Hi, how’s it going? Hope you are doing well.

I knew of a person who had bipolar once who made a big mistake. And this was a common mistake, too. She took out a short-term loan, because she felt that she couldn’t wait until she got paid next. But then she wasn’t able to repay it.

Next thing you know, the company is trying to take it out of her bank account (which has no money in it.) That throws her into the negative with her bank account, but they still bounce it back and she still owes this company.

Then they threaten to sue her for the money. Can you see how it could get really ugly at this point? She should have never taken out the loan in the first place, because she wasn’t sure she’d be able to repay it.

But how many times do people who have bipolar disorder do this? They get in a problem financially because of their manic spending, and then they need a quick fix. Well, that quick fix isn’t so much of a fix if you aren’t able to pay it back.

Have you ever found yourself in that situation before? Maybe you have. Or maybe you’re considering taking out a loan in the future. If you are, make absolutely sure you will be able to pay it back. Otherwise, it could end up coming back to haunt you.

There are other things you can do to both prevent yourself from getting into one of those tight situations, and to handle it if you do. Preventing the situation is best.

This can be done by learning to control your manic spending, and by doing everything in your power to prevent future spending sprees. Sometimes this means taking drastic measures, like letting someone else have control of your money temporarily. Other times it just takes coping techniques.

Another thing you can do to prevent yourself from getting into those situations is to prioritize where your money needs to go. Obviously, important bills come first. Less important bills and food come second. Fun things come last.

I know, it sucks being an adult, doesn’t it? But prioritizing is a necessary part of life.

Here’s a trick I’ve learned that works for many people who have bipolar disorder to help them with finances: Pay the important things as soon as you get the money to do so. Don’t wait until it burns a hole in your pocket and you go out and spend it. This is called responsibility.

Now, if you haven’t followed this advice, and you find yourself in a tight situation, then there is a whole different set of things you should do.

To start off with, see if someone can help you without the requirement of you paying them back. This isn’t to say you shouldn’t pay them back, but at least if they are not expecting it then you won’t get penalized if it takes you a while to do so.

Another thing you can do that is at least a little better than going to a loan company is to take a loan out from a friend or family member. But if you do this, then once again, make sure you can pay them back, and in the time you agreed upon! In some ways this is even more important, because your relationship with that person might just depend on whether you pay them back.

I would suggest avoiding loans altogether if at all possible. What are your thoughts on this?

Well, I have to go!

Your Friend,

Dave