Bipolar disorder is a complicated mental illness. It is among the most ‘personalised’ mental illnesses, meaning that there is a high degree of variability in symptoms between individuals. Bipolar disorder, also known as ‘manic depression’ involves two components: the depressive states and the manic states.
The depressive states that bipolar sufferers experience is the same as those with the more common unipolar depression. These states involve feelings of apathy or emptiness. Contrary to popular belief, depression is not so much a sustained period of sadness; rather, it involves a general emotional numbness.
There are also many misconceptions about the manic episodes which bipolar patients experience. Looking in at the condition from the outside, it is easy to assume that, because manic states often involve a degree of hyperactive and impulsive behavior, they are something of a respite from the depressive episodes. However, manic episodes are another form of emotional instability and the impulsive component of them can be very destructive. The actor Stephen Fry has spoken about his own struggles with a form of bipolar disorder on numerous occasions. Like many sufferers, his manic episodes lead to impulsive and often excessive spending sprees.
Financial worries are one of the leading causes of stress in bipolar patients. Obviously, if you are a hugely successful actor, then such spending sprees are unlikely to land you in serious trouble, but for the average person, however, a single spending spree can have a huge, long-term impact on the sufferer’s life.
Debts and Loans
Unfortunately, there are very few legal safeguards in place to prevent those living with bipolar from applying for loans and taking on debt that they cannot afford. Bipolar disorder is one of the most common mental health conditions, and yet it is subject to the same mental health stigma and misunderstandings that make communicating the challenges it introduces into sufferers’ lives a difficult process.
If you suffer from bipolar disorder, or you care for someone who does, then it is worth taking the time to understand how debts and loans work. This is especially important if the manic component of the sufferer’s moods involves impulsive spending. When under the influence of a manic episode, it will be hard to read, understand, and take in all the relevant information. However, by familiarising yourself with this when in a more neutral mood, you have a much better chance of being able to restrain yourself during the next manic episode.
Organisations such as Mental Health and Money Advice can offer those suffering from mental illnesses, and their carers, general advice on claiming welfare benefits and how to manage finances alongside a persistent mental illness. This website is particularly useful as it provides multiple budgeting calculators and articles full of advice for people to use.
Plan Ahead
The key to curbing impulsive spending is to plan ahead, and, if necessary, to find ways of making it harder to spend money when under the influence of a manic episode. One way of doing this is to ask your bank to add a note to your credit file (see page 21 of the linked document). There are sadly very few legal obligations on the part of banks to protect customers from themselves, so it is down to the individual bank how they handle and act on the information you provide them.
If you often spend money impulsively online during a manic episode, then you should consider not having websites remember your payment details. Sometimes, even adding simple steps between you and spending, such as having to manually enter your card information, is enough to make you think twice and gives you an opportunity to reconsider your spending choices.
Another common, yet very effective, tactic is to open a second bank account to which you do not know the pin number. If you make sure that any wages or benefits that you are paid go into this bank account, you can then use mobile banking apps or online banking to move money into your spending account as and when you need it.
If you have a carer or someone else close to you that you can trust, then you might want to consider giving them your bank cards so that if you are in a manic state they can withhold them from you. For this to work, of course, both parties need to be clear about the boundaries. In a manic state, you might make excessive demands or react poorly to being denied your own money, so it is important that both you and the individual you choose are comfortable enough with one another that your relationship won’t be damaged by any disagreements.
Avoid Credit Cards
Credit cards are anathema to bipolar sufferers. They make it possible to spend money that you don’t have, and this can rapidly lead to some serious debt piling up. Debit cards are a much safer option, as they only let the holder spend money that they have in their accounts.
Managing money is challenging for many people, but when bipolar disorder is thrown into the mix, it becomes much more difficult. However, it is possible for those who are suffering to manage their money with a little help and forethought.