How to Build and Maintain a Budget with Manic Depressive Disorders

 

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Budgeting can be hard for anyone that has difficulties with managing their money. But it’s especially hard for people who have manic episodes. During the highs it can be easy to spend as a celebration or a treat, and during the lows spending can be used for a hit of dopamine or even as a punishment (depending on your level of self awareness). So today we’re going to break down the best ways to take average budgeting tips and make them work for you.

Step One: Calculate

The start of any good budget it going to be sitting down to figure out your financial situation. Grab a piece of paper and start writing down everything you have to pay on a monthly basis. Include everything: monthly household expenses, monthly subscriptions, groceries, gas, utilities, car payments, loan payments.

Once you have all of these numbers on your paper, add them all together and get your estimated monthly total. Then take your average total monthly income and write that down. Once you have that, we’ll move onto step two.

Step Two: Track

So now you have your monthly spending and your monthly income. Now you’re going to begin tracking your funds. Some of your numbers will be fixed, some of those numbers will change based on usage and other factors. You want to take your fixed numbers first. Subtract all of those fixed numbers from your monthly income. Now you’re going to look at those fluctuating numbers. The way I do this, is by calculating the average over several months and then allocating that into your current total. Once you have all of those fixed and fluctuating payments sorted out, we’re ready for step three.

Step Three: Allocating Remainders

This is where you’re going to get into interesting territory. If you have a particularly hard time with that extra money, this is where you might need to find yourself an accountability buddy. Whatever is left of your monthly income after you subtract all of those monthly payments is what we’re going to allocate now. I recommend starting small. A lot of people will tell you about sinking funds and nest eggs and all manners of other things that may make you want to pull your hair out. Start small. Don’t worry about all of those different categories. Assign yourself a few topics these are the ones that I use.

• ·        Bill Fillers (to cover extras on fluctuating payments)
• ·        Groceries
• ·        Gas
• ·        Spending

Keep it simple to start, you can break it down further once you’re comfortable with this set up. Be realistic as you begin splitting up the remaining total.

My recommendation is to never put more than 20% of your remainder into spending. I know it’s going to be tempting. But you’ll be thankful you didn’t when you need groceries or gas. Or worse, your electric bill goes up that extra $50.

The most efficient way to handle this is by using 30/30/30/10 as your guideline. 30% of your remainder into Bill Filler, Groceries, and Gas and 10% into spending.

Step Four: Multiple Accounts

If you’ve reached this step, you’re almost done. If you bank with someone that allows for multiple accounts, utilize this feature. A checking account for your fixed payments, the money for those payments goes directly on this card, and doesn’t get touched. Enable autopay on all of those payments and just let them run their course. After your monthly deposit, do not touch this account. (You may need your accountability buddy for this one, it can be hard.)

Then you’ll want a savings account for your Bill Filler money. That savings account will hold the growing sum and allow you to have a nest egg to cover any scary unexpected monthly fluctuations.

Then you’ll create separate checking accounts for your groceries, gas and spending. This allows you to categorize your money in a way that also makes it easily trackable. Name your accounts, and label your checking account cards to ensure that you keep track of what card goes with what account.

Step Five: Delete your banking app.

That’s right, you read that correctly. Delete your banking app from your phone. Most of these apps allow you to control which accounts your money is in, and allow you to move funds around. Take away the temptation, until you’re sure that you can resist it. Any transfers of funds that need to take place, go to your institution and handle them in person.

Instead of relying on your banking app to give you your account numbers, track those numbers on paper or in a note on your phone. Spending trackers will be your best friend.

These are your main steps to getting your budget straightened out. Now, I’m not going to promise that this is going to work for you, because it may not. But it is a great place to start out. And if you have a friend that is willing to help you, even better.

You can do this!