Thriving Financially In Recovery
While life in recovery from addiction has its challenges, it is also full of hope and opportunity. This new chapter in your life can bring with it amazing possibilities that were not previously available to you.
To get on a path that will help you reach higher heights, it is important to focus on the fundamentals of your life. The most critical of these are your financials. When you have a solid plan for your money — and for your future — you’ll more likely to reach your goals. Continue reading for four strategies that you can follow to thrive financially in recovery.
1. Explore your skills and talents to maximize your earning potential.
Before applying for jobs, take time to fully assess your skills and talents. Instead of jumping into a role that is similar to what you did before beginning your recovery journey, carefully consider what you are most passionate about in life. Are you highly personable and great with people? Do you have a logical brain that is detail-oriented? Or do you do well in a fast-paced environment? Come up with a complete list of everything in which you excel.
From there, begin exploring job opportunities that align with your unique skills and interests. By applying for positions that match what you do best, you will be able to maximize your earning potential. Also, don’t limit yourself if you are a few qualifications shy of meeting the requirements for a role you think looks promising. Apply for any and every role in which you know you’d flourish.
2. Live with a supportive friend or family member to build up your savings.
Once you exit the formal recovery process, you may or may not have a place of your own to stay. In either case, consider asking a close and supportive friend or family member if you can live with them for at least a few months. This move will give you the opportunity to live in a healthy environment and save money. You can then use your savings down the road to accomplish bigger goals and to become fully financially independent.
3. Consider going back to school.
If you want to advance in your career, now is an excellent time to look into going back to school. By enrolling in a certificate or advanced degree program, you can boost your earning potential big time. In fact, the latest figures show that, on average, people with a college degree will earn $32,000 more annually than those who have a high school diploma. Although you may not be able to enroll immediately, you can begin to research schools, programs, classes, career paths, and tuition costs.
4. Begin planning & saving for your long-term goals.
A big part of your recovery process should be planning for your future. This is best done by setting long-term goals that you’d like to achieve. This can be anything from saving for your child’s (or your own) education to investing in your retirement. But one goal that many aspire to is buying a home. With consistent effort over a few years, you can build a down payment fund. Even though you can technically purchase a home without a down payment, you can secure a lower interest rate and mortgage payment with one. Also, some lenders will want at least 5% down — although this will depend on the type of loan you seek.
No matter what you’ve just endured, you always have the ability to make a fresh start. By taking control of your finances, you can open yourself up to new opportunities and possibilities more easily.
About the Author: June Lawrence is a recovering alcoholic. She’s proud of her journey and knows the incredible amount of work that goes into sobriety every single day, and she’s on a mission to support others find their way to a happy, healthy life through her site, Recovery Island.