Addiction has a devastating effect on your personal finances. Buying increasingly large volumes of drugs or alcohol is perhaps the most expensive habit you can develop. Money is the primary means to an end when you’re addicted to drugs. Fortunately, once you get into rehabilitation facilities like the UKAT centers, you’ll have the chance to manage your finances properly.
Since going back to square one could be challenging, we’ve compiled a few tips to help you handle your money while undergoing rehab treatment.
Create realistic goals
It’s time to start defining some concrete goals after you’ve got some big-picture thoughts about what you want for your future. It’s ideal for categorizing into long-term or short-term goals, where the latter is characterized by immediate necessity and is attainable in a short period.
These criteria will keep you motivated and safeguard your recovery as you work for the life you desire. Setting financial goals is vital since it determines how much you need to start saving to accomplish your objective.
How much do you need to save and invest to achieve these objectives? By doing so, you put a number on your ambitions. You can keep track of your progress and make adjustments as needed to accelerate things. And take your focus from experiencing relapse throughout your rehab treatment.
Prioritize paying off debts
Bad debt that has the highest interest rate, such as a credit card or immediate consequences, is considered high-risk debt.
This means that a missed mortgage or car payment could put pressure on your financial stability. For this, your best option is to rank your debts from most dangerous to least dangerous, then make plans to pay them off in that order.
Paying off debts eliminates what you owe and can also improve your credit score, which can enhance your confidence and be helpful when making larger purchases in the future.
Instant money isn’t for everyone, and it might be especially appealing in the early stages of recovery.
It’s preferable to leave your cards with someone you can trust, such as a sober family member, and withdraw cash from the bank as necessary so impulsive expenditures would be out of the equation.
Set a budget
When money is mismanaged, debt is almost always the result. When you have debt, it causes a lot of stress. Stress can lead to another addiction, as well as the reckless use of money in some situations.
A person can feel less anxious and stressed by creating and sticking to a budget. A person in recovery can focus more on their recovery and long-term sobriety if they are less stressed.
First, you have to make a list of how much money you make each month. Then, list down the amount of money you spend on average monthly. And finally, calculate how much you’ll spend on extras. Clothing, entertainment, and luxury items are examples of these items.
Budgeting is a great moment to tackle your money anxieties and begin to rethink how you manage your finances. If you’re dreading sitting down with your notebook, keep in mind that once you’ve carefully apportioned what you have, you might feel more in charge of your life that’ll motivate you to continue the treatment.
If you’re overwhelmed, talk it out with someone and, if necessary, get professional help. Addiction specialists have extensive expertise in treating people at various phases of addiction and recovery. They can offer reassurance, support, and insight to help you navigate this crucial period of your recovery. And remember that it’s never too late to create a drug-free life.