Recovery from an addiction can be tough at times, especially to the wallet. Financial stability can feel like a far-off lofty dream, but it can happen.
I know you have overdue bills, owe people money from back in the day when you were borrowing it to buy alcohol or drugs and then there are the treatment expenses.
I wanted to give a few suggestions to help you see the light at the end of this type of bleak tunnel because as you take small steps towards it that light will get brighter & brighter.
4 tips to get your finances headed back on track
Make a list of what is coming in & going out
I know it is depressing & really who in early recovery wants to look at that list. I get it but I know it feels better to know where you stand than continue to be in denial. You can look at the exact spot that you are in & then come up with a strategy to get out of it.
A strong recovery is about all things mind, body & soul. If your mind is cluttered with money worries, well then it’s more difficult to build a strong foundation when making significant changes.
Identify the needs & the wants
A basic need is just that something that you must have to survive like a roof over your head, electricity, food, treatment/counseling expenses, 12 step meeting contributions and transportation. These are necessities.
The wants are things that make life a bit easier such as eating out, internet, Netflix and even a cell phone. I know you are probably thinking I must have a cell phone. Yes, it is very handy to have but look at your phone is it a new one? Can you find a cheaper version at Walmart or Metro PCS? May not be the ideal one you want for now, but it will do until you get back on your feet financially.
Write this out as a list of all expenses. You can even add any outstanding debts you may owe as well.
Figure out a plan
Now we have our list & you can see what you can cut from it. If your living outside of your means, which is your bills are more than your income then you need to consider either finding a higher paying job or cutting expenses.
Here’s a quick list to look at
- Can you downgrade or disconnect your internet, phone or streaming plans?
- How often do you eat out?
- Do you smoke cigarettes?
- Would working a second job for a short time be helpful?
These are questions to ask. If you are feeling depressed right now, take a deep breath & remember you are getting this back on track. You start seeing it turn around pretty quick, hang in there. It’s all baby steps.
Start making those baby steps
Let’s say you can meet your basic needs which is awesome. Now list your wants by priority of what you really want in your life. Add in what you can afford. If you can start to pay off a debt, even with $10 or $20 a week or month, do it. You will feel better. Remember you are starting to take responsibility & by doing so will make you feel more empowered.
Looking at debt is never fun. I know I’ve been there but if you take some basic temporary baby steps, you can start to see the situation turn around. Recovery from drugs and alcohol is possible but so is financial recovery.
If you feel like you don’t know where to start, reach out & schedule your free 20 minute recovery strategy call to help you come up with a plan to put this behind you. Click the book a call link on the side of this page.