CREST.BD Money & Bipolar Disorder Slides

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CREST.BDBipolar Wellness Center Webinars
Connect. Learn. Engage.

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Bipolar Wellness Center Webinars
Connect. Learn. Engage.CREST.BD
Money

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Connect. Learn. Engage.CREST.BDCREST.BD
Money
Featuring: Professor Samson Tse
CREST.BD Member,
Associate Dean
(Undergraduate Education),
Faculty of Social Sciences and
Professor of Mental Health,
Department of Social Work
and Social Administration,
University of Hong Kong

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Webinar focus
Defining finances
Money and BD
Why financial matters are important to
your QoL
How you can take action

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Defining finances
The ways you manage and handle your money
Includes:
• Paying bills on time
• Budgeting for necessities and costs of living
• Handling debts, e.g., credit cards, mortgages and
loans
• Keeping on track with savings
• Managing spending on extras

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1
Kennedy, S.H., Welsh, B.R., Fulton, K. et al. (2010). Frequency and correlates of gambling problems in outpatients with
major depressive disorder and BD. Canadian Journal of Psychiatry, 55: 568-576.
McIntyre, R.S., McElroy, S.L., Konarski, J.Z. et al. (2007). Problem gambling in BD: Results from the Canadian
Community Health Survey. Journal of Affective Disorders, 102: 27-34.
Money and BD
Little research specific to BD
Some studies show that people with BD have particular
challenges with money, e.g.:
• Financial problems related to hypomanic/manic
episodes
❒❒ gambling problems1
❒❒ impulsive spending
• Financial problems related to depressive episodes

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2
Michalak, E.E., Yatham, L.N., Maxwell, V., Hale, S., Lam, R.W. (2007). The impact of BD upon work functioning: a
qualitative analysis. Bipolar Disorders, 9: 126-143.
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Lobban, F., Taylor, K., Murray, C., & Jones, S. (2012). BD is a two-edged sword: A qualitative study to understand the
positive edge. Journal of Affective Disorders, 141(2-3): 204-212.
Money and BD
More rarely, some people may experience financial
benefits associated with BD
• increased ability to creatively tackle real-world
problems2
• improved financial outcomes3

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Why are financial matters important to QoL?
Good money management
– essential skill, whether or
not you live with BD
• Financial problems can
be an early-warning sign of
impending mood episode
• Financial stress can
contribute to mood episode

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Best time to protect yourself from BD symptom-driven
financial decisions is when you’re feeling stable
Limit your risk of unwise/impulsive spending:
• set dollar limits on withdrawals from your debit
card
• lower your credit card limits
• get a co-signer for major cash withdrawals

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Improve your money management skills:
• develop an overall money plan
• use apps and online tracking programs to
help you

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Consider involving people from your social support
network/healthcare provider to help with money
management
Identify your best financial supporters:
• healthcare providers may be able to step in when
episodes are just beginning to help prevent financial
crises
• trusted supports (e.g., partner, close friend, sibling or
peer support worker) can help safeguard your financial
interests if you aren’t able to make safe decisions

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Proactive planning to maintain financial control
Identify your best financial supporters:
• know your early warning signs for impending mood
episodes
• know your personal triggers for impulsive or unwise
spending
• have an emergency plan in place

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Tools and Resources

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Resources
Managing your money, every day
Free TD Bank of Canada online resource that offers you the
essentials of money management. Shares some easy money
management strategies as well as offers online tools and
checklists.
https://www.tdcanadatrust.com/planning/everyday-finances-made-easy/
everyday-finances-made-easy/manage-your-money-every-day-index.jsp

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Bipolar Money
Relatively comprehensive article via BipolarLives.com. Written
in five sections addressing concrete financial issues that the
site’s readers often ask about.
http://www.bipolar-lives.com/bipolar-money.html
Resources

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Resources
Bipolar Disorder: Reckless Spending
Personal story by a woman who lives with BD: her reckless
spending problems and how she ultimately took back control of
her finances.
http://www.heretohelp.bc.ca/visions/income-vol7/bipolar-disorder-reckless-
spending

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Resources
Mental Health & Debt 2015
Free 44 page PDF booklet for
people with mental health
challenges and their supporters.
Covers, for example, how to handle
debts when unwell, how to work
with banks and when to declare a
condition. Some specific BD tips.
http://images.moneysavingexpert.
com/images/documents/
mentalhealth2015.pdf

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For more information and resources,
visit our Bipolar Wellness Center at:
http://www.bdwellness.com/
To assess your quality of life,
visit our QoL tool at:
http://www.bdqol.com/

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Acknowledgments

CREST.BD Money & Bipolar Disorder Slides

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CREST.BD Money & Bipolar Disorder Slides