Frugality for Depressives

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martinis and your money

Frugality for Depressives

I recently had Abigail Perry from the blog I Pick Up Pennies on the show to talk about her struggles with fertility; and I wouldn’t normally have a guest back on the show so soon except that Abigail recently wrote a book that I think would be helpful for many of my listeners.

Over the last few months, I’ve literally had a number of clients and listeners ask me to address the struggles of people with mental health issues getting financially fit; and I think Abigail’s book is a great resource. Her book, Frugality For Depressives, is available here, here, or on Amazon; and I believe that not only people who suffer from depression would benefit from reading this book but anyone who struggles to overcome mental health challenges in the pursuit of financial fitness.

What are we drinking?

Abigail — Water (she and her husband are trying to get pregnant!)

Shannon — Seltzer water

Podcast Notes

  • Statistics show 1 out of 10 people have suffered from depression.
  • Abigail advises depressives to “not budget” because they may not have the coping skills and other abilities mentally healthy people have but will still try to use the budgeting numbers those “normal” people use.
  • Shannon’s solution for clients who suffer from depression is to take budgeting one week at a time and to not worry about setting a certain amount or categorizing purchases.
  • Working with a real person to help manage your finances is often a better option instead of using a financial app or online service.
  • Financial technology often doesn’t show users’ progress, which is something depressives need to know they are improving and have not failed.
  • If you do want to do a traditional budget, Abigail suggests 3 ways to do so in her book.
  • Financial wellness is difficult for most people, not just those who suffer from depression, and Frugality For Depressives is a good resource for anyone looking to improve their finances.
  • Abigail says if something is just not working financially, just stop; you can come back to it later if you need to.
  • Comfort spending is a huge challenge for those that struggle with their mental health.
  • Two ways to combat comfort spending are:
    • Asking yourself “how will I feel after this?”
    • Having alternatives available to satisfy you
  • Shannon advises allowing yourself some splurge money each month.

You can’t let depression overwhelm your finances; you must have workarounds for those times.

Do your emotions impact your finances? Do you struggle with managing depression and your money?

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

5 COMMENTS

  1. I think Abigail’s book is a really important resource. One of my closest friends has struggled with depression (as well as chronic illness) and also made significant financial progress by taking things one step at a time, allowing for splurge money, and coming back to tasks when she has the energy, as Abigail said. Thanks for covering this!

  2. Loved this episode, Shannon and Abigail. There were so many actionable takeaways that could be applied to many areas of life. For example, planning ahead and taking small steps toward healthier choices are strategies I’ve been using to fight binge eating every day. I can’t wait to read Abigail’s book! Thanks again, ladies.

  3. Though I don’t have depression-related problems, I’d definitely grab Abigail’s book. I read good reviews about it and I consider her book really great as it addresses how frugality can be achieved the easiest way possible. Thanks for the recommendation!

  4. I enjoyed this episode! Aby is a good speaker. Hope she’ll be a guest again soon. Her book seems really great! Can’t wait to grab a copy of it.

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