Is there any illness in the world that picks up and throws a person around like bipolar? I don’t think so! I’ve spent all of my adult life in either the plus or negative column financially due to bipolar disorder and I would like to share the plan I use to prevent the biggest bipolar financial disasters. This is not a new topic, but I hope that my 20 plus years of experience managing money while alternatively manic and depressed can help those new to the illness find balance a lot sooner than I did!
1. I face the reality that I don’t think clearly when in a mood swing. If this is true, doesn’t it make sense that there is simply NO way to make smart financial decisions when in a mood swing? Even after all of this time, I’m shocked that mania creeps up on me and I buy five stuffed animals because they would look really great in my next video. Or, I get online and purchase something to make my depression easier to live with.
I have people in my life who know what I spend and I give them permission to ask me questions and help me if they see my spending change. I am always upset and embarrassed that mania grabbed me once again or depression caused me to buy what I don’t need, but I do listen eventually!
2. I return what I buy. I know it’s darn embarrassing. But if you’re new to bipolar and the spending is not yet under control, swallow that pride and return anything you bought while manic. Don’t explain why- don’t beat yourself up- don’t do anything except get your money back. And if you’re still too raw from being sick and making bipolar financial mistakes, put everything together and ask someone to return it for you. Almost anything can be returned these days- paying for return shipping is worth the price of at least getting some of your money back. I have a REAL problem with signing up for classes when manic. I have canceled before where I am charged 25% for cancelling right before the class, but at least I get 75% back!
3. Go cash only when manic or depressed. I still use this system and it works. In fact, I was on TV about it once! Going cash only changed my life. It’s a LOT harder to buy a $1000 dollar painting that you know will be perfect above your couch if you’re only allowing yourself to use cash. Cash only has saved me many times. I don’t follow it always, but when the mania is strong or the depression is calling for retail therapy, only allowing cash spending helps me a lot.
It also helps to remove all credit or debit cards that you have saved online so that you have to type everything in before placing an order. Also, NEVER have overdraft protection on your bank. Set it up so that your debit card will not work if you don’t have the money. I don’t have credit cards at all… my mania can’t handle them.
These three ideas are a good start. Please know that I didn’t simply stop my bipolar spending. That is impossible. I have bipolar and I still get manic. I still get depressed and sign up for things and buy what I don’t need, but it’s pretty rare these days and I can catch it a lot sooner than in the past. I still return things and I still need help. It will never change.
I have an illness that affects my ability to think clearly. I will need help in this area for the rest of my life.
What if doing even one of the above feels overwhelming right now?
Well, you’re human and bipolar is a tough illness. Be nice to yourself and decide that spending money while bipolar is not really fun or a safe behavior for the future. Ask for help. Create a list of what you think, say and do when the spending is out of control and learn the signs earlier next time so that you can be in prevention mode instead of buying mode.
Bipolar is complicated and there is simply no way to handle everything it throws at you all at once.
Decide that finances will be your focus for the next year and learn to manage the illness in a way that prevents bipolar spending. It took me many years to really get this under control. Manic spending feels good in the moment and depression spending relieves our symptoms, so it’s no wonder that I get caught out even after 20 years of managing the illness successfully!
Management is not recovery. Management doesn’t have an end date. Management is daily. I still get sick and this means I will always have to be on my toes around bipolar spending. Preventing mood swings in general is still my #1 tool to manage the illness, but when symptoms break through my plan and my brain has a mind of its own, I am very glad I have a plan in place to prevent disastrous bipolar spending.
I didn’t return the stuffed animals. They are simply too cute!
