Addiction: The Financial Effects

When you have a loved one suffering from addiction, your concerns are probably about his or her health and wellbeing. And, while these are very valid concerns, addiction can affect more than just a person’s health. Addiction can also have a huge negative impact on the person’s financial wellbeing. Sometimes, addiction can even progress to the point where it financially hurts the family members of addicts as well. 

Borrowing or Stealing Money

When addiction gets severe, the addict will often spend every last penny he has to get his fix. And, when that money runs out, the addict will often ask family members to borrow money.

Often, this borrowing will get to the point where it is depleting the finances of the lender. Even worse yet, many addicts will turn to stealing, even from their loved ones, just to get the money needed to buy their substance of choice.

Bail Costs and Court Fees

It’s no secret that addicts are prone to getting arrested. Whether they get busted for buying or selling drugs, driving under the influence, or any number of crimes related to their addiction, bailing the person out isn’t cheap.

To top that off, addicts regularly need to go to court, which can rack up court costs, fines, and more. If you are the main person in an addict’s life, there’s a good chance that you will regularly be asked to help with these expenses, which can have a devastating financial effect.

Treatment

Even if you’re lucky enough for the addict in your life to seek help, that doesn’t come cheap.

Rehab and detox facilities cost a lot of money, and insurance only lasts for so long. Family members often take out loans and rack up major debt to help an addicted loved one recover.

Obviously, having an addicted family member is no picnic. Your best option is to know the warning signs of addiction and to try and nip addictive behaviors by encouraging your loved one to get help early on. Barring that, remember to put yourself first. Remember, you have a right to care for yourself and your finances while still caring about and loving the addict in your life.