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Budgeting and Debt Management for Gamblers in Recovery

March 21, 2024 Kevin Anyango

Early this week at my meeting, we shared some of the toughest hurdles we've faced on our journey to gambling addiction recovery, and I couldn't help but notice that budgeting and debt managing emerged as a key theme. It's difficult to dig yourself out of debt and regain financial stability, especially if you don't know much about finance management. There are also limited resources on the topic aimed at recovering gamblers. This inspired me to delve deeper into the topic, as rebuilding finances was also one of my biggest challenges on my journey to recovery.

Debt Management and Budgeting in Gambling Addiction Recovery

Here are some tips that deal with budgeting and debt management in addiction that helped me along the way:

  • Create a budget — Having a budget in gambling addiction recovery helped guide my spending decisions and keep me accountable. It provided a clear picture of my financial situation, allowing me to better understand how much money I have coming in, how much is going out, and what I need to do to grow my finances.
  • Prioritize debt repayment — If you have debt from your gambling days, prioritize paying it. Many finance experts advise paying off high-interest-rate debts first — the debt avalanche approach. This approach reduces the total interest you pay in the long term and the amount of time it will take you to get out of debt.
  • Track your expenses — The aim is to start and grow your savings and minimize your debts. To achieve this, keeping track of your expenses and identifying areas you can cut back is essential. Various apps help with tracking expenses. You can also use a spreadsheet. 
  • Build an emergency fund — Having a safety net meant I could breathe a little easier. I knew that in an emergency, I could cover unexpected expenses without relying on loans. I suggest you aim to save at least three to six months of living expenses. 
  • Increase your income — Look for opportunities to increase your income, such as freelancing. 
  • Seek professional help — Finance can be challenging, and some approaches may need to be reviewed. Financial advisors and credit consultants can provide valuable guidance and support tailored to your situation to facilitate debt management in addiction recovery. They can help you develop a solid financial plan, negotiate with creditors, and offer strategies for long-term financial stability.

Budgeting and debt management in gambling addiction recovery can be challenging, but it is possible. With determination and discipline, you can regain control of your finances and pave the way for a brighter future.

Use Budgeting and Debt Management in Gambling Addiction Recovery to Rebuild Your Finances

Check out the video below for more on the topic:

See Also

APA Reference
Anyango, K. (2024, March 21). Budgeting and Debt Management for Gamblers in Recovery, HealthyPlace. Retrieved on 2024, May 25 from https://www.healthyplace.com/blogs/recoveringfrommentalillness/2024/3/budgeting-and-debt-management-for-gamblers-in-recovery



Author: Kevin Anyango

Kevin Anyango likes to say, "I am still me, no matter my mental health." Find Kevin on Twitter

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