Many people who experience addiction are no stranger to financial struggles. Even though it may feel difficult to get back on track with your finances, it is possible. Building a healthier relationship with money will pave the way to self-empowerment, security, and lasting happiness.
Financial Struggles That Accompany Addiction
It’s more than easy to lose sight of financial responsibilities when you’re in active addiction. Much of your money may have been spent on substances or on transportation to get them.
According to a 2021 study published in Substance Use & Misuse, substance use disorders (SUDs) “impact everything about an individual’s life.” This includes their “health, family, employment, education, housing, transportation, and finances.” The study notes that many people in active addiction may resort to property crimes that result in fines, fees, and restitution costs. This compounds their financial struggles and makes it even more difficult to get ahead when starting recovery.
In fact, by the time most people start recovery, their financial resources are very limited. Substance Use & Misuse says that reestablishing financial functioning is “key to recovering from the consequences of addiction.”
Financial Struggles and Anxiety
Another consequence of financial struggles can be feelings of extreme guilt, anxiety, fear, and helplessness. These feelings can easily spiral and cause a person to relapse if they don’t have the proper foundation in place to rebuild their finances.
According to a study published in 2011 in the Journal of Studies on Alcohol and Drugs, financial-related stress is “a form of chronic stress that for many is likely to be profoundly anxiety-provoking.” This is especially true because there’s such a strong connection between “financial well-being and life chances in modern society.”
As a result, many people turn to substances as a coping mechanism to deal with the high pressures and stress. This creates a dangerous cycle of substance use and financial insecurity.
Overcoming Financial Struggles
To start rebuilding your finances, it’s important to get help and support. It’s equally important to cultivate feelings of self-independence. A great place to start would be to open a checking account if you don’t have one already. Many checking accounts will allow you to keep low balances that you can build over time.
A savings account is another great option. Even if you put just one dollar a day into your savings, this is a great way to train yourself to stop compulsively spending.
If you have someone you can trust with your finances, you may want to ask them to hold onto your bank card or help you with your finances. This can be especially helpful if you feel like money is an addiction trigger. The most important thing to remember is that you shouldn’t ever be afraid to ask for guidance or support.
Addressing Financial Stress
When you start rebuilding your financial life, it’s also important to learn how to manage financial stress effectively. Without proper management tools, this stress can be all-encompassing and make you feel a total loss of personal control.
The Young Leaders of the Americas Initiative gives four helpful tips for overcoming this stress and getting back on track. The tips include getting realistic about your struggles, managing your money properly, saving, and seeking practical or professional help.
Taking Small Steps
If you’re in recovery, it’s important to create a plan that won’t add more stress to your plate. You should start with modest goals and work your way up to more ambitious ones. Also, remember to celebrate your small accomplishments every step of the way.
When you take inventory of your spending habits, income, and debts, it will be a lot easier to gain control. Doing this allows you to see the situation for what it is and it gives you a good starting point for turning your struggles around.
You may also want to start tracking your money or create a budget. Tracking your income along with bills, debts, fines, and any other amounts owed will help you see the big picture and give you a greater sense of control. You can begin tracking by creating a spreadsheet or downloading an app to help you.
Investigating Your Money Mindset
The last piece of overcoming financial struggles is one of the most important ones. Your money mindset dictates everything from the way you feel about yourself in relation to money to the way money flows into your life.
Start taking an inventory of your current mindset and beliefs around money. If you write this inventory down on a page in your journal it will help you get your thoughts out of your head and onto paper where you can understand them a lot better.
To get a good idea of your current mindset, ask yourself questions like:
- Do I feel worthy of having more money?
- Do I feel any guilt or shame around my past or present spending habits?
- How have my childhood or my struggles with addiction shaped the way I view or treat money?
After you get clear on where you’re currently at, you can then start to see where you’re going. On another page, write down all the empowering new beliefs around money you would like to hold instead. This is an excellent exercise to set goals and get to know the version of you who has a healthy financial future.
Finding Holistic Healing at The Guest House
At The Guest House, you will find the structure, support, and empowerment you need to help you overcome your financial struggles and create a life of lasting sobriety.
Our cutting-edge program includes a blend of traditional therapies and holistic modalities that allow you to regain control over daily responsibilities, ease your stress, and rediscover yourself.
Here you will find clinicians and peers to guide you through rebuilding your finances and your life without substances. You will also discover a vast array of fun and innovative therapies to help you rediscover joy in life and find lasting success.
Financial struggles and addiction often go hand-in-hand. Rebuilding your finances may feel difficult, especially if you’re experiencing high stress due to your situation. At The Guest House, we provide a cutting-edge program that will allow you to heal your whole life, including financial struggles and addiction. Our program is designed to give you the structure and support you need to start making more empowered financial decisions and create a healthier mindset that will guide you through recovery. Here you will find traditional talk therapies and holistic modalities to enrich your mind, alleviate stress, rediscover your passion in life, and set you up for a secure financial future. Call us at (855) 483-7800.