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Overspending: Money and Mental Health Part Il

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Overspending can happen for different reasons, such as:

  • You might spend to make yourself feel better. Some people describe this as feeling like a temporary high.
  • If you experience symptoms like mania or hypomania, you might spend more money or make impulsive financial decisions.
  • You might have an addiction or dependency which makes you spend money. For example, if you are addicted to gambling.

Here are some tips that might stop you from overspending: 

  • Tell someone you trust about the warning signs you might be overspending or are struggling with your mental health.
  • Give your cards to someone you trust or put them somewhere difficult to access.
  • Don’t save your card details on websites.
  • Delete apps where you usually overspend or apps that encourage you to spend.
  • If you get tempted by adverts on social media, limit how much time you spend on it.
  • Find ways to delay purchasing. You could tell yourself, ”I will buy this tomorrow if I still feel like it then.” You could photograph or write the things you want on a wish list.
  • Distract yourself with something else that makes you feel good.
  • Consider telling your bank that you have a mental health problem. They may be able to add a note to your file to look out for unusual spending.
  • Some people find it helpful to avoid credit cards altogether.

Listen to part one.

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