Rebuilding your Financial Life in Early Recovery
During our 12-steps, we identify our rock bottom. For many of us, this is losing our home due to unpaid rent or mortgage. Addiction steals our money as well as our mental health. And simply being in recovery doesn’t just fix it. Some of us restart our lives with more hurdles than others. In its wake, addiction often leaves debt and obligations. Bad credit, missed payments, repossessed vehicles and homes, and so many more effects.
Rebuilding after addiction takes time, and real legal challenges exist for those who were less than honest with their finances. Did you know that using loan funds to buy alcohol or drugs can impact your ability to file bankruptcy, even possibly result in felony fraud charges? Luckily not all is lost. Bankruptcy and other forms of relief are in place to give fresh starts. Proper financial management in recovery is an obtainable goal for almost anyone.
Let’s outline what a sample timeline of restoring your finances in recovery looks like. Your first priority is to get healthy. This includes mentally. Effectively restoring your finances will require proper mental health. Once you feel you have successfully restored your physical and mental health, seek professional advice from a trusted friend, sponsor, or even a financial advisor. They should be aware of some of your challenges, so don’t be afraid to ask for help. Take a look at our thoughts on rebuilding trust in early recovery.
You will likely start the restoration process by establishing a budget based on current income. Repaying debts comes next. If filing for bankruptcy is a necessary move, it can offer relief based on your situation. Rebuilding credit will take time. Much like recovery itself, it’s a process. In some cases, we can find the process of restoring our finances therapeutic. We know that addiction recovery is a process with many stages. Financial recovery is one of the most impactful long-term stages you will find yourself in. It should be handled with careful consideration. Don’t forget to reach out to the community around you, and you should find yourself recovery quickly.
If housing is one of these steps, we’re here to help you find home. On our map, you can find a directory to sober houses in your area.