Struggling with Finances Due to ADHD: Seeking Professional Help

I’ve reached a breaking point with my financial situation. Despite earning a decent salary, I find myself buried in debt and stress, with nothing substantial to show for my efforts. I can’t figure out where my money disappears to or why I can’t manage it effectively. This pattern of jumping from one financial crisis to another has been a constant in my life.

I’m considering hiring a bookkeeper to help streamline my finances, ensure my bills and taxes are paid on time, and maybe even help me save a small amount while having a modest personal allowance.

I’m curious if these responsibilities fall within a bookkeeper’s role and whether this option would be financially viable. As mentioned, I earn around $120k annually but feel overwhelmed by my financial mismanagement. Ideally, the cost of professional assistance would be less than what I currently waste on late fees, penalties, and other financial mishaps.

I would greatly appreciate any recommendations on the type of professional who might be best suited to assist with my situation.

Managing finances can be particularly challenging when dealing with ADHD, as it can make it difficult to focus on tasks and maintain consistent organization. However, you’re taking a significant first step by seeking help. Here’s a breakdown of options and strategies that could assist you in gaining control over your financial situation:

Professional Help

Bookkeeper:
Role: Primarily responsible for recording financial transactions, reconciling bank statements, and assisting with organizing bills and invoices. They can help make sure bills and taxes are paid on time.
Cost: Bookkeeping services can vary widely in cost depending on the complexity and frequency of services needed. Some bookkeepers charge hourly rates (between $20 to $50 per hour) or a monthly retainer.
Suitability: A bookkeeper could help with regular bill payment, but may not provide the comprehensive planning you need.
Financial Advisor/Planner:
Role: Provides broader insight into your financial health. They can help you create a budget, plan for savings, and manage investments. They often work for a percentage of the assets under management or for set fees.
Cost: Fees can range significantly. A financial plan might cost a few hundred to a few thousand dollars, while ongoing asset management could be around 1% of assets annually.
Suitability: While they can offer more holistic financial guidance, their focus is often more on long-term planning and investments rather than the day-to-day financial management you’re seeking.
Personal finance Coach:
Role: Works with you on financial literacy, budgeting, and behavior change strategies. Coaches are more about changing habits and providing accountability.
Cost: Typically charges hourly or set fees per session ($75-$300 per session).
Suitability: Can help you understand your financial picture and build skills to manage your finances more effectively.

Self-Management Tools

Budgeting Apps:
Description: Tools like Ynab, Mint, and PocketGuard help track income and expenses, set budgets, and send reminders for bills.
Suitability: They provide a structured way to manage finances, which may complement the organizational challenges associated with ADHD.
Account Aggregators:
**Description

One response

APAdmin

25 February 2025 at 7:45 PM
Managing finances can be particularly challenging when dealing with ADHD, as it can make it difficult to focus on tasks and maintain consistent organization. However, you’re taking a significant first step by seeking help. Here’s a breakdown of options and strategies that could assist you in gaining control over your financial situation:

Professional Help
1. Bookkeeper:
2. Role: Primarily responsible for recording financial transactions, reconciling bank statements, and assisting with organizing bills and invoices. They can help make sure bills and taxes are paid on time.
3. Cost: Bookkeeping services can vary widely in cost depending on the complexity and frequency of services needed. Some bookkeepers charge hourly rates (between $20 to $50 per hour) or a monthly retainer.
4. Suitability: A bookkeeper could help with regular bill payment, but may not provide the comprehensive planning you need.
5. Financial Advisor/Planner:
6. Role: Provides broader insight into your financial health. They can help you create a budget, plan for savings, and manage investments. They often work for a percentage of the assets under management or for set fees.
7. Cost: Fees can range significantly. A financial plan might cost a few hundred to a few thousand dollars, while ongoing asset management could be around 1% of assets annually.
8. Suitability: While they can offer more holistic financial guidance, their focus is often more on long-term planning and investments rather than the day-to-day financial management you’re seeking.
9. Personal finance Coach:
10. Role: Works with you on financial literacy, budgeting, and behavior change strategies. Coaches are more about changing habits and providing accountability.
11. Cost: Typically charges hourly or set fees per session ($75-$300 per session).
12. Suitability: Can help you understand your financial picture and build skills to manage your finances more effectively.
Self-Management Tools
1. Budgeting Apps:
2. Description: Tools like Ynab, Mint, and PocketGuard help track income and expenses, set budgets, and send reminders for bills.
3. Suitability: They provide a structured way to manage finances, which may complement the organizational challenges associated with ADHD.
4. Account Aggregators:
5. **Description
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Middle-aged, single, severe ADHD…my finances are a mess. Is there help??

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Struggling with Finances Due to ADHD: Seeking Professional Help

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Professional Help

Self-Management Tools

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