09/10/2026
When your mood is elevated and euphoria sets in, the urge to spend freely — or even recklessly — can be strong. It’s not uncommon to feel unstoppable, to chase grand ideas, or to make impulse purchases, rack up credit card debt, or even gamble away savings in the moment.
Risky financial behavior is often associated with manic episodes, but similar — though sometimes less intense — impulsivity can also show up during hypomania. While the consequences may not always be as extreme, the impact on your finances and well-being can still be significant.
That’s why it’s essential to put safeguards in place before your mood shifts.
Fortunately, some financial planners, including Martin M. Shenkman and Annie McQuilken, have experience with — and sound advice for — protecting against the potential fallout of a manic or hypomanic episode.
Here, they share their top tips for safeguarding your wallet from impulsivity:
1. Establish Two Separate Bank Accounts
When it comes to managing money, consider having one bank account dedicated to essential bills, like rent and utilities, and limit access to your spending accounts — for example, by leaving your debit card at home or removing payment apps from your phone. You can also set up email notifications to alert a trusted person if there’s any unusual account activity.
Establish a separate account for personal expenses, and keep just enough funds in it for one month. If you opt for a debit card, make sure it’s set up to deny any overdraft spending.
2. Keep Detailed Spending Records
Shenkman strongly recommends maintaining a detailed record of spending, regardless of mood state, so that anyone who is brought in to help with finances knows what expenditures are expected and reasonable.
Many financial institutions offer their own budgeting tools and programs, and there are a variety of reliable apps out there, from Mint to You Need a Budget (YNAB), for tracking expenses.
3. Put Limits on Your Credit Cards
To limit access to your personal credit — and protect against identity theft — consider setting up conditions for locking your account and denying credit through the three primary reporting agencies, Experian, Equifax, and TransUnion.
With these agencies, or other companies that monitor personal credit, you can also arrange for alerts to be sent to a trusted family member any time a credit check is performed.
Overspending during elevated bipolar moods can be risky. Learn how to protect your finances with expert advice tailored for bipolar disorder.