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Thursday, February 16, 2017

Tips for Better Financial Health

Drug and alcohol abuse can certainly weigh heavy on your wallet — both in terms of paying for the addictive substance and the time taken away from other activities, including work.

Financial problems are often cited as a possible symptom of addiction. This is partly because active addiction can cause you to neglect important money matters, such as paying bills on time, monitoring credit card spending, saving or invested. One UC Davis study found that long-term, heavy marijuana users have frequent difficulties meeting basic living expenses, such as rent and food.

But take heart: Now that you’re in recovery, you can begin to heal all aspects of your life, including your physical and mental wellbeing, your relationships, your career or education — and your financial health. 

Start by following these simple yet empowering steps to take back control of your financial future:

  • Get organized. Piles of bills can be intimidating and overwhelming — so it makes sense that your first step is to sort through everything and get organized. Make a detailed list of recurring bills and due dates and then set up an automatic bill pay or alert on your smartphone several days prior to the due dates.
  • Take control of credit card spending. Unfortunately, credit card debt is common for many in recovery. Make an inventory of your current balances and take the cards out of your wallet so you’re less likely to do more damage. Another tip: Call your creditors and ask about lower interest rates. 
  • Set a spending budget. You don't have to be a financial wiz; download an app to help you plan a monthly budget — and then do your best to stick with it!. 
Young Adult Addiction Treatment
At Red Oak, we strive to provide young adults with the hope, tools, and encouragement needed to begin a journey toward lifelong sobriety. To learn more about our research-backed therapy, treatment and groups, call today: 866-831-9107.

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