Bipolar and Spending Money: How to Manage

Bipolar is a mental health disorder which affects your mood and can cause extreme highs and lows. But while the effects this disorder can have on your mood are often well-known and understood, the impact it can have on other areas of your life may go unnoticed. This can include your decisiveness and control over your finances.

Living with bipolar disorder and learning to manage your money despite the challenges this can have throughout the various stages of your life can sometimes prove to be difficult. Thankfully, it can help to understand how and why it can affect your spending behaviours.

Here, we’ll guide you through some ways that those with bipolar disorder can take back any control they might’ve lost over their money while showcasing some of the research that links bipolar symptoms with excessive spending behaviours.

What is the link between bipolar and excessive spending?

Since bipolar can have intense symptoms such as depression, mania and a mixture of these two, this can lead some people to start spending excessively and may also lead to a loss of control over finances. For many people with bipolar, the urge to splurge on a spending spree can be strongest during a manic episode. Although impulse spending isn’t exclusive to those with bipolar disorder, the intensity of the emotions experienced can heighten the impulse which is where issues can crop up with excessive spending.

A study led by the Academy of Research & Improvement at Solent NHS Trust has shown a link between people with bipolar disorder and compulsive spending, highlighting that it may be increased by psychological factors such as low self-esteem and a need to achieve, which are commonly experienced by those with bipolar disorder. A secondary study also revealed that symptoms of anxiety, stress and depression increased compulsive buying over a four-month period.

A vicious cycle of compulsive spending increasing later anxiety and leading to further impulse spending was discovered, too. Those who believed their financial situation was worse also had a greater increase in anxiety and stress over time, which could lead to further impulse purchases.

Because of the relationship between bipolar and impulse control, it can become tricky to keep spending under control. Those with bipolar might end up making several small purchases that add up or splurge on big-ticket items or experiences during a period of mania or a depressive episode. Ultimately, these purchases are often made without thought to how they will affect your financial situation and may be beyond your means.

Tips for reducing spend with bipolar disorder

Refraining from excessive spending whilst you’re experiencing the extreme symptoms of your bipolar disorder can be a challenge, especially if you’ve grown accustomed to doing so as a coping mechanism. But with the right support and advice, you can take steps in the right direction to steer yourself away from these bad money habits, regardless of whether your bipolar dips you into a low mood or pushes you into a high mood.

Below are a few tips to help you keep your impulse spending within a comfortable limit that doesn’t compromise your financial situation during these extreme mood changes.

• Know and understand your triggers: If you already know what types of things can trigger your impulsive spending or even your bipolar mood episodes in general, you should try to avoid these wherever possible. While it’s not always easy to avoid stressful situations that can lead to mania or depression, you might still be able to limit this if you take the time to understand your specific triggers.
• Talk to somebody: If you start to feel a pull towards impulse spending during a mood episode, try replacing this habit with talking to a trusted family member or friend about how you’re feeling. This can be a good short-term method to stop you from spending excessively.
• Access tailored support: Accessing financial support, whether this means speaking to somebody over the phone or reading self-help advice can sometimes help you prevent excessive spending. Support can be found online or in person and can come from banks or financial support providers.

Tips for managing finances with bipolar disorder

On the whole, managing your finances while dealing with bipolar disorder can be difficult. When you’re experiencing the highs of mania, you might end up spending more impulsively without thinking about the impact it could have on your financial situation. But this can also happen if you experience the lows of a depressive episode as a result of your bipolar.

Preparing in advance and taking steps to control your finances when you’re at your most stable emotional and psychological state can be hugely helpful for when you’re dealing with the extremes of your disorder. Below are some top tips for getting yourself into a better financial situation.

• Improve your money management skills: The more you understand about budgeting, savings and managing your debt, the easier it can be to adopt a positive money mindset. This means you’re in a better position to manage your finances in a way that works for you. This might mean setting aside money in your budget dedicated to impulsive spending or being able to lock your money away during a manic episode.
• Limit your financial risk: Creating a financial plan for when you’re in a mood episode including potential triggers and details of the controls you have in place can help you lower your risk of excessive spending. The most important thing here is to make sure you can’t borrow beyond your means and get into debt since this in itself can trigger the cycle of impulsive and excessive spending, which may worsen your disorder. 
• Alert your healthcare provider to your difficulties: Make your healthcare provider aware of any issues you’re having with money management that you think could be linked to your bipolar disorder. In some cases, mood episodes can be made less severe with therapy or medication which can be helpful for preventing a total loss of control over your finances.

Bipolar and debt

Some people with bipolar disorder might find that their excessive spending resulting from extreme moods has landed them in debt. Whether this is from spending beyond your means and taking out finance without a plan for how you’ll handle the repayments or spending on credit cards and taking out loans to fund your impulse purchases, these situations can lead to further feelings of anxiety and stress which feeds the vicious cycle. If you find yourself in this situation, it’s important to remember that you’re not alone and you can turn your finances around.

While you might find it difficult to access support options because of your mental health, there are specialist services out there that are experienced in assisting people struggling with their mental health regain control over their finances. Specialist charities such as BipolarUK can provide dedicated support and resources for those with bipolar who might need help dealing with different aspects of life, including money worries. This charity aims to support anybody affected by bipolar to live well and alleviate some of the challenges that come with this mental health issue.

If you’re struggling with debt, you can reach out to us at UK Debt Service for help and support. We believe that simple and easy signposting for support is crucial, which is why we’ve partnered with the National Support Network to bring you access to a free support hub. You can register for access here.