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

Money

Featuring: Professor Samson TseCREST.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 financesMoney and BD Why financial matters are important to your QoL How you can take action

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Defining financesThe ways you manage and handle your moneyIncludes: • 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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1Kennedy, 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 BDLittle 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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2Michalak, 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: 126-143.3Lobban, 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 BDMore 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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How you can take actionBest time to protect yourself from BD symptom-driven financial decisions is when you’re feeling stableLimit 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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How you can take actionImprove your money management skills:• develop an overall money plan• use apps and online tracking programs to help you

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How you can take actionConsider 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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How you can take actionProactive planning to maintain financial controlIdentify 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 MoneyRelatively 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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ResourcesMental Health & Debt 2015Free 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/

http://www.bdwellness.com/

http://www.bdqol.com/

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Acknowledgments

CREST.BD Money & Bipolar Disorder Slides

Education

Transcript of CREST.BD Money & Bipolar Disorder Slides