A Practical Guide To Financial Stability After Addiction

By Christine
December 6, 2023
Financial recovery

Financial recovery after a gambling addiction can seem almost impossible.

But we’re here to tell you that it’s not. There are complexities, sure. But with determination and courage, you can find a way through. We’re going to bring you through some practical steps for financial recovering, keeping it simple and straightforward.

Acknowledge and address the problem

First and foremost, you’ve got to admit you have a gambling problem. It’s tough, but it’s crucial. Without this step you can’t make a full financial recovery. Next cut ties with your gambling sources. If you gamble online, self-exclude and install gambling prevention software. And if you gambling in physical casinos, avoid those areas. These are all critical steps to stop the financial bleeding.

Initial steps towards financial recovery

Now it’s time to focus on your finances. Start by setting a strict budget. List your income and expenses and give yourself a reasonable but modest budget based off of that. Stick to it. This discipline is key to financial recovery.

As part of this process, it pays to keep a close eye on exactly where your money goes. Tracking spending helps you stay on budget and it also highlights unnecessary expenses you could cut out.

Tackling debt

More than likely, if you’re a recovering gambling addict, you’ve racked up debt along the way. The best thing to do here is to list them all out, including loans from friends and family members, and prioritize them. Paying back friends and family members first is a great gesture towards rebuilding trust.

When it comes to financial institutions, prioritize higher interest debts first. This reduces the amount of overall interest you’ll have to pay in the long run.

If all this seems overwhelming, consider getting help from a financial advisor or counsellor. They can give you invaluable guidance and help you create a solid financial recovery plan that works for you.

Give yourself a safety net

Start building an emergency fund as soon as you can. Even a small amount saved each month adds up. Aim to cover between three and six months’ expenses.

You should also consider ways you can boost your income. A part-time job or freelance work on the side of your regular gig can make a big difference. Use that extra income to speed up debt repayment and grow your savings quicker.

Avoid high-risk investments

Steer clear of high risk investments at all costs. These can give the same sort of thrill as gambling and you don’t need that triggering a relapse. Instead, stick to safer, more reliable investment options if and when you get to that point.

Learn financial management

Financial management empowers you in your financial recovery journey. Educate yourself by reading books, attending workshops and taking online courses. The more you can do to give yourself confidence and make better decisions with money, the better.

Getting help for gambling addiction (and support during your financial recovery too)

Whatever stage you are at in your gambling recovery journey, there are lots of organizations that can help you. Wherever you are in the world, professionals are there to guide you and give you access to crucial resources. Here are just some of the ones available to you:

And here are some more responsible gambling articles that might interest you:

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