Essential Money Management for Addiction Recovery

If you've struggled with addiction, getting back on your feet can seem daunting.

But there are plenty of resources at your disposal to help you build stability and move forward, including tips on earning money, finding support groups, and securing housing.

Just remember: it's okay (and even good) to ask for help. Once your physical, mental, and financial health start to shape up, you'll be glad you did.

• Budgeting and Debt Management
  
• Social Services, Housing, and Jobs
  
• Support Groups and Treatment
  
• Health Insurance for People in Recovery
  
• Opening a Bank Account and Saving Money
  
• Everything to Know About Credit

The Cost of Addiction

• According to the National Institute of Health, substance abuse costs the U.S. over $740 billion per year in law enforcement expenses, healthcare and lost productivity.

• On a personal level, those suffering from addiction can spend as much as $22,000 per year to maintain their habit. Finances take another hit during the recovery process due to the high cost of legal fees, regular living expenses, and treatment, which can cost up to $14,000 in itself.

• However, it's important to make a plan to gradually pay off debts, restore credit, and build a savings fund while in recovery. Not only does this help you understand your financial health, but it can also help prepare you for any emergency expenses.

• The process of rebuilding your finances is long but worthwhile. If you can, consult a trusted friend, family member, or addiction counselor for assistance, encouragement, and accountability. Then, use the below resources to map out your path to financial stability.

Budgeting and Debt Management

The first steps in rebuilding your finances will be to create a budget and set goals for debt management. These resources will help you get started.

Budgeting

• Best Money Management Apps: List of the best apps for every money management category.
  
• SAM Budget Wizard: An online tool of SAM for creating a budget plan to help in managing finances.
  
• True Link Next Step Visa Prepaid Card: A reloadable prepaid card that can be used to help control spending for those recovering from addiction.
  
• Unit: Saving and budgeting: A video series about saving and budgeting.
  
• Money Lover: Finance app that can be used to track money and set-up budget plans including debt management features.
  
• YNAB: A budgeting app that helps track expenses and spending of teens with a monthly report to monitor progress.
  
• Mint: A multi-platform app that provides access to all finances, a budgeting tool, and free credit score reports.
  
• Smart Money Moves: Creating a Budget: Videos about the importance of budgeting skills for teens.
  
• Budgeting: Tips on creating a budget plan to track expenses and savings for teens.
  
• MonkeySee - How to Create a Budget: Videos to learn the basic principles of budgeting.
  
• Top 10 Best Online Budgeting Tools: Best budgeting tools that help you control your finances.

Debt Management

• National Foundation for Credit Counseling: A non-profit organization that provides free counseling to people with debt.
  
• Financial Counseling Association of America (FCAA): FCAA offers free counseling, financial education, and programs to help its members handle debt.
  
• Coping with Debt: Guide on how to handle and eliminate debt.
  
• 10 Smart Ways to Get Out of Debt: Ten tips on how to handle and avoid debt.
  
• Debt Payoff Planner: An app used to track debt and expenses. Offers debt awareness, debt management, and budgeting skill to achieve debt-free.

Personal Finance Basics

• Your Money, Your Goals toolkit: A toolkit focused on teaching money management, credit and debit, and choosing necessary financial products for teens.
  
• FDIC's Money Smart Computer-Based Instruction: Money Smart Computer-Based Instruction provides free financial education for young adults.
  
• FDIC's Money Smart Podcast Network: A podcast version of the Money Smart Computer-Based Instruction.
  
• Money Minutes: Personal Finance 101: The first series of the Money Minutes that focuses on the principles of personal finance.
  
• Money Minutes: Personal Finance 201: The second series of Money Minutes that focuses on credit, taxes, identity theft, money management, and banking.
  
• My Money Five: Five principles to remember for managing and growing money.

Social Services, Housing and Job Assistance

Having access to housing, food, and a steady job can make all the difference for your recovery. Consult this list of social service resources to learn more.

Financial Assistance

• Scholarships and Financial Aid: A program that offers financial assistance for treatment to young adults suffering from internet, gaming, and gambling addiction.
  
• RCA Hope for Addiction Scholarship: A scholarship offered to students recovering from addiction with the intent of finishing their degrees.
  
• SSI/SSDI Outreach, Access, and Recovery (SOAR): A program that assists individuals experiencing homelessness and suffering from substance use disorder to have access to Supplemental Security Income/Social Security Disability Insurance (SSI/SSDI) benefits.
  
• Supplemental Security Income (SSI) Benefits: Complete details about SSI. It provides information about eligibility criteria and how to apply for the program.
  
• Social Security and Supplemental Security Income: Complete details about SSDI. It provides information about eligibility criteria and how to apply for the program.
  
• How Do I File for Unemployment Insurance?: Unemployment insurance programs that provide the eligibility criteria and benefits in every state in the US.

Housing Assistance

• Grants for the Benefit of Homeless Individuals (GBHI): GBHI providers offer support for substance use disorder treatments, housing, and assisting in applying for government-run benefits.
  
• Treatment for Individuals Experiencing Homelessness (TIEH): TIEH providers offer support for substance use disorder treatments, housing, and assisting in applying for government-run benefits.
  
• Salvation Army Transitional Housing Program: The transitional housing program helps provide support for homeless or aged-out youths with temporary shelter, food, and activities to help them regain independence. There is a search bar that can be used to find the nearest shelter of the Salvation Army.
  
• Hillcrest Transitional Housing: A program that provides housing assistance and support services to transitioning adults with the goal of finishing their education.
  
• Transitional Housing: A directory of transitional and sober housing which support system to help transitional youths to become independent.

Social Services and Food Assistance

• 211: A non-profit organization that helps people find social services available for them including housing, healthcare, food, and employment assistance.
  
• Temporary Assistance for Needy Families (TANF): A program that provides support to low-income families with children to achieve self-sufficiency and financial stability.
  
• Supplemental Nutrition Assistance Program (SNAP): A program that provides applicants supplemental budget for buying nutritious food for their family.
  
• SNAP State Directory of Resources: An online directory of all the local SNAP offices.

Job Assistance and Earning Money

• How can an American Job Center help you?: American Job Centers provide services such as free job assistance, training opportunities, and public rooms full of resources.
  
• Find a Job Now: An online search tool that helps in finding available jobs throughout the US.
  
• America In Recovery: A non-profit organization that provides job assistance for recovering addicts and ex-convicts.
  
• How to Make Money Fast: Tips and list of options on how to earn quick money.
  
• 40 Reliable Ways to Make Money Fast: Guide on how to earn quick money and tips on how to reduce expenses.
  
• Online Surveys: How to Get Paid for Taking Surveys: Review of the best online survey sites for earning extra money.
  
• List of Money Making Apps: List of mobile apps that great for finding extra money.

Support Groups and Treatment

Taking care of your finances starts with taking care of yourself. Explore these options for short and long-term treatment, as well as support groups for recovery from substance abuse.

Locating a Rehabilitation Center

• FindTreatment.gov: A resource directory for finding facilities that provide healthcare services for Americans having a problem with substance abuse, addiction, and mental illness.
  
• SAMHSA Behavioral Health Treatment Services Locator: A resource directory of certified service providers for mental health/substance abuse/addiction related problems.
  
• National Association of Free & Charitable Clinics (NAFC): An organization that provides free and low-cost health care services to less fortunate.
  
• How To Find Quality Alcohol Treatment: A search tool on finding affordable and quality alcohol treatment providers.
  
• NIAAA Alcohol Treatment Navigator® Toolkit: A free toolkit provided by NIAAA for locating affordable and quality treatment of alcoholism.
  
• Opioid Treatment Program Directory: An online directory for finding opioid treatment providers in the US.
  
• Find a Health Center: An online search tool for finding low-cost health centers for primary and preventive care.

Tools to Quit Smoking

• Tools to Quit Now: SmokeFree helps users quit smoking.
  
• Tobacco Use Self Management Tool: A pamphlet on how to quit smoking and the benefits of a smoke-free lifestyle.
  
• Make a Change with BecomeAnEX: A customizable plan for quitting smoking and changing lifestyle permanently.

Tools for Battling Substance Abuse

• Learn about problems with drugs or alcohol and options for treatment and recovery.: Details about the challenges of abusing substances. It has a section of videos shared by other addicts. In the last section, there is a search tool categorized by state to find the nearest rehab centers.
  
• Just Think Twice - Get Help: Tips on how to get help for your substance abuse. It includes hotlines and intervention websites to help you manage your addiction.
  
• MISSION Act Community Care Program: A program for veterans that provides access to community healthcare services including substance abuse treatment.
  
• SMART Recovery's CheckUp & Choices: A self-directed online program that helps users to assess their own addiction and monitor their progress in controlling it.
  
• Partnership to End Addiction: A program that provides free chat or calls with an expert to help recovering addicts.
  
• Substance use treatment for Veterans: Veteran Affairs offers services for veterans with substance use disorders. Services range from crisis helpline, medication, and counseling.
  
• Drug & Alcohol Intervention Services: An organization that provides intervention services to help a loved one to undergo adequate treatment for their alcohol or drug abuse.

Support Groups

• Alcoholics Anonymous: An organization that provides support for alcoholics to cure their drinking problem. A search tool to find AA groups in the local area.
  
• Moderation Management: A non-profit organization that provides support to people with drinking problems. MM offers online support, conference meetings, and access to a list of therapists.
  
• Secular Organizations for Sobriety (SOS): A non-profit organization that provides support to people with drinking problems. SOS provides access to local support group meetings.
  
• Narcotics Anonymous: A non-profit organization that provides support for recovering narcotics addicts.
  
• Cocaine Anonymous: A non-profit organization that provides support for recovering cocaine addicts.
  
• Crystal Meth Anonymous: A non-profit organization that provides support for recovering crystal meth addicts.

Health Insurance for People in Recovery

There are plenty of coverage options available to address the physical and behavioral effects of addiction. Start your search for health insurance here.

• Health Insurance and Mental Health Services: Guide on insurance coverage for mental health treatments and how to handle paying for treatment when denied coverage.
  
• Insurance Options: Free verification of health coverage of your health insurance for addiction treatment.
  
• Need Health Insurance?: Government's platform to apply for health coverages.
  
• Mental health & substance abuse coverage: Substance abuse disorder treatments are covered by mental health benefits under any marketplace plan including pre-existing conditions.
  
• What Does The Affordable Care Act Mean for Behavioral Health?: The impact of the Affordable Care Act on behavioral health treatments covered by insurance policies.
  
• Consolidated Omnibus Budget Reconciliation Act (COBRA): A program that lets workers and their families continue their health benefits through group health plans in case of job loss.
  
• The Mental Health Parity and Addiction Equity Act (MHPAEA): MHPAEA provides guideline to assure that mental health benefits are adequate in terms of financial requirement and treatment coverage.
  
• Paying for treatment: Guide on how to pay for treatment and how to find free or low-cost facilities.
  
• Best Online Life Insurance Companies: Review of the insurance products from online life insurance providers.
  
• What About Costs And Insurance?: Tips on how to determine the cost of addiction treatment and how to find affordable care through insurance or financial assistance.

Opening a Bank Account and Saving Money

If you're hoping to get a job or secure financial assistance, you'll likely need a checking account. Once you open an account, you can start to set money aside for emergencies or other expenses.

These resources will show you the ins and outs of opening a bank account, saving money, and more.

Banking

• MonkeySee - The Basics Of Online Banking: Videos about how online banking works and how to protect banking information online.
  
• Credit vs. debit: What's the difference?: Guide on debit cards versus credit cards and tips on when to use each card to elevate your finances.
  
• 7 common bank fees explained: Service fees of banks charge to their consumers and tips on how to avoid unnecessary charges.
  
• Best Free Checking Accounts: Banks that offer checking accounts with no monthly service fee and minimum balance requirement.
  
• Checking vs Savings Account: What's the Difference?: Details about different types of banking accounts.
  
• How to Open a Bank Account: Guide on the process of opening a bank account.
  
• How to Choose a Bank: Tips on what to look for a bank account and how to find the best bank.
  
• Bank Promotions: List of promotions and monthly deals from the best banks for opening an account.

Saving

• MonkeySee - How to Save Money: Videos that provide information on the importance of saving money, types of money savings options, opening a savings account and setting up financial goals.
  
• How Much Should I Save?: Strategies on how to save money to achieve financial goals.
  
• How to Get Free Money: Guide on finding extra money through apps, websites, or ideas for reducing fees.

Everything to Know About Credit

The world of credit (and credit cards) may seem overwhelming, but it's an important part of building financial stability over time.

If you're applying for a credit card for the first time, or have had one before, brush up on the basics with the following links.

• Credit vs. Debit: What's the Difference?: Direct comparison of a credit card and debit card and when to use them.
  
• How to Use Credit: What to remember before getting a credit card, how to get one, and factors to compare in choosing a provider.
  
• Your Credit History: How credit history works, what info is available on the report, and how to check your score.
  
• Managing Debt & Credit: How debt affects your credit score, plus tips on how to deal with debt through budgeting and with the help of a credit counselor.
  
• Credit Scores: How the credit scoring system works, plus tips on improving your score and how to be eligible for loans or insurance.
  
• Understanding Your Credit: Details about credit: how it works, the importance of credit history, and credit score.
  
• Credit and Your Consumer Rights: Importance of having a good credit rating for employment, loans, and insurance, plus important details of consumer laws.
  
• What Is a Good Credit Score? : Details about two types of credit scores: FICO and VantageScore, plus which factors affect your credit score and how to improve it.
  
• What Americans' FICO Scores Look Like: Typical FICO scores among Americans and how to make your credit score better.
  
• What's in My FICO Scores?: How FICO scores are calculated.
  
• How to Rebuild Your Credit: Steps on how to rebuild a good credit score after financial crises or challenges.
  
• Getting Your Credit Reports: How to request a credit report from Equifax, Experian, and TransUnion every 12 months.
  
• Credit Cards for Those with Bad Credit: If your credit score isn't as high as you'd like it to be, consider this list of credit cards that can help you build your credit history.

Bottom Line

Taking the first step toward recovery is often the hardest part, but you don't have to go it alone.

The above resources can help you manage your finances, take care of your health, and move forward. Above all, remember that recovery is a process. Be kind to yourself as you work through it.