADHD tax comes from the times we're charged extra fees and penalties because of having ADHD.
Tina Mathams is The ADHD Accountant and a Money Coach specializing in helping clients with ADHD improve their relationship with money. She explains why ADHD makes money hard for all of us and how to avoid the ADHD tax.
Impulse Spending and the ADHD Tax
By nature, people with ADHD are impulsive. When we have those impulsive moments, we can easily overspend because we're not paying attention to what we're buying. We end up paying extra purely because of how our brain is designed.
Common Culprits Resulting in the ADHD Tax:
- Trial subscriptions you forgot to cancel
- Overpaying and not confident asking for refunds
- Duplicate purchases you forgot you already have
- Unpaid Traffic Tickets
- High-interest rates due to your credit score
The Shiny Object Syndrome Slows Down Our Brain
We would be working against our natural brain to say we're going to eliminate impulse spending, so we need to learn how to decrease those impulses instead.
For example, have you ever had one of those "Ooh, shiny!" moments when you saw something you just had to have? Did you buy it right then and there, or did you hold off and think about it?
Putting a time limit on something you want to buy can help limit the spending impulse. Tell yourself to wait five days to purchase the enticing item; at the five-day mark, if you still want it and can afford it, buy it.
Slowing your brain down to think about that purchase may not make it look as shiny and amazing on day five as it did on day one, and you may realize you no longer want or need it.
Get ADHD Cashed Up
A process to work through the guilt around spending money is something Tina calls “ADHD Cashed Up”. It helps ADHDers learn the process of tracking expenses and budgeting in a way that works specifically for them.
To find out more about this method and everything else Tina does, reach out to schedule an appointment with Tina on her Instagram page at: https://www.instagram.com/theadhdaccountant.
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