Financial literacy and bipolar

Talking about finances and mental health can bring up many conflicting emotions and beliefs. I think I’m cracking open Pandora’s box with this one and it’s a good thing.

I was taught by different sources that openly addressing money and personal finances is a big no-no. Even more so, admitting to having financial difficulties can often be a source of shame that consequently encourages people to stay silent about their financial hardships. It’s time that changed.

According to Wikipedia (the people’s open source!) Financial Literacy is “the possession of skills, knowledge, and behaviors that allow an individual to make informed decisions regarding money”. Let’s just say broadly that most people have not received or have access to financial education that helps them understand these 4 concepts of financial well-being: spending mindfully, building credit, planning savings and pro-active investing. The sum of these concepts was luxurious to me until only a few years ago. How could I even think of finances when all I could do was try to survive?

My finances have been deep on my mind this week, hence this topic. A stressful housing situation has me wanting to move elsewhere to support my mental health. Unfortunately, my financial situation doesn’t currently allow that flexibility. I gratefully have subsidized housing (6 years on the waitlist, I’m one of the lucky ones!) and moving would mean leaving behind my subsidy, which is not possible at this point.

Let’s back up a bit though.

I was diagnosed with bipolar in 2011 and subsequently hit bottom with my substance abuse at the same time. Later that year, I knew the only way I could stay alive and learn how to take care of my mental health condition was to get sober. Alcohol and drugs had triggered severe bipolar episodes and made life dangerous. Impulsive behaviors, including impulsive money spending, got me stuck between a rock and a hard place.

Fast-forward 2 years into my recovery with bipolar and addiction, I could no longer hide the massive hole I had dug myself into; maxed out credit cards and barely paying off the interest on my overdrawn line of credit, things were looking dim. I was now sober and intentionally tending to my mental health yet still hopeless with my debt-ridden state.

With the help of supportive family members, I chose to claim bankruptcy and start fresh. It was the best decision I had made since getting sober and it could only make life easier in the long run. 9 months of credit counseling helped me learn how to budget in a proactive way; I slowly became more fluent in financial literacy, addressing money management issues with a sense of responsibility and shedding the dreadful shame I used to carry.

That was 10 years ago.

I no longer speak quietly about money and finances. I make it an everyday topic that is every person’s right to understand and thrive in. I may not have much money- I receive disability assistance and manage to make a very small income with peer support work. Nonetheless, I have learned to mindfully manage the money I do have. I’ve also learned to seek out benefits for people with disability designations like government grants and programs such as the Disability Tax Credit (DTC) and Registered Disability Savings Plans (RDSPs).

I’m even going to use the “I” word here- I even learned to “invest”! A few years back, I courageously sought out a financial planner and adviser who is supportive, knowing full well the realities of my bankrupt past and current disability assistance and needs. They were touched by my candor, sharing the realities of my financial hardships due to mental health struggles and past addiction. I was even encouraged to write about this in order to help educate other financial advisors and planners to better support people like myself.

I no longer live hand to mouth, wondering how next month’s rent will be paid. I now have space in my life to focus on the joys of it. It’s possible to find a place of financial rest without having much money and it took financial literacy to achieve that. Living well with bipolar and balancing finances can co-exist. It just takes time and practice. And lots of open supportive conversations without judgement.

✨STRUGGLES-2-STRENGTHS BLOG aims to connect with those experiencing Bipolar Disorder (BD) like myself, as well as those who support them. Please share with others and don’t hesitate to comment✨

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