Addictions affect your finances in a bad way. 2 examples are gambling and shopping. When you gamble away money you don’t have, or shop to avoid problems in an uncontrollable way the problems it creates can screw up your future for a long time.
Addictions Are Expensive
Addictions cost a lot of money. Whether you’re gambling, drinking or have an eating disorder, that’s probably money you do not have to throw away. This is especially true if you’re relying on credit to pay for your addiction, which is true for most people who have this problem.
When you owe money that you can’t pay back, the interest rate gets higher, and your credit can be ruined for years if you’re not careful. This cannot just affect your ability to get more credit when you need it but can also affect your ability to find or keep a job in many cases.
Addictions Create False Priorities
When you have an addiction, it seems like nothing else is as important. Even something that was healthy in the past can become an unhealthy addiction that can cause so many problems for you financially, emotionally, and even health wise. Instead of putting the things that are truly important first, people with addictions tend to put the addiction first.
An addicted person will lie to their friends, family and employer. They may even spend their child’s college money to feed their addiction. The priority in their mind is so strong that they cannot overcome it alone usually. It may seem as if the person who is addicted doesn’t care about their family but, they do care, they simply cannot get out of their addiction and compulsively continue the behavior because it feels the most important.
Addictions Cause Health Problems
More often than not, someone who is addicted becomes very unhealthy. They may choose to do the addictive behavior over anything else. They may choose to gamble instead of eating, and sometimes gambling and drinking go together to create even more problems. People who have one addition tend to be prone to having others.
In addition, the stress associated with the addiction may lead to feelings of guilt, anxiety, and depression. This can cause the person with the addiction to need serious mental and physical healthcare, which is also a big expense for most people. Due to this, often they’ll avoid paying for that treatment and end up worse.
Addictions Can Create Costly Legal Troubles
Because addiction is embarrassing to most people, they will tend to avoid dealing with it at all costs. Often, that will create costly legal problems for themselves and their family. For example, owing money to a casino, or getting involved with the wrong people, that money is owed to. Worse, they might steal to fill their addiction, which may result in court cases, trial, and lots of money spent on legal fees.
Final word
All addictions cause financial problems because the addictive behaviors as well as the treatment are expensive. Realizing that you have an addiction doesn’t release you from being responsible for your actions, as well as being financially responsible. The best way to get through addiction is to take responsibility, seek help and work toward healthier behaviors and habits.
Your financial recovery will also take time. Getting your finances back on track after a battle with addiction will not be an overnight process, and neither you nor your family should expect quick results. It might even become a source of stress in itself; waiting for months, perhaps even years, to see things turning around. However, it is achievable.
The Money Savvy Blog 