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CREST.BD Money & Bipolar Disorder Slides

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A warm welcome to CREST.BD’s Bipolar Wellness Centre webinar series! These webinar slides provide a summary of current research evidence on the relationship between money, bipolar disorder (BD) and quality of life (QoL), as well as pointing you to some tools and resources to help you manage your finances.

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CREST.BD Money & Bipolar Disorder Slides

  1. 1. 1 CREST.BDBipolar Wellness Center Webinars Connect. Learn. Engage.
  2. 2. 2 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD Money
  3. 3. 3 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BDCREST.BD Money Featuring: Professor Samson Tse CREST.BD Member, Associate Dean (Undergraduate Education), Faculty of Social Sciences and Professor of Mental Health, Department of Social Work and Social Administration, University of Hong Kong
  4. 4. 4 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD Webinar focus Defining finances Money and BD Why financial matters are important to your QoL How you can take action
  5. 5. 5 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD Defining finances The ways you manage and handle your money Includes: • Paying bills on time • Budgeting for necessities and costs of living • Handling debts, e.g., credit cards, mortgages and loans • Keeping on track with savings • Managing spending on extras
  6. 6. 6 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD 1 Kennedy, S.H., Welsh, B.R., Fulton, K. et al. (2010). Frequency and correlates of gambling problems in outpatients with major depressive disorder and BD. Canadian Journal of Psychiatry, 55: 568-576. McIntyre, R.S., McElroy, S.L., Konarski, J.Z. et al. (2007). Problem gambling in BD: Results from the Canadian Community Health Survey. Journal of Affective Disorders, 102: 27-34. Money and BD Little research specific to BD Some studies show that people with BD have particular challenges with money, e.g.: • Financial problems related to hypomanic/manic episodes ❒❒ gambling problems1 ❒❒ impulsive spending • Financial problems related to depressive episodes
  7. 7. 7 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD 2 Michalak, E.E., Yatham, L.N., Maxwell, V., Hale, S., Lam, R.W. (2007). The impact of BD upon work functioning: a qualitative analysis. Bipolar Disorders, 9: 126-143. 3 Lobban, F., Taylor, K., Murray, C., & Jones, S. (2012). BD is a two-edged sword: A qualitative study to understand the positive edge. Journal of Affective Disorders, 141(2-3): 204-212. Money and BD More rarely, some people may experience financial benefits associated with BD • increased ability to creatively tackle real-world problems2 • improved financial outcomes3
  8. 8. 8 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD Why are financial matters important to QoL? Good money management – essential skill, whether or not you live with BD • Financial problems can be an early-warning sign of impending mood episode • Financial stress can contribute to mood episode
  9. 9. 9 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD How you can take action Best time to protect yourself from BD symptom-driven financial decisions is when you’re feeling stable Limit your risk of unwise/impulsive spending: • set dollar limits on withdrawals from your debit card • lower your credit card limits • get a co-signer for major cash withdrawals
  10. 10. 10 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD How you can take action Improve your money management skills: • develop an overall money plan • use apps and online tracking programs to help you
  11. 11. 11 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD How you can take action Consider involving people from your social support network/healthcare provider to help with money management Identify your best financial supporters: • healthcare providers may be able to step in when episodes are just beginning to help prevent financial crises • trusted supports (e.g., partner, close friend, sibling or peer support worker) can help safeguard your financial interests if you aren’t able to make safe decisions
  12. 12. 12 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD How you can take action Proactive planning to maintain financial control Identify your best financial supporters: • know your early warning signs for impending mood episodes • know your personal triggers for impulsive or unwise spending • have an emergency plan in place
  13. 13. 13 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD Tools and Resources
  14. 14. 14 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD Resources Managing your money, every day Free TD Bank of Canada online resource that offers you the essentials of money management. Shares some easy money management strategies as well as offers online tools and checklists. https://www.tdcanadatrust.com/planning/everyday-finances-made-easy/ everyday-finances-made-easy/manage-your-money-every-day-index.jsp
  15. 15. 15 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD Bipolar Money Relatively comprehensive article via BipolarLives.com. Written in five sections addressing concrete financial issues that the site’s readers often ask about. http://www.bipolar-lives.com/bipolar-money.html Resources
  16. 16. 16 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD Resources Bipolar Disorder: Reckless Spending Personal story by a woman who lives with BD: her reckless spending problems and how she ultimately took back control of her finances. http://www.heretohelp.bc.ca/visions/income-vol7/bipolar-disorder-reckless- spending
  17. 17. 17 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD Resources Mental Health & Debt 2015 Free 44 page PDF booklet for people with mental health challenges and their supporters. Covers, for example, how to handle debts when unwell, how to work with banks and when to declare a condition. Some specific BD tips. http://images.moneysavingexpert. com/images/documents/ mentalhealth2015.pdf
  18. 18. 18 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD For more information and resources, visit our Bipolar Wellness Center at: http://www.bdwellness.com/ To assess your quality of life, visit our QoL tool at: http://www.bdqol.com/
  19. 19. 19 Bipolar Wellness Center Webinars Connect. Learn. Engage.CREST.BD Acknowledgments

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