As a recovering addict, you will face individual challenges that can test your limits. One incredibly difficult feat is rebuilding and repairing finances that may have taken a hit. While this may seem like a monumental obstacle, you can right your financial health and repair your savings. Consider these helpful tips to spend wisely, avoid debt, boost your savings and avoid relapse.
Money Woes and Relapses
According to CBS News, money is a leading cause of stress for Americans. While managing finances is a life skill, you can save for your future by learning your triggers. Stress can actually lead to a relapse, according to the National Library of Medicine. Feelings of doubt and worries about your financial health can lead one back to drink or use substances. Avoid debt by tracking your discretionary spending and by having an emergency fund. Use the 50/30/20 rule, a method that helps you to track your spending habits and increase your savings.
Gaining the Trust of Employers
One of the essential virtues you will need to acquire as a recovery survivor is practicing patience. Seeking out employment can be a long and arduous task. However, even if you’ve landed a job, the prospect of relapsing due to work-related stress is still a possibility if you haven’t used the tools for success.
Substance abuse can cause injuries, illnesses, low morale and absenteeism on the job, according to the National Survey on Drug Use and Health, so taking ownership of your own life is crucial. Find a 12-step program, group therapy or have someone to confide in, such as an accountability partner who will help keep you on track and help you reach your career goals.
Using Credit Wisely
Many people shop as a means to relieve anxiety. Though the ability to purchase things that you desire can boost your self-confidence, it doesn’t prove your self-worth. Some people go into debt to keep up with the latest trends. But if there aren’t enough funds in the bank account, some people often turn to credit cards. Furthermore, credit can also lead to potentially unwise spending, which drives higher balances if you don’t have the money to pay the balance at the end of each month.
Instead, assess your needs and wants. While an item may tickle your fancy, it won’t be so enjoyable if you owe thousands of dollars. Instead, utilize less than 30 percent of your limit, which varies for each card, so that your credit utilization ratio stays minimal.
Repairing the damage that addiction has caused can be hard work. But if you are diligent about your goals, you’ll see that with time and patience you can bounce back. Spend and invest wisely, keep yourself on a budget, and avoid racking up debt. The road to financial health can be rocky at first, but in the long run, it will pay off.