Financial Tools for Budgeting and Paying Down Medical Debt

Why This Matters

Mental health conditions like bipolar disorder can lead to impulsive spending, especially during manic or elevated mood states. Medical bills add another layer of stress. But with the right tools and support, you can take back control of your finances, one small step at a time.

Budgeting & Expense Control Apps

You Need a Budget (YNAB)

  • Focuses on giving every dollar a job

  • Helps manage unpredictable income or medical expenses

  • Built-in goals and progress tracking

  • Mobile + desktop sync

Goodbudget

  • Uses digital envelopes to create spending limits

  • Great for visualizing and restricting categories like impulse shopping

  • Free plan available

PocketGuard

  • Shows how much is “safe to spend” after bills/savings

  • Auto-categorizes expenses

  • Helps curb overspending quickly

Tools to Limit or Control Spending

True Link Prepaid Visa® Card

  • Designed for people with mental health or cognitive challenges

  • A caregiver or trusted person can:

    • Block spending at certain stores or online retailers

    • Set daily/weekly limits

    • Prevent cash withdrawals

  • You still carry the card, but it has built-in safeguards

Bank Alerts & Card Controls

Most bank apps (Chase, Wells Fargo, Capital One, etc.) let you:

  • Set spending limits

  • Block certain merchant types

  • Enable real-time transaction alerts

Managing Medical Debt

RIP Medical Debt

  • Nonprofit that buys and forgives unpaid medical debt for free

  • You can't apply directly, but joining the waitlist or donating can help your community

Dollar For

  • Helps you check if you're eligible for hospital financial assistance

  • Submits applications on your behalf—for free!

  • Especially useful if you had uninsured hospital stays or emergency visits

Credit & Debt Help

Self – Credit Builder

  • Helps rebuild credit through small monthly payments you “save”

  • Payments are reported to credit bureaus and returned to you after the term ends

National Foundation for Credit Counseling (NFCC)

  • Free or low-cost credit counseling

  • Create a debt management plan, especially for credit cards or hospital bills

  • Find local, certified counselors near you

Mental Health‑Aligned Budgeting Tools

SAMHSA Financial Capability Workbook (PDF)

  • Easy-to-follow worksheets

  • Created specifically for people with mental health or substance use disorders

  • Covers budgeting, bill tracking, setting goals

Practical Tips for Building Control

  • Freeze credit cards (literally or with an app) during temptation

  • Automate bills and savings during stable moods

  • Use prepaid or separate accounts for discretionary spending

  • Build a "cool-off" rule (e.g. wait 24–48 hours before buying anything over $50)

  • Check for hospital charity care—even retroactively!

Quick-Click Resource Summary

Tool Purpose Link YNAB Budgeting ynab.com

Goodbudget Envelope-based spending goodbudget.com

PocketGuard Spending insights pocketguard.com

True Link Card Controlled spending truelinkfinancial.com

Dollar For Hospital bill relief dollarfor.org

RIP Medical Debt Medical debt forgiveness ripmedicaldebt.org

Self Build credit + savings self.inc

NFCC Debt counseling nfcc.org

SAMHSA Workbook Mental health budgeting guide Download PDF