Addiction can affect every area of your life, even your finances.
A drug or alcohol addiction costs money to sustain, and money problems are common for many addicts. As a result of a strong physical dependency, addicts will often spend their last pennies sustaining their habit. Although drug or alcohol addiction treatment can help, getting your finances back on track after rehab can take time.
Although the financial effects of drug abuse are extensive and can make regaining financial stability difficult, our team at Banyan Palm Springs is sharing some great tips for getting your finances back on track after rehab.
Helpful Tips for Rebuilding Finances After Rehab
Finding the right kind of financial help for recovering addicts is crucial. While their substance abuse program may have addressed the physical and mental aspects of addiction, they may need more help in learning how to manage finances after rehab. Below are some tips for getting your finances back on track after rehab that can help you or a loved one.
Finding a job can be stressful in recovery. If you’ve just completed a residential treatment program, then the idea of getting back into the workforce can be scary. A steady job is the first step in fixing your finances after rehab. It’s important to have a steady source of income so you can consistently pay off any lingering debt, pay for bills, and save up money.
Create a Realistic Budget
Prioritizing your needs over your wants is important when it comes to your finances. It’s easy to use spending or shopping as a way to replace your addiction or become irresponsible with your income. This is where budgeting can help. Your budget should help you spend less money than you make, pay off debts, and save up money for emergencies. Whether it’s in a notebook or on a computer, be sure to keep track of your budget regularly and in a safe place. Include things like income, debt, savings, emergency fund, bills, and other things you may want to buy.
Open a Savings Account
A savings account is a safe place where you can set aside a certain amount of money from your income for future use. Savings accounts are often used to set aside money to buy a home, car, pay for school, or use in an emergency. Having a savings account keeps you accountable and prevents you from overspending.
Work on Rebuilding Your Credit Score
A credit score is finicky. A few late payments can cause your credit score to drop significantly. Your credit score depends on the credit cards you have open and any pending debt you may have as well. If you have neither and are looking to build up your credit score, research different credit cards and compare them side by side to find one that works best for you. Make sure you only apply to the cards you need and can pay off every month. Credit cards can be dangerous if you don’t know how to manage your spending, so be cautious.&
Don’t Do It Alone
Many people struggle with their finances, and not all of them are in addiction recovery. Not only are you managing the physical and mental struggles of recovering from substance abuse, but you’re also unlearning addictive habits and replacing them with new ones. To prevent overwhelming yourself and make sure you stay on track, ask someone you trust for help. They may be able to teach you new things, help you keep track of your budgeting and spending, and keep you accountable.
At Banyan Treatment Centers Palm Springs, we know that getting back on your feet financially after rehab is a process with lots of moving parts. Addiction is a lifelong battle and figuring out your financial situation is just one part of changing your life for the better. Developing healthy spending and savings habits can prevent additional stress and urges to use again.