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Managing your money

Discussion in 'Sobriety Tips and Inspiration' started by Rosyrain, Jun 28, 2015.

  1. Rosyrain

    Rosyrain Community Champion

    Managing money is an important step to sobriety as we all know. It is a time when we take charge of our lives and our finances. Some rehab centers actually have classes on the subject and will have you pull your credit report so you can examine it with the councilor and come up with a plan on how to fix things. How do you manage your money these days, and what did you do to fix things when you got sober?
  2. llfsa

    llfsa Member

    One thing I can say for a fact is that closely monitoring my finances made me a lot more aware of how the addiction has been ruling over my life which in turn made me feel even worse. Gladly I was able to fully deduct drug expenses from my weekly spending sheets and boy, does it make a heck of a difference!
  3. kassie1234

    kassie1234 Community Champion

    I was very lax with my money back in the day - because to me the most important thing to spend it on was booze. I sometimes think back about all the money that I could have saved if I wasn't drinking so much...

    However - these days for me it's all about setting goals financially. I have goals for my savings account and also goals for paying down the family mortgage on our house. I write the goals in my diary each month and try my best to meet them. I actually think once you get into the pattern of saving and seeing a savings account grow and any debts decrease, it can actually be quite addictive in a good way!
  4. dyanmarie25

    dyanmarie25 Community Champion

    I am a pretty stringent when it comes to money now. I don't buy stuff just because I want to have them. I purchase things because I need them. I also make sure I have made savings. That is why no more booze for me.
  5. Rainman

    Rainman Community Champion

    I think how recovering addicts manage their money would vary from individual to individual. One doesn't become financially responsible if that person previously wasn't. Some people for example may quit drugs but still are stuck in financial straits because they spend that money on others things [which they don't need]. I know a man who quit drinking but because he'd started going to church, he lined the pockets of preachers with his most of his hard-earned cash.

    There's another group that would choose to invest the surplus which they'd have spent on their addictions. I think I fit into this category.
  6. serenity

    serenity Community Champion

    I try to save when I can, but sometimes, a little junk food and soda are quite hard to resist, along with other items that I don't need. But I make sure to not touch the money that is reserved for something else when I'm tempted to spend unnecessarily.
  7. JoshPosh

    JoshPosh Community Champion

    That's easy. I automatically put it in the bank and not touch any of it unless I had to. I find that keeping extra money laying around was the easiest way to spend it. If it's not readily available, then obviously you won't spend it.

    With credit management there's going to be two ways you can do it. Work with a creditor to get your bills paid off or bargin it down to a lower rate, or you just file for bankruptcy and start from scratch. I had to file for bankruptcy after my divorce because the debt was out of my reach alone.
  8. missbishi

    missbishi Community Champion

    Money was the major motivation for me to clean up my act. I'd love to be able to say I had some kind of revelation but I didn't, I just realised that all my money was going on drugs and decided things had to stop there and then.

    I've only just got myself out of debt and have to say that it's all down to careful planning and finding the lowest prices. I live in a large city with several different grocery stores within a 5 minute walk so it's easy for me to compare prices and will visit most of the stores weekly to get the lowest prices on different items. The savings can be quite surprising. Also, don't be choosy about dollar/pound stores either, they often have some great bargains.
  9. FuZyOn

    FuZyOn Community Champion

    When I was addicted money was tight and I was actually barely paying rent. Right now I'm in a much better place financially and I can afford to splurge some money at the end of the month to buy expensive tech stuff. I'm also buying resources for my blacksmith hobby, which is very expensive but worth it.
  10. JonnyMacdonald

    JonnyMacdonald Community Champion

    Even when I was drinking heavily I kept a pretty good track of things on Excel (Or lotus for anyone old enough to remember that!) It amazes me how much freaking money I wasted on booze and "other expenses (cash)." Now it's really important to me to it gives me someone to be in control over as well.
    I recommend everyone keep track of money in/out.
    The younger kids are all using apps now, like Mint and YNAB.
  11. Rosyrain

    Rosyrain Community Champion

    I think it is a little easier to manage money when you are sober and thinking with a clear head. You have to learn how to manage money and then come to the realization of what bills you have. All these things require that you have a clear mind so that you can focus and make good decisions.
  12. nieprophsono

    nieprophsono Member

    Once, when I was just starting my project, for a long time I was looking for a loan plan that was right for me. I reviewed many companies and banks that were happy to provide me with a long-term loan for a good start to my programming business. But I could not find it, because many had such high rates with an interest rate that it would be simply unprofitable, given the possible risks. I am glad that it was at that moment that my friend advised me of pretty good guys who helped me with creating my loan plan on favorable terms
    Last edited: May 18, 2020