Navigating Financial Wellness with Bipolar Disorder
Living with bipolar disorder can be a rollercoaster, emotionally and financially. However, with the right strategies and resources, it is possible to achieve financial wellness. In this article, we will explore how to manage finances when you have bipolar disorder, providing tips and insights from individuals who have faced, and overcome, similar challenges.
Strategies for Financial Stability
The first step in achieving financial wellness is to keep your mental health stable. Treatment with a combination of therapy, medication, and lifestyle changes can significantly help in maintaining a calm and stable state. Cognitive Behavioral Therapy (CBT) has proven effective in managing symptoms, which can in turn support better financial decision-making.
Stability also involves maintaining a job to prevent financial stress. Avoiding manic spending sprees is essential for maintaining control over your finances. Encourage yourself to be proactive in managing your spending, and consider using tools like budgeting apps or setting up automated savings plans.
Engaging Support Systems
It is crucial to involve someone you trust in your financial matters, especially if you are living with someone or have a supportive spouse. A trusted family member or friend can offer emotional and practical support. Consider setting up a joint bank account or having someone who can manage your finances when you are in a manic phase.
For situations where you cannot rely on a human, consider enlisting the help of professional financial advisors or using online financial management tools. These can provide an extra layer of control, ensuring that your finances are managed even when your mental health is not optimal.
Personal Stories and Solutions
One person shared a terrifying experience of spending over ￡20,000 in a single manic episode on nothing at all. Another expressed struggle with debt in manic states. These stories highlight the very real and difficult challenges faced by individuals with bipolar disorder in managing their finances.
Martin Lewis, a financial fairness campaigner in the UK, has established a charity called Money and Mental Health to address the specific financial difficulties faced by the mentally ill. The organization offers valuable content and advice, making it a resourceful haven for those seeking support.
Practical tips and strategies have been shared by those who have successfully navigated financial challenges. Creating a budget and adhering to it is one reliable method. Additionally, leaving credit cards with your bank can prevent impulsive spending. Online shopping carts also offer a powerful tool for managing urges. By filling a virtual cart and postponing the purchase, the manic brain can find satisfaction without the actual expenditure.
Another effective strategy is to set boundaries for shopping or making purchases, such as limiting credit card use or creating a specific time to decide if you really need a purchase. This not only helps control spending but also encourages more thoughtful and measured financial behavior.
Conclusion
Managing finances with bipolar disorder requires a multi-faceted approach. By focusing on mental health stability, engaging support systems, and implementing practical financial management strategies, you can achieve a greater sense of financial wellness. These steps not only help in maintaining your financial health but also contribute to your overall well-being.