![]() ![]() It's an option when someone deems themselves incapable of making those decisions themselves. "The final thing we really encourage people to do is set up regular payments for essential services, making sure their rent, utilities and health expenses are paid for first so they're not at risk of being disconnected or becoming homeless." Handing over controlĪt one stage, Ray was forced to take financial guardianship out.īasically, that means Kim appointed him to be her financial manager to make all of those decisions for her. "They can write to the payday lenders in their area and say they don't want to access a payday loan, if they apply they don't want to be provided with one," she said. If someone frequently accesses payday loans, they can self-exclude from accessing them, explains Ms Grinter. "Money has to be transferred from one to the other and the hope is that by going through the process of transferring the money she's given pause to consider what she's doing."ĭr Whitton also advises her clients to limit lines of credit and loans and switch off one-click payments (particularly important for online shopping). "We have a general account with several thousand dollars and the rest of our money in another account," explained Ray. One of the most helpful strategies has been to have a daily limit on the money they can withdraw or transfer on their EFTPOS card. ![]() ![]() It's been trial and error for Kim and Ray over the years, but they've realised it's all about impulse control.įor many years they lived on one teacher's wage, and now are both retired. We ask them to identify if it's a need or a want," she said. "It often makes people stop and think about the kind of spending they're doing. She asks her clients to keep a spending diary for a full pay period (that's just a list of everything they spend during a certain period of time). Tracey Grinter, a financial counsellor with Anglicare Victoria, says more than a third of her clients have a mental health condition. "So figuring out how to maintain a semblance of healthy routine which involves enough sleep, exercise and social contact is going to be critical to reducing the emotions that drive poor financial decision-making." Try to keep a spending diary "Many people with bipolar disorder are triggered by disruptions in routine - and this is so hard with everything that's going on with coronavirus lockdown," Dr Whitton said. If you're trying to help someone you care about in your life, try to figure out a contingency plan so that person can't blow all their cash in one go, advises Dr Whitton. If you're suffering from bipolar disorder and really feeling the effects on your finances, you could try reaching out to someone as a first step. ![]() That was on the embarrassing side." Need help? Try a conversation first "We went to the ATM and there was no money in there either. "Neither of us had the cash to pay for it," recalled Ray, Kim's partner of 37 years. "I spent thousands of dollars researching, trying every type of medication, cream, soap - whatever I could to fix it," she said.Īnd then there was the time when they had literally no money in their bank account - not even enough to buy a coffee. Kim, who lives outside of Wollongong in regional NSW, says she's spent lots of money trying to control her bipolar symptoms.Īt one stage, she was having a psychotic episode and thought she had bugs under her skin. ![]()
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