How Can I Manage My Money Better?

Whether you’ve been in recovery for a long time or new to sobriety, managing your money can be a challenge. Here are some methods that can help you get on the right track. Set aside about two hours and make a list of your expenses. Doing this will be easier if you have a computer. Break the list into expense categories: home or rental expenses, groceries, health, automobile, loans and debt payments, veterinarian, donations, big purchases, and personal items like haircuts, gifts, travel and the cash you take from the bank every week. Make the list as comprehensive as possible. Now draw columns for the 12 months of the year.

Go through your last month’s receipts and your checkbook. Fill in the column of the current month with the amounts. If you are really ambitious, you can go back a few months and fill those amounts in as well. Make time every month or two to fill in your expenses on the chart. Put your income below all of your expenses. Add up your expenses and subtract them from your income. Now you have a good view of where your money goes. Is there anything left over?

See if there’s anything on the list you can cut out. Can you bring a thermos of coffee to work instead of buying a cup on the way? Did you make any frivolous purchases? Don’t beat yourself up. Just move on from here, and don’t deprive yourself of a treat now and then. Now comes the challenging part: save, save, save. Save as much as you can, and then some. Establishing a savings account and adding to it weekly or bimonthly is vital to a healthy money management system. Having a savings account can prevent you from going broke when an expensive emergency comes up like needing a new refrigerator, hot water tank, furnace, car, or a trip to visit a dying relative.

You’ve accounted for monthly expenses, income and emergencies. You’ve cut out frivolous spending and even sold stuff online and had a yard sale. You’re managing your money better now. Having a little money set aside to have fun with your family or friends is essential to your mental well being. Many people throw their extra change into a jar. When the jar is full, they’re amazed at how much money they’ve saved. Keep up the good work!

Start the new year with a new take on life. Recovery is your new chance at living. Lasting recovery is possible through infinite change. At Infinity Malibu, our clinical program is run by leaders in the addiction field. Providing cutting edge treatments, our program offers a transformative process. Infinite change. Infinite recovery. Call us today for information: 888-266-9048

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