Bipolar Money Mania:
Bipolar and money don’t always go well together. A phase of bipolar
spending, impulsive purchases and excessive manic spending sprees can result in
large debts and unwanted stuff piling up.
When suffering a bipolar manic episode I have been known to spend a
fortune and go on spending sprees. My mania makes me think am rich. I feel
loaded and flush with cash which is a problem if you’re spending money you
can’t really afford to.
I’ve spent
money like wild fire in the past. My bipolar has played a part in this. It’s
was a urge of mine in an attempt to cheer myself up, find a magic solution to
low moods or impulse buying in manic moods. When you’re on a high you don’t
care about cash or worry about the financial damage you are causing to yourself.
We all made the
odd poor financial decision but for bipolar sufferers we need to handle our
money carefully, securely and ensure sound financial planning is in place. With
planning, support from loved ones and maintaining treatment all helping to
avoid getting into debt or gambling away the savings and kids college funds.
In the past as a result of
my bipolar and drug habits my mental illness caused money management to be
difficult. Bipolar isn't healthy for your credit ratings because you take out loans
and credits cards just because your mood feels like it.
When I went out manic
spending the money is was always spent on something what I classed as a
“justify treat” when it likely to be an unneeded product. I’ve also spend money
on other people even if they insist not to. You'll need to get out of this "buy-polar
mode".
When bipolar money
management goes out of the window so too does my logic and rational budget
plan. There have been times when my wallet needed sectioning for my own
financial protection.
Bipolar sufferers are prone to impulsive buying and
excessive spending sprees. Going through a manic episode can lead to bad
bipolar spending behaviour. For this reason it’s very easy for sufferers to get
in to bipolar-related debt. The rise of bipolar spending and poor financial
management means you have to keep bipolar cash flow on a tight leash.
A session of irrational spending or borrowing can
be very costly. Trust me, it’s very easy to run up debt and spend on credit
cards when you are in a manic state. While I'm in a bipolar mania state I
don’t handle money or purchasing decisions very well. With the rise in my mania
levels I've had several cases of silly purchases been made over the
years.
Over spending and taking out loans can be a major
problem for bipolar sufferers. If you don’t resist and get a grip you could end
up with serious money problems.
People with bipolar disorder can struggle with money because they have
compulsive shopping habits and poor financial management. We all need to manage
are income and outgoings every month and think about saving money for
retirement but with a manic episode money management can be a real challenge.
Manic spending problems often surface when you take out too many loans
and/or have easy access to credit cards. Before long your loans and bipolar
borrowing gets bigger and bigger. Self control during a manic attack can be
absent and buyer’s remorse sets in after you have bought some useless item or
blown a fortune with nothing to really show for it.
With your judgement and decision making impaired during a manic episode
it is important that take some steps that will help you curb bad spending and
lower and manage any bipolar debt and borrowing.
Bipolar Disorder and Money Management Tips:
· Set an allowance for each day or week and keep it
separate from the main bank accounts to prevent withdrawing money on reckless
over spending. Never carry around unneeded or large amounts of cash and leave
your debt and credit cards at home if a mania episode begins to take hold.
· During an episode your ability to make sound
judgements is impaired and you won’t see the financial harm and possible damage
to your credit ratings. When riding on a manic high your reasoning is
diminished this leads you to make emotional buying decisions over logical ones.
Therefore you must delay any expensive and big purchase until you are sure it’s
really needed and your mood has stabilised back to normal. Ask yourself do you
honestly need a brand new flash car, a new 60 inch LED TV, the latest gadget
fad, do you need that set of great looking garden furniture? Stop and wait
before you buy! Many items we purchase are not that vital for survival so stop
to consider if the item or service you are thinking about buying needs to be
bought right now.
· When it comes to bipolar finance perhaps the most
important money pit to watch out for is loans and borrowing. If possible the
only borrowing should be your mortgage and you should try and avoid taking out
loans and having any credit cards. If you do need a credit card or loan keep to
a low limit and only borrow enough money to make the purchase required for
example a car or home improvements. You may find it tempting to borrow the
maximum allowed and fall into the “bipolar loan trap” where repayments are over
what you can afford to repay. Hence you then end up borrowing more money to pay
off each loan debt. Also never borrow off loan sharks or high interest lenders
and try to avoid loaning cash from friends and family when in a manic state.
· Let someone you trust help you budget your money
for you. Protecting your income and family finances needs to come first. Place
responsibility for managing the money and essential outgoings to another family
member. Set up bank statements so they are sent and to your selected trustee
partner. This will help them review and monitor your income and spending. Never
let a bipolar sufferer have full control over family finances to keep the money
safe from a manic episode.
· Separate saving accounts and make sure money is
difficult to access and requires two signatures to withdrawn money out from
investment, retirement funds, pension and saving accounts. Never borrow from
these types of accounts unless in a real emergency. If you’re not a great saver
and tend to live in the moment make sure you protect and restrict access at all
times.
· Avoid getting sucked in to special offers and sales
syndrome that make you overspend. Resist and don’t spend the money. Keep your
cash in your pocket unless it’s something you really need and not just
something you want during a manic episode. Go out shopping with family and
friends who will stop your silly spending desire and question you when you try
to make a stupid purchase that you’ll regret later.
· Monitor internet access and prevent yourself from
visiting shopping sites, eBay, online gambling, pornography and websites where
you are likely to indulge in over spending on “treats” or what you consider to
be needed. Bear in mind that the web is always on and available via mobile
devices avoid browsing and spending while on the move too.
· Look into financial support for
bipolar you may be able to claim disability and welfare benefits if you
suffer an episode and are unable to work because your bipolar.
Clear planning and tracking of spending will help bring bipolar money issues under control. Use these tips and sticking to a strict bipolar money management strategy will help you budget better for bipolar disorder and stop money running away from you.
Bipolar money management can be daunting to keep
under control and carries financial burdens if money and bipolar spending isn't
monitored. Failure to correctly manage your bills, spending and borrowing will
result in financial hardship and poor credit ratings.
