by Susan Paige
Drug and alcohol addiction has probably disrupted your financial stability quite a bit. Sometimes, the habits developed due to addiction could also make it hard to regain financial control. This does not even include the money used to overcome this issue. The following are a few financial tips to help those recovering from addiction take control of their finances once again.
Why is Money Management Vital?
For the most part, people recovering are told how important it is to control their emotions and cope with stress. These individuals are also taught to avoid relapse triggers, but one thing that is often overlooked is financial literacy. Learning how to manage your money is important because you could fall into debt otherwise.
Credit car debt, mortgage, auto loans, loans in general, and any other bill that piles up could cause you to be a little stressed. As you probably know, stress is a major trigger that must be avoided, but failing to control your money could put you in a position that is hard to escape. This is the reason financial literacy is even more important for those getting over an addiction.
Start by Getting That Money
Employment should definitely be your first step because it helps make you a more self-sustaining individual. Now, it is important that you stay positive because getting a good job is not easy, even for non-addicts. Take in the positive steps you’ve taken, and do not focus so much on making money that you become obsessed about it.
At the moment, there are a number of ways to make money, from getting a regular job to getting started in the gig economy, which can supplement your income. You can also start your own business though this can be relatively stressful, so make sure that you are prepared for the ups and downs associated with business ownership. It is okay if you have to take a lower position from what you are used to because you have to learn to prove yourself again and that is okay. You probably burned a few bridges during your addiction, and these consequences are obstacles you will have to overcome.
Money Management Starts With You
It is important that you recognize that you cannot be trusted to manage your own money. Recovering addicts could easily buy those same drugs, or they could fall into other spending issues. Keep in mind that an addict has associated money with instant gratification and pleasure.
Sure, you might be strong enough to avoid drugs, but that does not mean you won’t avoid other pleasures such as a shopper’s high. You could easily become addicted to that feeling and begin to spend your money frivolously. There are a number of other types of addictions you could develop that do not have to be associated with drugs, like gambling, food, or even social media just like shopping.
It is important that you keep an eye on yourself because your brain is still vulnerable and is still wired to become obsessed with instant gratification. You want to give your money to a loved one or a friend that you trust. You could also hire a money manager to ensure your money is only used for what is necessary.
Additional Tips to Consider
The following are other issues to consider:
- Figure out how to reduce debts and think of abstaining from credit cards, loans, and mortgages.
- Separate what is needed to live and what you just want.
- Consider talking to a financial advisor.
- Take a financial literacy class to help you move forward.
- Do not forget to stay in contact with your sponsor.
- Start to use money management tools available to you such as savings accounts or checking accounts.
- Learn to set positive financial goals.
- Take note of the things that tempt you so can address them with your sponsor later.
Hopefully, these points and suggestions help ensure that your recovery coincides with your financial stability. There is no doubt that this is going to take a while, and it is going to be hard to adjust your lifestyle, but no one said that sobriety or reclaiming your life was going to be easy.