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.
Compulsive buying is an example of how behavioral addictions can sometimes overlap with mental health disorders, including bipolar disorder.
A review of 28 articles found that people with bipolar disorder are more likely to have addictive behaviors, with the most common ones being gambling and uncontrolled stealing, followed by compulsive buying.
Having a money management issue doesn’t always mean buying expensive items or going on shopping sprees. It can also include making risky investments or making financial decisions without fully thinking them through.
For many people, this behavior occurs when the brain’s reward system goes into overdrive.
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 have difficulty controlling themselves.
This, coupled with diminished impulse control, can exacerbate 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.
Overspending can have a negative impact on both your mental and financial health. You may find yourself frequently challenged by stress, anxiety, and other negative emotions, and overspending can sometimes make these feelings worse.
Although research on the connection between finances and bipolar disorder is limited, one study involving 54 participants found that depression, anxiety, and stress often led to compulsive buying. In turn, compulsive buying increased anxiety in the future.
The study also revealed that feeling less in control of finances worsened anxiety and stress.
For some, once a manic episode ends and they see how much they’ve spent, they might experience feelings of guilt, regret, or even panic — especially if they’ve maxed out a credit card or accumulated debt they cannot repay.
Relationships can also take a hit due to overspending. For instance, you may go on a shopping spree during a manic episode, draining joint savings accounts or hiding purchases. This can lead to arguments with a partner and hurt the trust in the relationship.
At the same time, a sense of shame may be lurking in the background, making it harder for you to ask for help.
According to a recent review of studies on the connection between psychiatric conditions and financial well-being, people with bipolar disorder may be especially vulnerable to experiencing financial instability and hardship, as the common psychological traits such as compulsive spending, “comfort” purchasing, and inattention to financial matters, may contribute to increased financial difficulties and a lower level of life satisfaction.
Financial problems caused by overspending can also interfere with managing bipolar disorder itself. It may become difficult to afford therapy appointments, medications, or other necessary treatments. And without proper care, it can be harder to manage symptoms.
Overspending can also have long-term consequences.
If you have goals like buying a home, saving for retirement, or funding a child’s education, overspending can significantly reduce disposable income. This can 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.
For example, you might set up a direct deposit to automatically transfer a percentage of your paycheck into savings and/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.
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.
Knowing you’ll have to explain your spending lets you pause and think before acting.
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.
It might also help to work with a therapist or doctor experienced in treating spending addiction. Learning healthy ways to cope with emotional distress and recognizing your triggers can reduce the urge to use shopping as a way to feel better.
What if you’re already in debt?
The first step is to confront your finances. Consider writing down everything you owe, including credit card balances, interest rates, and minimum payments. From here, create a plan to tackle it.
To manage your debt, it’s essential to control your spending, avoid accumulating more debt, and make higher payments on what you currently owe. This might involve picking up a side hustle or second job and putting all your earnings after taxes toward your balances.
If you need 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.
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.
Depending on your circumstances, you may also qualify for a debt consolidation loan, which 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.
Managing overspending with bipolar disorder is possible but it will take patience and planning.
It’s important to recognize what triggers overspending, find other ways to cope with your emotions, 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.