Table of Contents

Financial Wellness in Addiction Recovery

While in active addiction, it’s likely that your financial wellness became strained. Racking up debt, ploughing through savings and missing important payments are very common for those with SUD’s. While there are many resources for addiction recovery, we often overlook the financial implications of living with a substance use disorder.

Managing Financial Wellness : Costs And Consequences

It’s no secret that the drug trade is a billion-dollar industry. According to Worldometer’s global statistics, the value of the illicit market is tricky to estimate, but “a turnover of around $400 billion per annum is considered realistic.” Unfortunately, it is the consumer who is footing the bill.

If you have garnered financial problems through an addiction, you are not alone. In a survey of those living with loved ones suffering from a SUD 82% of respondents said their loved ones had experienced financial problems due to addiction. Further statics reveal that 48% reported their loved one drained savings or retirement accounts, 43% reported additional medical or legal expenses, 42% said their loved one sold assets to gain access to cash, and 11% said their loved one filed for bankruptcy.

How Does Addiction Impact Finances?

The cost of active addiction is startling. Most people in recovery are horrified to realize how the cost of their addiction could have bought them a car or in some cases a house. Many are saddled with debt for the foreseeable future, but aside from the cost of the substance itself, addiction eats into other financial areas. Missing important payments can adversely affect your credit score and even have you facing foreclosure on your home. Car payments, rent, utilities and mortgages all become compromised as a result of addiction.

Complete loss of income is also an ever-present risk. Addiction can impact a person’s job performance to the point that job loss becomes inevitable.

Tips For Rebuilding Your Financial Wellness :

Recovery means learning new life skills, and for many, financial management is one of them. Fortunately, money that was previously squandered can now be used more responsibly. The stress caused by financial worries can also be a trigger for relapse, so rebuilding your financial stability can inadvertently help reinforce recovery. Below are a few tips to consider :

Get back on your feet :

If job loss was an issue, securing new employment is the first step toward financial wellness

Create a budget :

It all starts here. In order to execute the larger financial plan, you need a realistic idea of income vs expenditure. Making a list of all of your expenses (with a little bit of padding for unforeseen circumstances) is a good starting point.

Tackle debt :

Pick the debt with the highest interest rate and try to tackle that first. It may be helpful to double the minimum payments in order to get on top of it

Make use of tools :

Money management apps, online workshops and courses on personal finance can all help you to re-establish a healthy financial footing

Start saving :

Once you have done some immediate damage control, it’s important to focus on savings. Setting up an automatic savings function on your account is a helpful way to ensure there’s something left over for those rainy days.

Consider recovery and wellness coaching :

Using the services of a recovery or wellness coach may not necessarily fall into the parameters of financial wellbeing, but they can certainly offer additional support which is vital to recovery in general. They can also check in on you during challenging times such as paydays, when you may be tempted to jeopardize your newfound financial stability.

Recovery852 provides personal tailor-made treatment programs to those affected by substance misuse. These include relapse prevention, aftercare programs, recovery coaching and recovery wellness retreats. With an emphasis on mindfulness, Recovery852 goes beyond the confines of the session to bring long-lasting recovery to the many suffering from addiction and other mental health issues like anxiety and depression.