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Kia ora, my name is Alice, and I have FOMO (fear of missing out) and ADHD, otherwise known as a “spicy” brain. Heavy on the lack of concentration/spicy brain kind of ADHD and heavy on the fear of missing out on anything that may be fun. This affects how I manage my money, and I’d like to share a bit about that with you today.
It’s hard being an ADHD impulsive girly with adult money.
What is a “spicy brain,” you might ask? The term "spicy brain" is a colloquial and playful way to describe the unique and often intense experiences of individuals with ADHD (Attention Deficit Hyperactivity Disorder). It highlights the heightened levels of stimulation, creativity, and sometimes chaotic thought processes that are characteristic of ADHD. People with ADHD often experience rapid shifts in attention, hyperfocus on certain tasks, and a high level of impulsivity, which can make their cognitive experiences feel "spicy" or more intense compared to neurotypical individuals. The term is used within neurodivergent communities to embrace and celebrate the differences in how their brains function, often with a sense of humor and positivity. It acknowledges the challenges while also recognizing the unique strengths and perspectives that come with having ADHD.
The term "spicy brain" is a colloquial and playful way to describe the unique and often intense experiences of individuals with ADHD (Attention Deficit Hyperactivity Disorder).
Considering I was diagnosed when I was 11, I like to think I know a lot about my ADHD. I know how my brain works, what makes it tick (or tic, because I also have Tourette’s). I know that I hyper-fixate on new ‘hobbies’ that will last all of 5 minutes – side note, one time I bought a dirt bike and ALL the safety gear/riding essentials. I spent so much money, and this hobby lasted one summer, and then I sold it all, never to ride a bike again. Anyway, I know if I find a new song I like, I’ll listen to it on repeat on my way to work and back home until I suddenly never listen to it again. I know I get agitated and overstimulated, which generally means I need a break and to bake. I know how to make tasks fun for myself so I get things done, how to push myself out of my comfort zone without going too far, and I know that when I’m tired, it’ll take 5-10 business days for me to complete a sentence, while 70% of the time leaving the sentence unfinished.
This affects how I manage my money, and I’d like to share a bit about that with you today.
What I didn’t know (until a few years ago at the ripe old age of 27) is that lack of control also counted as impulse spending, and that impulse spending and ADHD can go hand in hand, AND that FOMO/impulse spending/ADHD can be a recipe for disaster. I have tried what I think is absolutely EVERYTHING suggested to me to have better control of my money. These suggestions are usually:
These are all well and good for neurotypicals with self-control, but they personally don’t work for me. Firstly, using an app to track my spending habits? I barely remember to check my messages. I would also invest so much time into making a pretty budget spreadsheet but then I wouldn’t look at it again. I thought it might be helpful to some to share some tips and tricks on how I am managing to save some money!
Lack of control is also counted as impulse spending, and impulse spending and ADHD go hand in hand
1. Setting up multiple accounts: I have an account for bills, subscriptions, groceries, car, gym, spending, short-term savings (I’m allowed to spend some of this one if I run out in spending), emergency fund, savings ‘goals’, presents (birthdays, Christmas, anniversaries, Mother’s Day, Father’s Day, etc.), holidays, book club dinners, and my daughter Ruby. I transfer the same amount of money every pay to each of these accounts, so some don’t go past a certain amount and some slowly build up over time (extra savings!).
2. Make the money difficult to access: I am with two banks; all my income and the above accounts are with one bank, but I do not have a debit card to access these accounts. My account with a debit card for accessibility is with another. This causes me to plan ahead. If I know I need to fill my car up or have to pay for something, I must transfer it in advance to be prepared. This enforces organization and minimizes impulse spending as I can’t just buy the first thing I see that my mind has convinced me I NEED. (Nine times out of ten, I absolutely do not need it.)
3. Make saving fun!: I have recently started reading books. This year, for every book I read, I put $10 into a money box and will take this out at the end of the year. I’ve read 20 books so far this year, so there’s $200 that I forget about because it’s in my money box that I can’t see. I also have a Booster Savvy account; $25 a fortnight is transferred into that, which I forget about because it’s not in an account that I see regularly. I have a small savings account, which the name of the account changes each time I hit my goal. For example, ‘savings goal $100’ then ‘savings goal $200’ etc. By the time it gets to the end of the year, I can add all my little savings accounts up, and I will end up with far more than I think I have because when they’re all over the place, it looks too small to be worthwhile touching!
4. Give yourself permission to touch your spending account guilt-free (with consent, of course): It’s not realistic to save every cent and not get to spend anything. Do this in a way that works for you. For example, I need my morning caffeine, so I completely guilt-free buy myself a Matcha (or an energy drink!! Sorry!!!!) every morning, and then I get to spend money happily whilst being able to function for the day. It’s perfect, really.
5. Be realistic: Sometimes there are weeks where I can’t put the extra money away, and you know what, that’s fine. Savings become not fun when you feel like it’s draining you. Sometimes I put aside $10, sometimes I put aside $100. Any amount is all good; it’s $10 more in the account than you had last week.
6. AVOID ‘buy now, pay later’: I do not own a credit card; I cannot be trusted. I’d end up being like that movie "Confessions of a Shopaholic." Additionally, I’ve self-banned from Afterpay, Lay-buy, etc., because a few years ago, these were swallowing up all my leftover money, and it was impossible to save anything! It also takes away from any pride I can gain for myself by saving to get something I want.
If you’re like me, you just need to find what works for you. It’s hard being an ADHD impulsive girly with adult money. But when you work around your own needs and wants and you allow yourself to spend money whilst also saving little bits and setting realistic goals, you end up with the best of both worlds!
Reminder, we do have financial advisers here that are understanding and inclusive. They will work around you and make your goals realistically achievable. This is also not financial advice; this is personal experience in the hope that it helps at least one of you who are reading this. I am a great Fire & General Insurance Adviser, but not a financial adviser! Feel free to call me for F&G insurance needs! :D
Reminder, we do have financial advisers here that are understanding and inclusive. They will work around you and make your goals realistically achievable.
Feel free to reach out to either myself for general chats or our team of financial advisers for more specific financial advice in the neurodivergent space.
Alice.
This article was written by Alice and peer reviewed by our financial advisory team.
Disclaimer: Alice is not a financial adviser (she is a general insurnace adviser).The above is generalised information that has been peer-reviewed by the Velocity Financial Advisory team. As always, before you make any financial decisions, discuss your situation with a financial adviser from Velocity Financial, and seek advice from professionals, such as a lawyer and accountant, to find the best solution for your unique situation.
Always get professional advice
The information shared in this post is meant to be general guide to support you on your journey. When making important decisions about your finances, we encourage you to seek independent financial advice first, tailored to your unique situation. As well as talking with a financial adviser, make sure you talk to your lawyer and accountant too – together they'll help you find the best solution for your specific situation. Our knowledgeable financial advisers are here to help. Check out our website for the details about our financial advisory services in our disclosures https://www.velocityfinancial.co.nz/disclosure-statement.