Early this week at my meeting, we shared some of the toughest hurdles we’ve faced on our journey to gambling recovery, and I couldn’t help but notice that finances 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. Here are some tips that helped me along the way:
- Create a budget — Having a budget helped guide my spending decisions and stay 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 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 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 that safety net meant I could breathe a little easier. I knew that in an emergency, I could cover unexpected expenses without relying on loans. Aim to save at least three to six months of living expenses.
- Increase 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 revised. Financial advisors and credit consultants can provide valuable guidance and support tailored to your situation. They can help you develop a solid financial plan, negotiate with creditors, and offer strategies for long-term financial stability.
Rebuilding finances for recovering gamblers 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.