When you have attention deficit disorder (ADD), you may not be a great money manager, but even worse, you may have issues with your ADD impulsivity and spending. When that happens, it doesn't matter if you have 300 video games, you probably want another one the minute it appeals to you. That's your ADD talking.



This can stop, and it should. You're probably letting your ADD impulsivity drag you in directions that aren't good for you. High credit card balances, not enough money to make the monthly payments, and your credit rating goes downhill in a hurry. Just one late payment to a credit card company can lower your credit score by 20 points. If you miss a car payment, you can lose 100 points, so keep this in mind.

Start by cutting up your credit cards. Get some scissors and just start hacking away at them until they're in tiny pieces. They were never intended for small purchases, though you've been known to use them for buying a pack of gum. You don't need them! And write to or call your creditors and close your accounts. That way, you won't be tempted next time a new card arrives in the mail.

But be sure to keep one credit card for emergencies. Like, if you need a root canal and you have no dental insurance, you may need to use a credit card to get the job done without paying some very high interest. But keep your emergency card in a safe deposit box at the bank, where you can't get to it so easily. It's much harder driving to the bank and getting someone to open the vault than it is to grab it out of your wallet.

Forget carrying big wads of cash around, too. That's just an invitation for your impulsivity to make you buy something you don't really need. If you're a debit card user, that's great, as long as it doesn't give you access to all the money you have in the bank. Have a separate account just for spending and maintain a low balance. When the money runs out, your purchasing power is nil. Don't be tempted by transfers in online banking, either. The system won't work.

Yet, if these suggestions don't work for you, and you're still buying, what you're experiencing may not be impulsivity but obsession, then you should see a doctor. You could have OCD (obsessive-compulsive disorder), in addition to or instead of ADD. You won't be able to help yourself to stop buying every time your eyes light up.

But if you're just dealing with that old ADD impulsivity, you can also try T. Harv Eker's 7 bank account system from Secrets of the Millionaire Mind. You create 7 bank accounts that hold funding for taxes, necessities, education, gifts, financial freedom, long-term savings, and play. You're obligated to spend all the money in your play account each month, which means you can still get things you want and not feel guilty. It's a great way to start!