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Recovering from a gambling addiction is a serious achievement. However, the journey doesn’t stop there. The next step for many former gamblers is to rebuild finances.
The reality is that there can be financial setbacks post-recovery. But we’re here to give you a roadmap to rebuild your financial life, step by step.
Assess and accept the situation
The first step is acceptance. Recognize the financial damage done. It can be hard to do and many people shy away from it, but it’s important to face up to the reality.
Next, assess your current financial situation. Create a list of debts, bills and also assets. This can help guide your rebuilding process.
Seek professional help
Financial planning might seem overwhelming. So don’t hesitate to get some professional help. A financial advisor can offer tailored strategies and advice and help you figure out your next steps.
Set a strict budget
Budgeting is essential. Start by listing monthly expenses. Include essentials like mortgage or rent, utilities, groceries and childcare. Then allocate a portion for savings and debt repayment. And, most importantly, stick to this budget diligently.
Prioritise debt repayment
Gambling addicts often rack up big debts from a number of sources. Prioritize repaying them. Start with high-interest debts first. This reduces the amount of interest you’ll pay over time. When you can, pay more than the minimum amount. However, you should also make sure you include debts from family members too. Repaying those can help you to rebuild trust and those relationships.
Create an emergency fund
Unexpected expenses happen. And that’s why you’ve got to make sure you have a safety net. Aim to have three to six months’ worth of living expenses in a bank account as your emergency fund. This can mean that in the future, you won’t need to borrow or get into further debt if you have an emergency.
Restrict access to easy money
Cut off temptation before it even starts. Avoid credit cards and easy loans. Try using cash for daily expenses, so you only leave with a certain amount in your wallet. By doing this, it can be easier to spend within your means.
Monitor and adjust
Regularly check in on your financial progress and adjust your budget if you need to. And don’t forget to celebrate your victories, big and small. They can be great motivators for the future.
Educate yourself
The more you know about money management, the better decisions you’ll make. So read books, articles and even think about attending financial seminars.
Stay accountable
Tell someone you trust about your financial goals. This accountability can help keep you on track and gives you an extra layer of motivation.
Information and resources for problem gambling
If you need more information, help or support with your addiction, there are organisations that can help. For those based in the UK, Be Gamble Aware is an excellent place to find the resources you need to help you continue on your journey of recovery.
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