Recovering from addiction is an incredible achievement – one that requires strength, courage and perseverance. As you focus on healing and recovery, you’ll naturally think about the practical steps you need to regain control of your life – including your finances.
Money challenges are common during and after addiction, leaving many of those in recovery feeling overwhelmed, powerless and dependant on loved ones. But the good news is, just as you’ve taken steps to reclaim your health and wellbeing, you can regain financial stability after addiction too.
Within this article, we explore some of the ways you can rebuild your finances after addiction, taking back control of your money and setting the foundation for long-term success.
There are countless ways in which addiction can impact your financial health, here are just a few of the most common.
Addiction can often lead to loss of employment, which will have a huge impact on your financial situation. Without a consistent income, covering everyday expenses such as rent, bills and food becomes increasingly difficult.
Addiction can also lead to legal problems, which can have significant financial implications. From fines and court fees, to the cost of legal representation, legal expenses can quickly add up, putting additional strain on your finances.
Very often, addiction takes its toll on physical and mental health. This can, in turn, impact your ability to work or find ways to build financial stability.
Rebuilding your finances after addiction may feel like a daunting task but, with the right approach, it’s definitely achievable. From debt consolidation support and credit counselling through to support groups for addiction recovery and professional help from financial advisors, there’s a lot of help and support out there.
The key is to take things step by step, focussing on small, manageable changes that will help you achieve long-term stability.
A solid support system can be hugely beneficial when rebuilding your finances after addiction.
Family and friends offer the support and encouragement needed to navigate these difficult times, helping you to stay motivated and focused on your financial goals. Your support network can also provide much-needed practical assistance, whether that’s help with budgeting or financial planning, support with job searching, providing somewhere to stay or perhaps temporary financial assistance.
If you are receiving help from family or friends, make sure that clear boundaries and expectations are set on both sides.
When rebuilding your finances, one of the first steps should be to gain a clear understanding of your current situation, set realistic goals and create a budget that will help you achieve them. A detailed financial plan will help you prioritise your basic expenses and track your spending on non-essentials.
It’s important to remember that rebuilding your finances after addiction takes time – and it’s normal to encounter setbacks along the way, so don’t let this put you off. Celebrate the small victories and don’t get discouraged – recovery gives you the opportunity to rest and take control of your money again.
Securing a new job isn’t just important for getting your finances back on track, it’ll also help you regain your independence, rebuild confidence and create a fresh start.
Looking for a new role may feel overwhelming, but think about your skills, strengths and interests, as well as any previous roles you’ve had. Make sure to update your CV, network as much as possible and use all the available job search resources out there. While you’re looking for employment, work on your skills and take up any training opportunities that are available.
And remember, stay positive! There is hope of employment following addiction.
Whilst you’re looking for a new job, you might be eligible to receive financial support, including unemployment benefits and other government assistance. There’s lots of help and support out there that can prove to be incredibly beneficial during periods of unemployment.
Finally, when rebuilding your finances after addiction, it’s really important to stay focused on your recovery. Thousands of recovering addicts have found much needed freedom from the challenges that come with addiction, embarking on a life of sobriety and building a better and brighter future.
At ANA, we work closely with our clients to help rebuild their lives, to gain confidence and self-worth and to believe that they can live a healthy, responsible and productive life, free of addictive substances.
To find out more about our private rehab services, get in touch today. Our friendly, supportive team is on hand and ready to help.
