Addiction takes over your entire world. It becomes your sole purpose to wake up in the morning and what drives you to get through the day. You are constantly thinking about using, obtaining the substance, or how to get money for it. This can threaten your financial stability, put you in debt, make you do morally questionable things for money, and even leave you out on the street. Coming back from this situation can be difficult and takes time, but with the right help, you can be successful. We at Spero Recovery want to help you achieve your sober goals, including financial stability.
How Can Addiction Impact My Financial Stability?
When you are struggling with substance use disorder (SUD) it can take over your every thought and every part of your life. Your thoughts and goals revolve around your ability to obtain and use the substance. This can greatly impact your financial stability in a variety of ways, such as:
- Calling in to work because you are recovering from using the substance or would rather spend your time getting and using the substance.
- Not being able to pay your bills because you spent the money on your substance instead.
- Losing your job because of work missed or coming to work under the influence.
- Indebting you to others because you borrow money from them.
- Selling your belongings and others’ belongings to be able to afford the substance. This makes it so you have nothing left and have to start over when you decide to get sober.
Ways to Find Financial Stability
Making your way back to financial stability during recovery takes time, dedication, and restraint. Some ways to find financial stability are:
Reach Out for Help
There are resources that can help you find where to begin and teach you different techniques to maintain your new financial stability. Apps are also available to help you track your spending habits and save you money.
Make a Budget
This should include all of your incoming and outgoing funds. Things like streaming services, groceries, debt payments, insurance, utilities, rent/mortgage, savings, and gas are all things that should be accounted for.
Live Below Your Means
Evaluate your budget and figure out where you can and need to make cuts in how much you spend for that category. This helps you be able to save more and move your money around to pay off debt faster. Downsizing your more expensive categories can also help you lower your spending. It can include getting a smaller, more fuel-efficient car, for example.
Make It a Point to Increase Your Savings
Before you worry about spending money on other things, make sure you put a designated amount of your income into your savings and don’t touch it. Saving more helps you build a buffer for emergencies and give you funds for future major purchases.
Create a Plan to Pay Off Debt
Using your budget, determine how much you can allocate to paying off your debt. Debt can include loans, credit card balances, and missed payments. This can be done by either paying off the highest interest balance or the lower amount balances so that you eliminate more debt faster.
Find Additional Income
Additional income can mean side hustles, asking for a raise at work, picking up extra shifts, and working more than one job. This method can be overwhelming and stressful, especially if you are trying to juggle recovery and other mental health conditions. It will depend on your availability, comfort, and confidence in your ability to juggle multiple jobs with working on your recovery.
Spero Recovery Can Help You Find Financial Stability
As a recovery program, we at Spero Recovery pride ourselves on being effective and affordable. Our use of grants and donations allows us to keep our costs below the national average. This makes us the perfect match for under and uninsured individuals, and those going through financial hardship. We can help you reach financial stability through:
Peer support and a community setting are an important part of our programs. We believe the right support system can keep you motivated in your recovery journey and keep you on track to accomplish your goals. Finding a career after recovery is easier with our resources available.
Creation of Attainable Financial Goals
We can teach you techniques for creating attainable financial goals. This includes both short and long-term goals. Some short-term goals can include finding a job, paying to stay in sober living each month, and creating a functional budget. Long-term goals can include getting your debt paid off, being able to afford an apartment or house, and improving your credit score. Our techniques will help you determine which goals should be short and long-term, as well as how to reach these goals.
Substance use disorder has a major impact on many parts of your life, such as your financial situation. Addiction can put you in debt and leave your sober self to clean up the mess. Finding your way out of this financial hole can feel impossible. It will take a lot of work, accountability, and help. If you feel like you are struggling to find financial stability while on your recovery journey, reach out to Spero Recovery at (303) 351-7888 for more information today. We understand what you are going through and want to help you reach your goals. We will help you find the resources you need and hold you responsible.