Addiction, whether involving substances or alcohol, can be financially devastating, especially for veterans. What may start small as a coping mechanism to numb the pain or manage volatile emotions from their experiences can eventually become a dependency. As time passes, such dependencies take the shape of a need, making it challenging for an individual to function without the substances. In the case of veterans, addictions are unfortunately more common than we realize. 

The use of substances or alcohol can drain a person’s health and financial well-being. Coverage options like Tricare opioid addiction treatment have been helping veterans get back on their feet. At the same time, it’s essential to recognize regaining financial stability after addiction treatment will take time. If you have drained your savings, you may have to take cautious steps to restore balance without stressing yourself out. 

Following are some mistakes to avoid when you’re working to regain your financial stability. 

Not Creating a Personal Goal

Personal financial goals are the ultimate motivating factor when it comes to regaining control in life. In terms of finances, setting a personal goal can involve repaying all your debt, restocking your pantry every week, or even going on vacation with your loved ones. Once you have set a tangible goal, the next step is to identify the steps you can take to achieve it. 

It can involve opening a savings account where a part of the pension (or retirement money) can be saved to cover later expenses. If you have health insurance, making regular payments to continue availing of the benefits should be a priority. 

Expecting Things to Be Easy

Expecting things to fall into place as early as possible is normal. While having such expectations can be motivating, it is best to recognize that addiction can lead to a lasting dent in your finances that will be repaired gradually. Making changes like monitoring your expenses cautiously while prioritizing repaying debt can be the first step to unlocking your financial stability. 

If you are unsure where to start, planning your budget and outlining the debt can be a good starting point. It will highlight the areas you need to cover and the scope for savings. There will be times when you won’t be able to save much, and that’s a part of the journey. 

Not Focusing on Paying Off Debts

Debt is a significant financial blockage that often makes it challenging for veterans in addiction recovery to save money and rebuild their financial stability. But there’s a simple trick that can help repay every debt. Go through your finances and recognize the debt with the highest and lowest interest rate(s). 

Once you have identified them, consider speaking with your bank to consolidate the debts with lower interest rates. This way, you can focus primarily on paying the bigger debts while slowly closing small debts. Make sure you are not over-promising yourself with the repayments and making compromises on your everyday requirements. 

Relying on Resources and Support

While seeking help from family and friends occasionally when money is tight is acceptable, depending entirely on them to cover your expenses month after month is not justified. 

It is important to understand that everyone has expenses to take care of, and helping you might not always be possible. If you are receiving any kind of financial assistance or grant, make sure you are spending it wisely and saving up any penny you can. 

Not Educating Yourself

Financial literacy will enable you to control your current and future financial conditions. Lack of financial literacy makes it challenging for individuals to determine where to invest their money, how to invest, and potential financial loopholes they should stay away from. Various resources can help you achieve this. 

Popular ones include books, online courses, and webinars, so make sure you take it one step at a time and not rush into the process. While learning about everything at once may seem tempting, limit yourself to learning aspects that align with your life goals. If you join communities, ensure you’re not oversharing your current standing and act only on practical suggestions. 

Bottomline

It’s common for veterans to have traumatic experiences that make it challenging for them to live a peaceful life. While the haunting flashbacks can make it daunting to function properly, depending on substances to cope will only cause damage, especially financially. Addiction recovery allows individuals to face their traumas, heal from within, and take control of their lives again.