Bipolar Disorder and Money Management

We all need to make money. It is just a fact of today's life. Money is a necessity. We have to pay our mortgage or rent, pay for electricity, phone, cable, and water, buy groceries, and put gas in our car. We need to manage our money so we do not run out of money before we run out of month. Ideally, we will be able to manage our money so that we have enough money when the month runs out to put aside money for such things as an emergency fund, vacation funds, our kids' college education and our own retirement.

Living with bipolar disorder makes money management a daunting task. This is so because one of the classic symptoms of the "manic" pole of bipolar disorder is reckless spending. What makes it worse is that once someone is in the throes of mania, one's normal good judgment goes out the window and self-control is either extremely difficult or impossible.

Poor impulse control while in the throes of mania is one reason that people living with bipolar disorder must make a plan to prevent the disasterous consequences of mania induced spending. Such a plan must be made when one's mood is stable and one's good judgment is intact. Seeking the assistance of one's partner or even a close friend is important, indeed it is imperative. Here are some tips that I found helpful. I found this info at www.bipolar-lives.com.

(1) Monitor or restrict internet access. This will prevent on-line shopping, accessing pornography websites, and gambling.

(2) Have a plan to keep cash, credit cards, and ATM cards out of reach when an episode strikes.

(3) Consider implementing one couple's plan for protecting the family's finances. In this family, the husband and father was the person who suffered from bipolar disorder. As such, the wife/mother managed the family finances (this is an imperative really). He was given an allowance each month. The monthly allowance is deposited in an account set up just for him. He has an ATM card to access this account at all times. He also has one credit card, with a relatively low limit, that he uses to purchase things such as as gas, lunches out, gifts, books etc. Otherwise, he does not have access to the family finances. This keeps the family financially safe. It also gives the bipolar spouse autonomy and the ability to enjoy the benefits of the money that he contributes to the household. So far it has worked well. The one hardship. Not giving in! When mania hits, and he complains that he is being cheated or deprived, the wife does not give in. This is always hard. When his mood has stabalized though, they are both grateful that she has held fast and firm to the plan they both agreed upon.

(4) Have all bank statements and credit card statements sent to the spouse/partner that does not suffer from bipolar disorder. This will ensure the families finances are monitored and kept in check before disaster strikes.

(5) Avoid borrowing money from your retirement plans or from payday lenders. Borrowing from these places should be avoided at all costs.

(6) If your are sticking to your bipolar money management plan but still running out of money before you run out of month, outline your monthly spending in detail to see what can be cut or reduced. Before taking any extraordinary measures, Like borrowing money or taking a cash advance on your credit card, track spending for one month. I mean every cent. You will probably be surprised that lots od discretionary spending is going on. You will also be equally, and happily, surprised that lots of it can be eliminated with little pain.