Archived ADDvice Newsletters
February 2005
Welcome to ADDvice for ADD-Friendly Living
Each month, ADDvice will provide tips, tools,
and strategies to help you live well despite your ADD. This
month, we focus on finances. Contact us at ADDvice@addvance.com
with other issues you would like to see discussed in future
newsletters.
Getting Control of Your Finances
Having ADD has many costs. Often, none more devastating than
the impact it can have on finances. Every year, ADD symptoms
put a dent in your budget. Late fees, interest penalties and
impulsive spending are the price tag you pay for procrastination
and disorganization. Whether you are a college student, a
young adult living on your own for the first time, a single
mom or an adult with ADD, getting control of your finances
may seem impossible.
The following strategies are presented to help
you to take back the controls and avoid late fees and penalties:
Pay bills (including traffic tickets) on time. Easier
said than done, you say. Well, there are now ways to help
out here.
- Automated bill paying can be set up with
your bank so that repeating payments such as car loans,
mortgage, or rent can be paid and deducted from your checking
account automatically. TIP: Bigger is better. Make
sure your bank is reliable and that the kinks of on-line
bill paying have been ironed out. Many banks including Bank
of America, for example, have a free bill paying service
with over 11 million users. Quicken also has automatic payment
reminders built in. A great feature for those with ADD!
- Set up a bill paying station. This system
may be as simple as 13 file folders - label one for each
month and one for tax papers. As bills come in throughout
the month, place them in the appropriate file folder immediately
upon opening the mail. Keep checks, envelopes and stamps
handy nearby. When you get a traffic ticket, avoid the temptation
to put it in the glove box in the car (remember, out of
sight is out of mind). Instead, bring it into the house
and put it with the bills for the month.
- Pay bills twice a month - Pick two days
that work for you - on the 1st and 15th or the 2nd and 4th
Fridays, for example. Pay bills only on those days and when
you are at your bill paying station.
- File paid bills back into the monthly folder.
At the end of the year, you'll be organized and have all
your paid bills in one place to get ready for taxes.
- File tax information in the 13th folder.
As tax information comes in, 1099s, W-2s, interest income
from the bank for accounts, interest paid for mortgages
and home equity loans, etc., file in your tax folder to
sort when you get ready to do your taxes. (More about tax
organization next month).
Tip #1: Avoid late fees - use a service
that pays bills for you!
...The company I have found (www.paytrust.com)
allows me to set up a totally mindless system. My bills go
directly to them. When a bill comes in, I get an email notice.
I can login and pay it them or, if I ignore it, thinking I'll
do it later, I get another email prior to the bill being paid
late, to really log in then. Like most systems you
can set up recurring payments so you never have to think about
them...This is the one system that has eliminated my
late fees.
Ellen, Charlotte, NC
Tip#2: Reduce the number of bills you must
pay
Reduce the number of bills you must pay by using one credit
card for all purchases, including gas and groceries. Pay it
off each month. Your bill paying will be quicker, and you'll
have an automatic record of your expenditures. (And no interest
fees if you pay off the balance each month!)
Tool: Hanging file box
Description: Holds letter hanging files. Contains an easy-carry
handle, snap-tight buckle, reinforced lid, and is lockable.
Size: 13 1/2"wide x 5 3/4"deep x 11 3/4"high
$10.99
Click on the image to order.
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