managing money

5 Tips on Money Management When You’re in Recovery

When recovering from drug addiction the last thing you probably want to think about is finances.

Studies have found that money is one of the most prominent sources of stress in the entire world. As anyone who has ever had to deal with addiction before knows, additional anxiety is your greatest enemy.

Unfortunately, to function as a member of society, you need to be able to have some control over your financial situation.

If you’re recovering from an addiction and you’re ready to get your accounts in order, we can help.

Here are five tips on money management that are sure to help take the stress out of finances.

1. Needs Vs. Wants

For many people recovering from addiction, shopping can help curb cravings and reign in impulses.

But, going out and buying unnecessary stuff can take a toll on your wallet after a while — which will only add to your stress levels in the long run.

The best way to combat this is by determining what expenses are necessary and what are things you don’t need in your day to day life.

Make a list of expenses that you need, such as housing and food, and tally up how much all your necessary items cost.

Once you have your necessities down, create a list of things you’re currently spending money on that you don’t need.

Early on in your recovery, you should strive to only pay for things that are on your “needs” list. As you move forward and make progress, you can begin to add your “wants” back into your life.

2. Set a Budget

While creating a budget can seem tedious — having a definitive plan you can refer to can help make financial decisions much more manageable.

Look at your current income and divide it up to include allowances for necessary expenses such as food and rent.

If possible, you should also strive to put a percentage of your paycheck away in a savings account.

As you grow more accustomed to your budget, you can begin to set aside a little “fun money” every month to spend on your wants.

3. Ditch Your Credit Card

credit card debt

As we said before, money is a stressor all on its own. So, you should strive to do everything in your power to avoid racking up any unnecessary debt while you work on recovering from addiction.

One of the easiest ways to avoid debt is by canceling and getting rid of all your credit cards.

The only way to completely avoid giving into temptation is by removing the source from your life. By giving up your credit cards, you won’t be able to use them and will not be able to accumulate any unwanted debt.

While it may be rough at first, your bank account will thank you in the long run.

4. Create Goals

Once you start down the path to recovery, you’ll be able to begin setting new goals for yourself outside of rehabilitation milestones.

Whether you’d like to invest in a house of your own or you want to buy a new car, setting financial goals for yourself can help you achieve those dreams.

Determine how much you’d need to save or make to meet your goals and create a plan for yourself.

Putting a little extra money in savings each month may not seem like much, but by sticking to it, you’ll be able to achieve your goals in no time.

5. Don’t Be Afraid to Ask for Help

There’s seldom much success in undergoing something like heroin addiction treatment (learn more) alone — sometimes we need to ask for help.

Asking for help is one of the most courageous things a person recovering from addiction can do. If you feel as if your financial situation is too much for you to handle by yourself, don’t be afraid to contact a professional for advice.

Tips on Money Management

Recovering from addiction can be challenging enough on its own without having to deal with your monetary situation.

But, by following these tips, you’ll be able to begin laying the groundwork for a future full of financial success.

Are you looking for a few more tips on money management? We can help.

We have dozens of articles on everything from updating your wardrobe on a budget to investment strategies. Visit us today for more information.

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