Ways to ensure you don’t put financial well-being at risk
People with a mental illness can pass the task of managing money to a family member or a trusted friend
Those who have uncontrollable urges to spend could consider investing in products that lock in savings
For the last 10 years, Nayeem, who did not want to reveal his last name, has been on and off medication for anxiety and depression. “During this time, I never realized that I wasn’t managing my finances. If I had money, I would spend it. If I went out with friends, I would pay," said the 46-year-old, a businessman suffering from bipolar disorder. Nayeem had five credit cards with an average limit of ₹1 lakh per card, which he would use liberally whenever he was short of cash. On one occasion, he owed ₹5 lakh to the banks.