Often there is a link between mental health issues and financial problems. Speaking from experience as a young adult I was totally incompetent in managing my finances. My first fortnightly wage when I joined the Air Force was $143 and $138 went to purchasing a ghetto blaster. Little did I know that that was the theme that would remain for the next 13 years.
The ramifications of poor money handling range wide, your friends will afford to socialise in venues, buy material items even new cars, some might save up for them on a long term basis. However watching all this happening and listening to those friends tell you of their plans and how successful their saving is going can only stimulate some of us for a short time. We'll put aside $100 from our pay and feel the vibe of what it's like then by the end of the fortnight it's gone!
The first step in any problem is to know its source. In the case of symptoms like impulsivity, lack of proactivity and excessive spending people usually dont even contemplate the connection to any mental health issue. That's just as common with other unwanted traits like sensitivity and mania for example. With money problems they will only become suspicious when it goes on for many years and is pointed out by someone close like a new spouse.
Excessive spending is a symptom in illnesses like ADHD, bipolar and others and there is a condition called Compulsive Buying Disorder. The result of over spending leads to distress and a feeling of being dissatisfied all the time. The feeling of failure compounds when your friends buy houses and can afford children. I've had that for all those years and in my case it peaked when my parents pointed it out. By then I felt I was so far behind it was pointless trying.
I was then lucky. I had access to a low interest defense home loan with no deposit and caught up with friends by my ability to enter real estate. However, I needed a thrifty partner to keep my spending at bay. So the problem remained internal until my diagnosis of bipolar in 2009 and with correct medication the symptoms subsided. Now, I had little desire to spend at all and this transformation is so obvious to me now that this post exists.
So, consider if you have such strong need to spend and no ability to save money through self discipline, consult your GP. List any other symptoms that might be known also like anxiety, moods, obsessions etc. Then if diagnosed you can praise yourself for the first step in moving forward.
TonyWK
