[r010159]

I just discovered that I have little to no money in the bank. What is particularly bad is the bank account I manage for my mother is also down pretty low. The foremost reason is that I impulsively placed too much money toward paying off her credit card. I was not thinking clearly. I am not thinking clearly. I was certain that there was more than enough money to make it to the next month. Where did it all go? I have not used any of my mothers money for myself, despite my more manic periods, which is good news.I did purchase allot of things for her. I enjoyed spending the money, even though what I purchased was not for me. And I know where my own money went: out into a black hole.

What to do? I think I can pull this off this one time. But I will have to change the approach I use to manage money that would take into consideration my problem. I am sure I do not understand the full extent of this problem. I still have not figured out what the solution will be. Make a budget when I am more clear headed? Have automatic withdrawals upfront with online banking to have a reserve to pay most all the the bills? Yes, this may help. Examine the amount in the bank accounts on a daily basis? May not work during my more carefree periods of time. It will need to be something. I must believe that I can work this out. Ah, I know, forget the credit cards and deal strictly in cash.

I do have my "everything is wonderful" hypomanic episodes. Earlier I have put most of the money (both mine and my mothers) in purposefully illiquid investments. This was a good move on my part. But it was not good enough. Boy, I hope I will get some sleep tonight. I hope I will not become really depressed over this.

How does everyone end up handling their money, even through their manic episodes? How do you stay financially afloat, despite impulsive financial blunders?

[BipolaRNurse]

I don't. Between medical bills, back taxes and student loans, I am almost $100K in the hole. I will never climb out of it even if I do file bankruptcy again (the last 2 times we went bankrupt, it was because I spent us into it). I can totally understand why people commit suicide over financial problems. But I won't.

[Victoria'smom]

I use to have automatic bill pay and levellized payment for each bill. I do not have a debit card. I cut it up and use a reloadable card so I can only use that amount that's on the pre-pay card. That way I have to physically come in to a teller to get money. some banks let you set a limit on the amount of money able to be withdrawn in one day. Our limit was $200 because that is our largest bill. I'm thinking about getting a payee.

It sounds like you are starting to make plans yourself, well done for thinking of what coping strategies you can put in place

I have only recently got a debit card, but it is one I have to put money on to use, separate from my main bank account. I am yet to use it, honestly I am a little scared I may be sucked into online shopping if I happen to go up. But I havent been up in so long that its probably no longer going to be an issue for me. I have a limit on the amount of money I can take out per day, and I deal with cash much more than card. That way I can physically see where my money is going.

All of my bills are now direct debited, I do have to make sure its all coming out right. (Come to think of it I should check my car insurance).

With this system I have never been in debt but have blown a heap of money during hypomania, and that is mostly from using my card. So I know now for next time to hand my card over to a person I trust and give myself a cash allowance every week.

[wildflowerchild25]

Since my husband and I moved in to our first apartment I have been the accountant. It worked well for us when I was well but it's not so good when I'm in an episode. When hypo I'm unable to manage money and since my husband relies on me to tell him what we can spend it gets pretty rough.

I have found that using money tracking apps for your phone or programs for your computer can really help. The trick is you have to actually keep on too of entering your transactions. My husband and I use our debit card almost exclusively so everything can be tracked. Mint.com has apps that can access your bank account if you allow it to and download all your transactions and categorize them for you. That way you at least know where your money goes.

[outlaw sammy]

IT'S CRAZY TO BELIEVE THAT A BP1 CAN MANAGE MONEY!

It's better if you have a spouse, significant other, or relative manage your money for you. I've had manic/manic-psychotic episodes where I've raced through thousands in a few days. It's hell to clean up the wreckage (i.e. debts) left behind.

[r010159]

Originally Posted by outlaw sammy

IT'S CRAZY TO BELIEVE THAT A BP1 CAN MANAGE MONEY!

It's better if you have a spouse, significant other, or relative manage your money for you. I've had manic/manic-psychotic episodes where I've raced through thousands in a few days. It's hell to clean up the wreckage (i.e. debts) left behind.

I am beginning to think this is correct, even for me. But I just do not know what to do. I have nobody that can handle the money for me, little alone someone I can trust.

By the way, I feel all right now, that everything is great! I intellectually know I am in deep do-do, but who knows, maybe it will all work itself out? I would like to play with my synthesizer right now.

No. It is not crazy to think a BP can manage money- it is crazy to think it is a skill that is easily learned, or learned over night.

Coming up with tricks for yourself is imperative and as I said: you don't figure it all out immediately.

Doing auto draft helps, but if an autodraft is set to the end of the month or the end of a pay period, it's not all that helpful. You can try to work with your utility and service companies to time autodraft right at the beginning of a pay period. I am on SSDI- I get it on the 3rd and usually by the fifth all my bills have been submitted.

I also buy a little bit of extra food whenever I can at the store- I often have a pretty well stocked [emergency supply] pantry because I slowly build it up.

What this does is get everything necessary, except for food, covered. The money I have left is for transportation and food.

Some people go further to buy grocery giftcards- then they know that money has to be spent on food.
I feel like until one comes up with skills to manage cash spending in an episode, the best way to protect oneself is to have a checking account with no checks and no working debit card- you pay all your bills online, through bill pay or transfer. As another poster said- if you need money you go to the teller physically, which means you have to plan.

I have a certain amount of "emergency cash" around but I have trained myself to NOT TOUCH IT. PERIOD.

It is in a specific place and for any kind of immediate emergency. Other than that- prepaying for anything and everything can help: add to a bus/transportion pass as much as you can, buy gas cards, grocery gift cards.

You can figure out a system eventually for yourself, but those are the short term things I have come up with.

[Standup2me]

I am an accountant, so a lot of this is what I do for living.
You are all correct
buy extra food when you have money
get rid of all of your credit cards except one
Freeze it in a block of ice in the freezer
Remember getting an allowance when you were a kid?
Get an allowance, When it is gone - too bad
Plus a very important one
set up a bank account that you cannot use online or a bank machine.
Every week put a set amount in it. no missing weeks
Don't even think about this money
It is your " holy crap I need new brakes" (whatever) and now I have put aside to help with that

[r010159]

Originally Posted by Standup2me

I am an accountant, so a lot of this is what I do for living.
You are all correct
buy extra food when you have money
get rid of all of your credit cards except one
Freeze it in a block of ice in the freezer
Remember getting an allowance when you were a kid?
Get an allowance, When it is gone - too bad
Plus a very important one
set up a bank account that you cannot use online or a bank machine.
Every week put a set amount in it. no missing weeks
Don't even think about this money
It is your " holy crap I need new brakes" (whatever) and now I have put aside to help with that

I think this advice is excellent! Actually all of you have given me some very good advice. I am going to place my allowance in a separate account (a prepaid debit card) that I can readily access. I will not touch anything else. If that does not work, I will also use the idea of creating a "hidden" bank account that is not easy to access. And look into prepaying my bills with a fixed amount every month. I took out of my wallet all my credit cards. I am seriously thinking of freezing them in a block of ice. This sounds extreme to me, but if it can work for me, then it is worth a try. Anything is worth a try at this point!

EDIT: One dose of Zyprexa settled me down where I found sleep.

[Standup2me]

Another thing that works for a lot of people is $5 bills.

Everytime you get a $5 bill in change, you take it home and stash it in a secret spot.

It is comforting to know that:
1) you have the strength to do this - it takes discipline
2) there is a little of money for those day-to-day emergencies (NOT to be used just because it is there). It tends to be called a "milk money fund" (ran out of milk, bread, cat food, etc)

[thickntired]

Hi. I don't believe that learned habits automatically stop overspending when I'm manic. I bought a 2nd house, and when my husband refinanced I blew through $10k on amazon, ebay, Kindle books etc. It was awful bc I was so decitful running home to hide the boxes. I do not trust myself with money. That being said using all automatic withdrawals for utilities and mortgage, I take out like $40 to carry and no plastic. When I buy groceries I bring a list and stick to it. I shop at Aldis, cooking at home, which has great deals, and I shop at goodwill. I pay for my meds before anything and always demand generic. It's hard because I always feel like I can manage money; I have a MBA!? But when I'm manic I try to identity the red flags and avoid any shopping.

Good Luck.

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[outlaw sammy]

I'M IMPRESSED FOLKS! Ya'll really came together for r010159.

[hiddenfriend]

Hi just thought maybe I could throw an idea I use out there for you. I don't know your whole situation but I'm cyclothymic with bpd. At work they let me split my pay into two checking accounts. Direct deposit of course. I don't trust myself with anymore than a few dollars cash. One day when you are feeling "good" sit down and figure out how much you can spend out of your pay and put that percentage in one acct. The rest in the other acct for bills. Give access to some one that you trust. And they can take care of the other bills for you. Hope that helps.

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[r010159]

Originally Posted by hiddenfriend

Hi just thought maybe I could throw an idea I use out there for you. I don't know your whole situation but I'm cyclothymic with bpd. At work they let me split my pay into two checking accounts. Direct deposit of course. I don't trust myself with anymore than a few dollars cash. One day when you are feeling "good" sit down and figure out how much you can spend out of your pay and put that percentage in one acct. The rest in the other acct for bills. Give access to some one that you trust. And they can take care of the other bills for you. Hope that helps.

Sent from my SPH-L720T using Tapatalk

I do have direct deposit. I can withdraw the money I can spend after I have drawn up a budget and place it in the account that has that debit card. I use online banking to pay the bills. No cash is ever used for the money I use to pay bills.

Originally Posted by outlaw sammy

I'M IMPRESSED FOLKS! Ya'll really came together for r010159.

This is terrific, isn't it? All very good suggestions! I think I am beginning to feel better about being able to handle this situation because of your suggestions, and particularly because of all of your support. I do not feel alone because of this.

My mother has dementia. I take care of both her and myself. I handle everything, and I mean everything. I am also on disability because of my problem. So at times I can be stressed. I do now have a caretaker coming in for 5 hours a day that Medicaid pays for, which helps. So I hope this helps you understand my situation better. I have to set everything up where I can be reliable enough for my mother. And of course there are my needs to deal with and my mental health to consider.

PS: My name is Bob. I use the r010159 handle because it is unique.

[Standup2me]

That is the great part of being here

We are never alone

We are with people who care