When we create a personal financial plan, there are many things to take into account. Are you working towards buying a house or saving for education? Or maybe your focus is saving for retirement. No matter what your goals, it’s important to plan for and beyond them so that you have financial security in the event of a health crisis or other emergency. No matter how healthy you are right now, illness and addiction can strike anyone, and it’s knowing when you are in a position where you need help. This can be from a family member or friend, or for more serious cases, you may need to find local addiction centers found in the city of Calgary or wherever you might be located. Here are some ways addiction can impact your finances.
From Lattes To Cocktails
Lots of people overspend on fancy morning coffees when they could more easily save that money for other purposes. The same is true with other addictive substances, including with alcohol abuse. A man who commonly binge drinks, for example, might spend almost $600 a month on alcohol. This kind of financial drain isn’t what we normally think of when we think of the symptoms of alcohol or drug addiction, as we typically focus on the physical impact, such as impeded brain development in young people.
Taken together, alcohol and drug abuse can make it harder to save money due to the combination of expenses and poor planning skills. Pursuing the addictive substance becomes more important than thinking about the future.
No Income, Big Bills
Another way that drug and alcohol use can sabotage your finances is through the combined forces of poor job performance and addiction-related health problems. Many addicts are unable to hold down a stable job, or can only successfully hold a low-paying or part-time position. This loss or reduction in income can make it impossible to save. Addicts may even become homeless.
In addition to loss of income, many people struggling with addiction have serious health problems. These problems can make it even more difficult to work and can also leave medical bills piling up, especially if the individual pursues treatment at a private addiction facility.
Facing Addiction Head On
Ultimately, the only way an addict can release themselves from the financial chaos of their condition is by giving up their dangerous habits. It’s less extensive to pursue support than to continue to abuse alcohol or drugs and sink further into addiction. The longer an addiction goes on, the harder it is to break.
It can take a long time to recover from both an addiction and its financial consequences. Some addicts struggle to get back on their feet and lead stable lives once they enter recovery. For those who have saved wisely, however, and have money set aside for unexpected disasters, rehab may seem like a more viable option. This is why saving for that unnamed emergency matters. It can be the thing that rescues you when all else goes wrong. Don’t let addiction destroy your financial future and all you’ve dreamed of doing. But be prepared in case it arrives uninvited.