May in the UK is Mental Health Awareness Week, and this week a Financielle community member kindly shared first-hand experience about how difficult it is to manage money whilst navigating bipolar disorder.
Tell us a little bit about your money journey to date.
My money journey to date at 40 years old has been very difficult. I was of the generation where money management was not taught at school so anything money related just feels like an overwhelming minefield. In 2018 I was diagnosed with bipolar. Impulsive spending became difficult, it did not matter how much money was in the account it could be £5 and it would be spent leaving no money in the account because it had to be spent.
One time I bought 10 bottles of shampoo and had them all lined up in my bathroom and most people know it takes ages for a bottle of shampoo to run out. My psychiatrist told me at least this was a cheap spend. I then decided I had to have a BMW convertible. There was nothing wrong with my old car, but the impulse was so strong I went and got one. Still to date I have huge money anxiety and will not look at my accounts. I want to be able to manage my money and get excited when my savings grow. Currently I am on a debt management plan as I took out a credit card and two personal loans to cope with the impulsive spending and I am still paying this off.
What do you find difficult about managing money?
What I find most difficult is knowing how much I can afford to put into savings, sinking funds and emergency funds. I also find it difficult because of the overwhelming feeling I get when there is a lot of money in my account and the urge it needs to be spent, like I do not deserve to have money. I also find it hard to understand the terminology around money. The other thing I find hard is how to put a figure on how much I spend on impulsive spending and which categories they fall under as it can be erratic.
What was the trigger that made you want to take back control of your money?
The main trigger was seeing how much debt I was in. The minimum payments were not clearing any of the debts quick enough, so I decided to go into a debt management plan to have one payment split over the debts. I noticed on my credit report that I had a default and a derogatory mark on my file that made me realise at the current rate I was spending something had to happen. I also realised that my dad has retired and it will reach a point where something will happen to my parents and I won’t be able to afford to live.
What habits, structures or routines have you put in place that have helped?
Still trying to find habits and structures that I can stick to. For my savings I have given them to my dad to look after so I do not dip in and out. I am now using spare change round ups and that goes into a savings account and trying to explore sinking funds.
What do you wish you could tell your 18 year old self about money?
I wish I could tell myself how to budget money, stop wasting money, make cut backs and to stop money anxiety. I wish I knew about the impact of loans and credit card debts and how to manage my money without being scared.
What’s been the biggest change since joining Financielle?
By following a step by step, The Playbook by Financielle, I can work at my own pace and create my budget and inputting the numbers is slowly starting to help see where my impulsive spending goes, but still I’m struggling to stop the impulses with spending.
If you or anyone you know is struggling with mental health contact the below organisations who can help or assist.