Bipolar and money

We know from our community that it’s common for people with bipolar to worry about money. Here’s a practical guide to preventing and managing money problems – and getting the support you need.

Do you spend money impulsively when your mood is high, or comfort spend when your mood is low? Are you finding it hard to manage on a low income? Do money worries affect your bipolar?

If so, you’re not alone. People in our bipolar community often tell us they feel:

• worried and anxious about how much they’ve spent
• regretful about their spending decisions
• ashamed and afraid of telling their loved ones about their debt
• fearful of opening their bank statements 
• frustrated and filled with self-blame about their own behaviour
• confused about the benefits system
• stigmatised in the workplace

In a Bipolar Commission survey of 865 people living with bipolar:

4 common reasons why people living with bipolar may have money worries

1. Impulsive spending in bipolar

Impulsive spending (suddenly buying things you don’t want or need) and excessive generosity (buying expensive gifts or giving money away) are common symptoms of hypomania and mania.

In a survey of 500 people living with bipolar, 82% reported impulsively spending when they were hypomanic.

2. Comfort spending in bipolar

Comfort spending (buying things to make yourself feel better when you feel low or anxious) is a common symptom of bipolar depression.

This is because spending money can:

• give you a ‘dopamine hit’ – a moment of happiness caused by a chemical your brain makes when you do something enjoyable
• help you to shut away anxious thoughts.

In a survey of 500 people living with bipolar, 63% reported overspending when they were depressed.

3. Employment and income challenges due to bipolar

It can be harder to earn a steady income if you’re often unwell, meaning you need to rely on sick pay and/or benefits. 

In a survey of 865 people living with bipolar, one quarter of respondents listed welfare benefits as their main source of income.

4. Unhelpful spending habits due to bipolar

People with bipolar are more likely to have addictive behaviour issues which can lead to increased spending. This includes smoking, gambling, gaming, alcohol and substance misuse.

For example, research has found that around 40% of people living with bipolar type 1 have an addiction to alcohol or illegal drugs (also known as substance use disorder, or SUD) at some point during their lifetime.

Around 20% of people with bipolar type 2 have an SUD at some point.  

You can read more about the types of bipolar here

4 ways to manage your money if you live with bipolar

1. Acknowledge you are in debt

Research shows that people who talk about money make better and less risky financial decisions and feel less stressed.

Having the courage to face up to your money issues is often the most difficult step. Telling someone you trust, such as a family member or friend, can help you feel less alone – and can often be the first step to moving forward.

2. Get external support

If you feel embarrassed speaking to your friends or family – or if they don’t have the expertise you need – reach out for help from an outside team.

• Our friendly peer support team can listen to any concerns and signpost you to the right support. Why not book a call today?
• If you have lots of bipolar symptoms that are leading to money worries, ask for an appointment with your GP or mental health team. They may want to refer you for a medication review or psychological therapy to help manage any symptoms.
• If you’re in debt or you want to organise your budgeting, you’re entitled to free professional help to manage your finances. We work with our partners PayPlan to help their advisors understand the problems people with bipolar often face, and to provide a faster referral process for our bipolar community. You can book a free call with one of their advisors.
• Depending on your situation, the government’s free Breathing Space scheme may help you freeze interest and charges on your debts for an agreed period of time.
• If you can’t afford to heat your home, National Energy Action can offer advice and support

3. Futureproof your spending

You may find it helpful to put changes in place when you’re well to help you avoid overspending if you become unwell.

• Consider no longer having a credit card – or just have one credit card with a low limit.
• Ask your bank to withdraw your overdraft facility – or arrange a small overdraft limit.
• Move any savings to a notice account which requires you to give advance notice before you can make a withdrawal.
• Delete any apps off your phone that make it easy to spend money
• Unsubscribe from any marketing emails that might tempt you to spend money on things you don’t want or need
• Buy a cheap phone that isn’t a smartphone, load it with £10 of credit and share it with a trusted friend of family member. Then if you’re getting any early symptoms of an episode when you know the risk of overspending is higher, you can swap phones.

4. Review your benefits

Many people in our bipolar community tell us that the benefits system can be confusing, especially if they are currently unwell. Remember that you are entitled to free support, so reach out if you need to:

• Find out more about applying for benefits with a mental health condition at The Mental Health and Money Advice service.
• Ask a Citizens Advice advisor online any questions you have about Universal Credit and benefits.
• Use PayPlan's free online benefits calculator which will help you understand which benefits you can claim.
• Find out whether or not you are eligible to claim Personal Independence Payment (PIP) by filling out the online form.
• Get help about a PIP claim you’ve already made by calling the government’s information line: 0800 121 4433, Monday to Friday, 9am to 5pm.
  

Save money with these 4 helpful habits

1. Use PayPlan’s monthly budget planner to help you track your spending and plan ahead.
2. Cut your electricity bill by switching off everything on ‘stand-by’ and turning down your thermostat by one degree.
3. Eat fewer takeaways and spend less on food by trying the free budget recipes on these websites:

• Jamie Oliver
• Love Food Hate Waste
• BBC Good Food

4. Save petrol by using fuel more efficiently:

• accelerate gently
• avoid unnecessary braking
• ensure your tyres are inflated to the recommended level
• drive between 45-50 mph whenever possible
• remove an empty roof rack or box if you have one