Managing money can be challenging for anyone, but especially for those with ADHD. With 2.6 million people in the UK living with ADHD, it’s crucial to address this issue during ADHD Awareness Month.
As RiseUp customer Amelia explains below from personal experience, ADHD can impact executive functioning, decision-making and impulse control, all of which play crucial roles in financial management. From impulsive spending to missed payments and mounting debts, ADHD can complicate your financial life. But with the right tools, it doesn’t have to be this way.
Here’s a look at how ADHD can affect financial wellbeing, and how RiseUp’s features can help people with ADHD manage their money with more ease and confidence.
How ADHD affects financial wellbeing
Living with ADHD can present unique challenges in money management:
- Impulse spending: ADHD-related impulsivity can lead to unplanned purchases. Whether it’s a quick online splurge or an unplanned expense, impulse spending can leave you struggling to stick to a budget.
- Forgetfulness and missed payments: Difficulty tracking due dates can result in late fees and unnecessary financial stress.
- Debt: The combination of impulsive spending, missed payments and a lack of organisation can easily result in debt.
- Mental health issues: Financial struggles often exacerbate mental health challenges.
- Executive functioning and decision-making: ADHD affects the ability to focus, plan and execute tasks, making budgeting and financial decisions difficult.
How RiseUp can help
RiseUp offers ADHD-friendly features to simplify your money management, giving you greater control over your finances in a way that feels manageable.
1. Impulse spending: RiseUp’s cashflow view
If you’re prone to impulsive spending, seeing the bigger financial picture can be a game-changer. RiseUp’s cashflow view gathers all your accounts and expenses into one, easy-to-understand snapshot. This gives you a clear view of how much money you have left at the end of the month, allowing you to see the impact of any unplanned purchases. Knowing exactly how an impulse buy will affect your overall financial health can help you think twice before you hit “buy now.”
2. Forgetfulness: notifications and alerts
RiseUp’s notifications are perfect for keeping track of your money. Twice a week, we’ll send you gentle nudges on how your monthly cashflow is looking via WhatsApp – an app you probably use daily already. You can also check what monthly payments you’ve got coming up under the ‘Money out’ tab.
RiseUp customer Amelia, who has ADHD, says: “I forget when certain bills are due. So obviously direct debits are handy, but unless I keep track of everything I would forget what’s supposed to be coming out and when.”
3. Debt management: spending categorisation
RiseUp app automatically categorises your spending, allowing you to easily see where your money is going each month. By identifying areas where you can cut back, this helps you create more room to pay off debts and regain control over your finances.
Amelia found herself in £30k worth of credit card debt, two-thirds of which she attributes to her ADHD. “RiseUp tracks and categorises everything so I can see where my money’s going,” she says. “It’s a good visual. It can be sad and sometimes depressing looking at it, but also can be quite motivating.”
4. Mental health support: the RiseUp community
Money troubles can weigh heavily on mental health, but RiseUp provides support in more ways than one. Join our vibrant WhatsApp community of like minded people to share tips, advice and encouragement. Whether you’re feeling overwhelmed by debt or simply need some guidance, connecting with others who are facing similar challenges can offer relief and reassurance.
5. Mental health support: our simple, user-friendly design
RiseUp’s clear and accessible user experience is aimed at reducing stress and making financial management feel more approachable, easing any anxiety around money.
6. Executive functioning: RiseUp Daily and forecasting
RiseUp Daily is designed to help you build a consistent daily habit of checking in with your finances. Spend just two minutes a day in the app for a clear, digestible summary of your money, complete with personalised recommendations for what to do next. This simple daily ritual helps keep you connected to your finances without the overwhelm.
Amelia appreciates how RiseUp Daily allows her to easily check where she’s at. “It’s a good prompt to see what’s coming up, and then it does the little confetti effect when you finish.” This simple habit helps her stay connected to her finances without overwhelm.
In addition, RiseUp’s monthly forecast feature uses AI to predict your financial situation at the end of the month based on your past spending patterns. This helps you avoid decision fatigue by providing clear insights into whether you’re on track or need to adjust your spending. It simplifies decision-making by showing you the financial impact of your choices ahead of time.
7. No judgement: we use neutral money language and don’t shame you for spending
At RiseUp, we know the language of finance is deeply psychological. Our relationship with financial terms like “debt”, “savings” and “invest” can really impact our financial decisions and overall wellbeing. We focus on “cashflow”, which doesn’t have the same negative associations as the word “budget”. We believe reframing financial terms that cause anxiety is an important part of feeling in control of- and reducing the stress around money.
We also don’t shame you for spending – we want you to enjoy your money. It’s all about feeling in control and positive about your money.
Why RiseUp is the perfect partner for ADHD money management
RiseUp’s thoughtful design and ADHD-friendly features make money management easier for those who need extra support. With personalised insights, community support, and tools that incorporate money management into daily routines, RiseUp offers more than just an app – it’s a financial wellbeing membership that understands ADHD challenges and helps users take control of their finances with confidence.
To continue the money conversation, join our free WhatsApp community.
