10 Ways To Protect Yourself Financially From A Loved One’s Addiction

By Christine
July 28, 2023

If your partner is addicted to gambling, it is so important that you protect your finances. It’s a crucial step in safeguarding your future.

Taking proactive measures to ensure your financial wellbeing can help to alleviate some anxieties, so it’s very important you do this.

Take a look at 10 effective ways you can protect your finances from a partner with a gambling addiction, then you can make informed decisions and make sure your financial future isn’t put in jeopardy.

1. Set up separate bank accounts

If you don’t already have separate bank accounts, you should set them up. This helps you to protect your income and savings and will give you some peace of mind.

2. Monitor your accounts

Make time in your week to review your bank and credit card statements. Take a close look at the transactions and look for any suspicious activity that might be linked to your partner’s addiction.

3. Limit access to joint accounts

You should take a look at limiting your partner’s access to joint bank accounts and credit cards. If they can’t easily withdraw funds or make large transactions, it can help stop them from depleting your joint resources. Talk to your bank about what options are available to you.

4. Start budgeting

If you don’t budget already, this is a good time to start. By closely planning your upcoming spends and tracking what you do spend on a daily, weekly and monthly basis, you know exactly what should be coming in and out, and when.

5. Talk to your partner

Talk to your partner about what you’re doing and why. Express your concerns, set boundaries and emphasize the need for financial responsibility. And, of course, encourage them to seek professional help.

6. Look at legal protections

Having some legal protection can give you some reassurance. When you can, talk to a legal professional to understand your rights and explore legal protections available to you. These might include creating a postnuptial agreement, separating assets or obtaining a legal separation.

7. Explore credit monitoring

Credit monitoring services can alert you to any suspicious credit applications or changes to your credit profile. This can keep you abreast of any unusual activity or new accounts being opened. Then you can detect and address any potential fraud.

8. Keep a close eye on important documents

Bank statements, investment records and insurances policies. All these sensitive documents should be moved to a secure and confidential location. Meanwhile, store digital copies in password-protected folders or using secure cloud storage.

9. Build your emergency fund

If you don’t have a chunk of savings already, it’s time to start saving. Your emergency fund can act as a safety net in case you need it, and it can give you financial stability and independence. Protect yourself from unexpected setbacks by saving three to six months of living expenses. It might seem like a lot, but you might be very grateful for it. And, it should go without saying, but make sure this emergency fund cannot be accessed by your partner.

10. Seek support and counseling

There are lots of different places that you can find support. As a family member, you should think about counseling, therapy and support groups. Want to find out more? Then contact a problem gambling organization based in your region:

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