"Living with purpose and having a schedule with my family has brought me balance," says the rocker, whose latest album with Fall Out Boy, Mania, drops Friday
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Pete Wentz has never shied away from discussing his struggle with bipolar disorder.

Today, the Fall Out Boy bassist and mental health advocate draws support from his family.

“Living with purpose and having a schedule with my family has brought me balance,” Wentz, 38, says of managing mental health in the new issue of PEOPLE. “I think it can be different for everyone, but for me, just being able to talk through things, meditate and exercise has been helpful.”

The rocker is doing better than ever. Fall Out Boy is currently on a world tour and will release its seventh album, Mania, Friday, and Wentz — already dad to 9-year-old son Bronx Mowgli, with ex-wife Ashlee Simpsonwill welcome a daughter this spring with longtime partner Meagan Camper, 28, with whom he shares son Saint Lazslo, 3.

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Credit: Koury Angelo

Pete Wentz at home, with, from left, sons Saint and Bronx, partner Meagan Camper and vizsla Bearenstain

Wentz has previously opened up about his battle with mental illness. After Fall Out Boy went on hiatus in late-2009, he sank into a deep depression, before he and Simpson divorced in 2011.

“We had all these great years as a band, and then we took time off and I basically became Mr. Mom,” he told Howard Stern in 2015.

“I had the beard, the flannel shirt. I didn’t know what my identity was … when your identity is what you do, it’s hard when you stop doing it,” he said at the time. “It was the first time where I was like, ‘Well, no one’s really taking my picture. I’m just basically hanging out with my kid all day. Who cares?’ I think when you stop caring about … your personal hygiene, it makes you even more depressed, but it makes you do it more.”

RELATED VIDEO: Baby Girl on the Way for Fall Out Boy’s Pete Wentz


For much more on Pete Wentz, pick up the new issue of PEOPLE, on newsstands everywhere Friday.

In a 2015 interview with HuffPost Live, he elaborated on how he manages his bipolar diagnosis. “I don’t take any medication,” he said at the time. “I went to therapy … but I think the idea that there’s a one size fits all [solution] is one of those myths. Everybody figures themselves out in a different way.”