Compulsive spending can be a symptom during the manic phase of bipolar disorder. Understanding what triggers it can help you keep your finances under control.
Bipolar disorder is a mental health condition that causes extreme shifts in mood, from manic highs to depressive lows. During manic phases, some people experience impulsive behaviors like overspending. This can quickly lead to serious financial consequences.
Here’s how bipolar disorder can affect money management, as well as strategies to help you regain control.
Bipolar disorder isn’t only about depressive lows, which can involve feeling unmotivated and low on energy. During manic episodes, the opposite can happen. You may be full of energy, feel extremely confident, and impulsive. This can sometimes trigger overspending.
This doesn’t always mean buying expensive items or going on shopping sprees. It can also involve making financial decisions without fully considering the consequences. For many people, this behavior occurs when the brain’s reward system becomes overactive.
Activities like retail therapy can release feel-good hormones called dopamine. But while this can happen to anyone, for people living with bipolar disorder, spending money can feel so rewarding that they may have difficulty controlling themselves.
This, coupled with diminished impulse control, can worsen matters. While a person without bipolar disorder might see an Ad and decide to wait, a person with this condition might purchase it instantly without considering whether they need it or can afford it.
Overspending doesn’t only occur during manic episodes. You may find that shopping gives you comfort during depressive episodes. It might boost your mood, but the positive feelings are often short-lived. As a result, you might find yourself continuing to shop to feel better.
According to a 2022 review of studies on the connection between mental health conditions and financial well-being, people with bipolar disorder may be especially vulnerable to increased financial difficulties, due to compulsive spending, “comfort” purchasing, and inattention to important financial matters.
Relationships can also take a hit due to overspending. For instance, you may overspend during a manic episode, draining joint savings accounts or hiding purchases. This may lead to arguments with a partner and hurt the trust in the relationship.
If you have goals like buying a home, saving for retirement, or funding a child’s education, overspending can significantly reduce disposable income. This may make these goals feel out of reach, adding further stress and frustration.
Preventing overspending in bipolar disorder requires a realistic action plan. One of the best ways to regain control is to develop a strategy during stable periods and put safeguards in place to make managing money easier.
This can include:
Setting up direct deposits
You might consider setting up a direct deposit to automatically transfer a percentage of your paycheck into savings or an account that’s specifically for bills — that you don’t touch.
Automating bill payments can also ensure you stay on top of due dates.
Asking a loved one for support
Depending on the severity of your compulsive spending habits, you may need to enlist the help of a trusted relative, friend, or partner. They can help keep you accountable during manic episodes, which can be especially helpful before making purchases. You can check in with this person before buying non-essential items.
Restricting credit card usage
You could even go a step further and hand over your credit cards to someone you trust, cutting them up entirely, or switching to a cash-only system. This way, you’ll only spend what you have and avoid falling into debt. Other strategies include not saving credit card information online and blocking access to certain retail websites.
Finding professional support
It might also help to work with a therapist or doctor experienced in treating spending addiction. Learning healthy ways to manage emotions and recognizing your triggers can reduce the urge to use shopping as a way to feel better.
If you have bipolar disorder and have accumulated debt, there are still many ways you can regain control. With the right tools and a solid support system, you can work toward financial stability while taking care of your mental health.
Remember, managing debt takes patience and planning.
The first step is to confront your finances. Consider writing down everything you owe, including:
- credit card balances
- interest rates
- minimum payments
You can then create a plan to tackle it, which can include:
- Making higher payments on what you currently owe: This might involve taking on a side hustle or second job and allocating all your post-tax earnings toward your outstanding balances.
- Checking whether you qualify for a debt consolidation loan: This combines all your debts into one monthly payment with a lower interest rate. However, this approach is only recommended if you’re certain you can stop using your credit cards. Otherwise, you risk re-accumulating balances and doubling your debt.
- Considering professional support: If you think you may benefit from extra support, consider working with a nonprofit financial counselor or credit counselor. They can help you negotiate lower interest rates and develop a repayment plan that fits your situation, ensuring your payments remain manageable.
Remember, even if you can’t afford to make higher payments right now, making the minimum payments can go a long way in reducing your debts.
What you can do today
Having bipolar disorder doesn’t mean you can’t build financial stability. You may just need different management techniques and support.
Consider creating an action plan to make managing your money easier:
- set up automated payments toward for bills and to build savings
- restrict credit card usage or consider a cash-only system
- enlist the help of a trusted relative or friend to help keep you accountable
- seek out professional support to identify and learn how to manage triggers
Managing overspending with bipolar disorder is possible but it will take patience and planning.
It’s important to recognize what triggers overspending and put strategies in place to manage any debt. With the right tools and a solid support system, you can work toward financial stability while taking care of your mental health.