Every now and again, something makes us sit up and think, wow, I never thought of those implications and outcomes, and I guess our relationship between our mental health and our finances may be one of these.
Leah Milner - a financial writer gives a great insight into her severe manic episode, which cost her around £25,000.
The illness stopping her from working was not the only impact, but a sudden surge of over spending, not necessarily on trying to use that as a 'pick me up' but more so, that of speculation during a high of exceptional optimism. Creative idea led purchases for business ventures, which are brief concepts, the feeling of suddenly being able to achieve something most incredible, and huge benevolence to those in dire need are all examples which are easily overlooked.
As Leah says in her article, 'the whole concept of currency started to feel meaningless. Cash just felt like Monopoly money'.
Luckily, Leah had her parents on hand, to take a stern control of her finances, yet we are not all as fortunate to have someone on hand who have our best interests at heart.
We frequently come across clients with impulsive spending habits, which may lead from varying degrees of anguish. Fortunately, at Serenity, we have a great network of specialists we can suggest our clients work with, leaving us, through our financial coaching, to help them remain financially disciplined and more in control.
There are so many challenges in helping someone with mental illness manage their money. The first and biggest hurdle you may face is in getting that person to accept they have a mental health problem in the first place.