Addiction can have a terrible effect on your finances. While in the throes of addiction, you might only worry about money in relation to your addiction. Not all types of addiction are necessarily expensive. However, it’s possible to spend all your money and more if you’re addicted to drugs or gambling. What’s more, an addiction can put your job in jeopardy. Some people find that they have no home, no job or savings and mountains of debt. Coming back from this is by no means easy. It isn’t impossible, though, but you need to have the skills and determination to do it.
Choose the Right Rehab
If you haven’t yet made it through a treatment program, your first step is to try and avoid more damage to your finances. However, it is worth investing in your treatment, even if you feel like you can’t afford it. You can find a low cost rehab so that you can minimize the effects of treatment on your finances. If you choose your facility carefully, you won’t have to stretch your money too much to make it possible. Other options include finding a rehab that offers financing and payment plans. Spreading the cost will make it easier to manage.
Prioritize Paying Off Debts
Addiction can leave you in debt, and paying for your treatment might add to it. You need to be able to care for yourself, but you should also concentrate on paying off debts. Aside from your daily living expenses, making payments toward your debts should be your priority. If you’re not sure how to handle them, it might help to talk to a debt counsellor. They can advise you on how to manage anything you need to pay. It might be best to consolidate all your debts so you only have one payment. However, it could be better to tackle them one at a time.
Relearning How to Be Financially Responsible
When you’re struggling with an addiction, being responsible with your money is often the last thing on your mind. In fact, you’re more likely to be trying to get any money you can so you can spend it on your addiction. When you begin recovery, you can also start taking responsibility for your finances again. It’s a good idea to get into good habits as soon as you can. If you’ve never been great with money, now is the chance to learn how to handle it for the first time. Start by creating a budget and being disciplined to stick to it.
Planning for the Future
It can be hard to think about the future when you’re trying to take things one day at a time. However, you need to be able to think a little bit ahead at least. Budgeting requires you to think about future expenses, from the mortgage to new clothes. It’s a good time to learn how to set goals and work toward them. For example, you might decide you want to save a certain amount each month. This helps you think about the future in small ways that still matter.
Part of putting your life back together involves organizing your finances. Learning how to manage your money is an important part of recovery.
