How to overcome manic spending

Charlotte (27 years)
I am suffering from manic depression and I am not very good at handling my finances. Every time I hit a down spiral I spend very excessively. Are there any precautions I can take in order to protect myself from overspending. Please help.

Hi Charlotte.

Thank you very much for your question.
What I can suggest you do in this regard is to try and make it as difficult as possible for yourself to access your money, post paying all important expenses. Your bank can come in handy with assisting you in this regard .Many of our banks offer accounts that require notices before you can use your funds, and they charge you penalties should you request it prematurely. Once you have such an account you can request your bank to create a stop order that will deposit money from your day to day bank account into this notice account on the day that you would usually receive your salary. In this way when you have the urge to over spend, the idea of going through the process of accessing these funds should be enough to turn you off spending the money. I hope this will go a long way in assisting you with your problem.

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Kutlwano Make

Tumelo (22 years)
I just started working. I work at a music shop and my salary is R6000. Unfortunately after my expenses I am not left with much. I was diagnosed with bipolar six months ago and I need a medical aid but I can’t afford it at the moment. Are there any other options I can explore or are there any steps I can take financially in order to be able to afford my medical expenses, which amount to R1500, every month.

Hi Tumelo.

Thank you very much for your question.
I think we would require more information regarding all your monthly expenses in order to analyse your situation in more depth. We would have to look at the priority of each of your expenses and reshuffle them in order of importance. I believe medical expenses should sit far higher on your expenses priority list. Also remember to spend what you have left after you save and not save what you have left after you spend.

I am looking forward to the details of your expenses so that we can try and put your financial problem to rest.

Kutlwano Make is a Financial Manager.

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