ADHD Kids and Money
Managing money is an essential life skill, and it’s never too early to start teaching it to kids with ADHD. By helping them understand giving, saving, and spending wisely, we can empower them to make better financial decisions.
One thing we do is have our kids work for their money. They have certain chores they get paid to do and other things that they have to do because they live here. For example, our oldest has to sweep the floor daily in the kitchen and dining room. They don’t do the work. They don’t get the money. That is simple, and trust me, the kids want the money.
But they need money to learn how to manage it. If you can’t afford to pay them, you can find other creative ways to teach the same things. Such as paying with monopoly money, and they have to purchase their snacks out of their pay.
I also give opportunities to earn more money, such as mowing the grass or cleaning the baseboards. If they want the money bad enough, they will do these odd jobs that need to be done and no one else wants to do.
Once we give the kids the money, we have them divide it up into “Give,” “Save,” and “Spend.” Out of the 10 dollars they get, $1 goes to give, $2 goes to save, and the rest goes into spend. Each category has its own purpose.
Give. The jar or envelope goes to a charity of their choice. Around Christmas, this most likely ends up in the Salvation Army bucket. Other times, it goes to our church. Heck, we even gave to a Lemur rescue once. But the kids get to decide how they want to give. I want them to learn the importance of giving.
Save. This is for the piggy bank. We have our kids save up for large ticket items or trips. We go to Florida at least once a year and visit Disney Springs for shopping. A large portion of this goes there. Or they can purchase something that costs over $50 with this money. The point of this is to build the savings muscle. It is a slow process, but my kids have saved for 1/2 of an iPad by the time each was eight years old.
Spend. They get to purchase with this money. They don’t have to save it or give it to anyone else. If they want to buy a candy bar, they can, as long as we don’t have dietary restrictions. If they're going to use it on Robux, they can. If they want to purchase a new toy, they are allowed. I don’t have rules over this money other than dietary restrictions and modest clothing. It is theirs.
Teach your child how to prioritize their spending. Help them understand that they can’t have everything they want simultaneously. Please encourage them to think about their goals and decide which purchases are most important to them. We often take pictures of things that they want at the store. This way, they can remember them and come back later.
We have only had walking away shoot us in the butt once. We came back for the item, and it was gone! My son was so upset. I was upset. It was an ordeal. But six months later, I found the same toy at another store! I purchased it for my son, who was thrilled.
We pay our kids every other week. This builds in a little bit of savings. Plus, adults get paid every other week. We have to make our money last, so it is a skill that needs to be learned.
Children with ADHD may struggle with impulsivity and patience. Give them grace. They need it, I need it. It is something we all need. When they make an impulse purchase and then later regret it (because it will happen) talk them through their decision-making process.
Just today, my daughter impulse-purchased a doll. She wanted another doll but couldn’t afford it. She tried to bribe me and her dad into helping cover the cost. When we both said, “No.” She went and picked out a cheap doll. When she returns to the store in two weeks, she will still want the other doll. At this time, we will remind her of her choices and extend grace. We, however, will not cover the cost of the doll; she needs to save for it.
Turn everyday situations into learning opportunities. When shopping together, discuss the cost of items. Tell them how many hours you must work to cover the groceries or the new boots they want. Show them how to determine the best price. Explain as much as you can to the kids. They are eager to learn.
As your child matures, involve them in discussions about the family’s finances (in an age-appropriate way). We don’t let our 10-year-old look at the family budget, but they see me do it. We allow our older children to see it, especially when they are trying to get us to do something we may not have the funds for. You know your kids best and know what you are comfortable sharing. Don’t make talking about finances a taboo subject.
Teaching kids with ADHD about money management is a valuable skill that will serve them well throughout their lives. By emphasizing giving, saving, and responsible spending, parents and caregivers can help these children develop strong financial habits. Remember, patience and consistency are key, and every small step toward financial responsibility is a victory worth celebrating.