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Alcoholism and Financial Problems

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Link Between alcoholism and financial problems. How Drinking Can Impact Your Finances? How Much Money Do You Spend On Alcohol Abuse? Alcohol Financial Effects. You Drink Away Your Savings. Alcohol Exerts a Powerful Force. Alcohol Rehab Inpatient Treatment Near Me.

How Can Drinking Impact Your Finances? 

Many individuals do not realize the extent of their drinking problem until it negatively affects other aspects of their lives. Consequences like strained family relationships, lost work, and damaged health is common side effects of alcoholism. However, another common and frequently overlooked problem is the effect of drinking on your finances.

You may not realize that problem drinking is negatively affecting your financial well-being until the effects have become severe. Alcohol and financial problems are often interconnected. Financial problems are almost inevitable when a person develops an alcohol addiction. If you are a frequent drinker, it’s worth looking at both the obvious and hidden costs of alcohol abuse. In addiction recovery, you need to learn how to manage your money and sobriety.

Alcoholism and Financial Problems – DUI expenses

Going through DUI can cause financial problems. Court costs, legal fees, fines, a higher insurance rates all come with the package. And if you’re DUI involved in accidents, you could also face medical bills and car repair or replacement costs. Whether single, married or having a family, spending money on a DUI could go a long way toward other things in your life. And if the temporary loss of your driver’s license makes it difficult for you to keep or get a job, the financial pinch can hurt worse.

Alcoholism and Financial Problems – Medical expenses

Heavy drinking suppresses the immune system, increasing the risk of common sicknesses like pneumonia, cardiovascular illnesses, alcoholic cirrhosis, alcohol-induced kidney damage, pancreatitis, alcoholic poisoning, cancer, wet brain syndrome, and many shades of random injuries. Naturally, more visits to the doctor translate to higher medical bills and health insurance for the drinker.

But it doesn’t end there. Drinkers and non-drinkers also feel the impact of binge drinking on tax day. The Centers for Disease Control and Prevention found that binge drinking costs the U.S. $171 billion a year, mostly thanks to healthcare costs and costs related to worker productivity.

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alcoholism and financial problems
The link between alcoholism and financial problems is clear. Many abusers of the substance lose their jobs and create financial issues for their families.

Alcoholism and Financial Problems – Work productivity

Binge drinking throughout a person’s lifespan has a variety of impacts on economic productivity. Studies show that early in life, binge drinking can impact a person’s performance in school, while late in life, it can impact how long they can stay in the workforce because of health problems and early death.

But binge drinking also takes its toll on the middle phase: Studies have shown that heavy alcohol use increases absenteeism and “presenteeism,” the act of showing up at work sick. It turns out that presenteeism is bad for productivity and, therefore, a company’s growth. It stands to reason that absenteeism and presenteeism over time impact the drinker’s career and finances.

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How Much Money Do You Spend On Alcohol Abuse?

Across the U.S., drinking culture has made consuming alcohol a normal part of our everyday lives. Whether happy hours with coworkers, a glass of wine with dinner, a beer or two to take the edge off of a long day, or late-night partying with friends—enjoying adult beverages is a proverbial rite of passage amongst Americans.

The first and most obvious expense associated with frequent drinking is the cost of alcohol itself. If you go to a bar to drink socially, you usually expect to pay $5-9 per drink. If you get two drinks per night, three days a week, you’re looking at $120 to $216 monthly. If you drink more frequently or tend to binge drink with four or five drinks per sitting, this number can easily double.

Even staying home and drinking can quickly become expensive. A six-pack of beer may cost around $5 to $15, depending on the brand, and you may go through two or three of these per week. Hard liquor, wine, and other beverages can cost more. As you can see, the occasional drink won’t break the bank. However, habitually drinking regularly or too much can snowball into a much larger bill.

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Alcohol Financial Effects

What are the common alcohol financial effects? Alcohol can also make a person impulsive. This impulsiveness can lead to reckless spending on things other than alcohol, such as online shopping, gambling, and unnecessary goods or items. A drinking problem has a good chance of throwing someone into debt, including high-interest credit card debt.

People often drink alcohol to deal with stress. Since being in debt is stressful, a vicious circle can appear. An alcoholic might drink into debt, become even more stressed out, and drink even more to deal with the stress. Sometimes it does not end until the one suffering from alcoholism becomes bankrupt and broke.

A person with debt problems will often receive collection calls from creditors. These causes can cause anxiety, which can lead to drinking to numb the fear they experience. Alcohol only prevents strain in the short run. In the long term, it weakens a person’s physical and mental health, making anxiety more frequent.

alcoholism and financial problems
There is a strong correlation between alcoholism and financial problems. Social security disability for alcoholism isn’t currently available for those simply suffering from just alcoholism. 

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You Drink Away Your Savings

Not only is alcohol expensive to purchase, but there are even more expenses connected with consuming alcohol. The expense of having to take a cab home when you have no designated driver available will help empty your wallet. Feeding the post-barhopping blues after drinking can amount to large restaurant bills. Tipping the bartender and/or the bouncer can add even more to your spending.

Now reflect on how you could utilize the money paid for these unnecessary expenses if it had gone into your savings account instead. This account would be the very same savings that will help you pay off your debts in your old age, pay for you to travel the world, ensure long-term health care and help you cope with retirement.

These savings should be a linchpin of your financial planning since they will provide comfort and happiness as you age. Although it is a myth that alcohol destroys the liver, you must know that the by-products of the breakdown of alcohol do cause some damage to the liver. This means that too much alcohol consumption can lead to a damaged liver in the future. Ironically, you could well use those savings so that you won’t have expensive medical treatments.

alcoholism and financial problems
Understanding the relationship between alcoholism and financial problems can help you overcome or avoid such situations.

Alcohol Exerts a Powerful Force

You may not immediately realize it, but alcohol is probably the only drink that takes a strong hold on you and influences you for the worse. Being readily water-soluble, alcohol can rapidly enter your bloodstream because it moves easily through almost all body parts. It transfers through your lipids, cell membranes, skin, heart, and many other tissues, but most significantly, it enters your brain.

The brain most acutely feels the powerful effect of alcohol. Alcohol acts upon a certain brain area that sits between the rewards center and the logic-plus-memory center. Masses of dopamine get projected onto this particular part of the brain, making you feel unbearably overconfident, narcissistic, and optimistic. Simply put, this can be a great help if you want to let go of your senses and forget your troubles. All these alcohol financial effects consequently can have a great impact on how you manage your finances.

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Alcohol Rehab Inpatient Treatment Near Me

Alcohol is the most abused addictive substance in America, as more than 17 million people in the United States are considered to suffer from addiction to alcohol. The Substance Abuse and Mental Health Service Administration (SAMHSA), publishes that over 1.5 million American adults are currently abusing a prescription drug.

To determine the most effective ways to treat individuals with moderate to severe alcohol use disorder, it’s crucial first to get an accurate assessment of all the symptoms. When a mental health professional has evaluated the symptoms, it may be determined that another form of mental condition is present and needs a particular type of treatment. Very often, some combination of psychotherapy, medication, and/or lifestyle changes are effective for coping with functional.

Medically-Assisted Detox

Medical detox is often considered the first stage of treatment. It will help you navigate the complicated process of alcohol withdrawal, but it doesn’t address patterns of thought and behavior that contribute to drug use. Various treatment approaches and settings can help provide the ongoing support necessary to maintain long-term sobriety after you complete detox.

Cravings are very common during detox and can be challenging to overcome. This often leads to relapse. Constant medical care provided during inpatient alcohol rehab helps prevent relapse. Clinicians can provide necessary medication and medical expertise to lessen cravings and the effects of withdrawals.

Psychotherapy 

Several different modalities of psychotherapy have been used in the treatment of mental health disorders along with addiction, including:

  • Cognitive Behavioral Therapy (CBT) – is an effective treatment that involves changing both the patterns of negative thoughts and the behavioral routines which are affecting the daily life of the depressed person for various forms of depression.
  • Dialectical Behavioral Therapy – is a comprehensive mental health and substance abuse treatment program whose ultimate goal is to aid patients in their efforts to build a life worth living. The main goal of DBT is to help a person develop what is referred to as a “clear mind.” 
  • Person-Centered Therapy – is a strategy that allows and encourages clients to understand and resolve their concerns in a safe, supportive environment.
  • Solution–focused therapy – is an approach interested in solutions that can be quickly implemented with a simple first step leading to further positive consequences.

Dual Diagnosis Treatment

Drug abuse and mental health disorders often co-occur. In many cases, traumatic experiences can result in a mental health disorder and substance abuse. Dual diagnosis rehabilitation treats both of these issues together. The best approach for the treatment of dual diagnosis is an integrated system. This strategy treats both the substance abuse problem and the mental disorder simultaneously. Regardless of which diagnosis (mental health or substance abuse problem) came first, long-term recovery will depend largely on the treatment for both disorders done by the same team or provider.

Medication-Assisted Treatments

Medication-Assisted Treatments (MAT) for substance use and mental health disorders are commonly used in conjunction with one another. This includes the use of medications and other medical procedures. During your rehab, the staff from your treatment facility will help you identify what caused your addiction and teach you skills that will help you change your behavior patterns and challenge the negative thoughts that led to your addiction. Sometimes, the pressures and problems in your life lead you to rely on substances to help you forget about them momentarily.

Alcohol poisoning is a medical emergency. It can lead to complications such as choking, brain damage, and even death. Prompt alcohol poisoning treatments can help prevent these complications from occurring. If an alcoholic decides to stop drinking, they may alcohol experience withdrawal effects such as anxiety, restlessness, insomnia, and tremors. The development of tolerance and withdrawal are indications of addiction. Contact one of our helpful treatment specialists today if you or a loved one are struggling with long-term drug abuse and a co-occurring mental health condition such as depression. Sobriety starts here at We Level Up and can provide information on dual diagnosis and detox programs that may fit your specific needs.

alcoholism and financial problems
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Get Help. Get Better. Get Your Life Back.

Searching for an Accredited Drug and Alcohol Rehab Centers in Near You?

Even if you have failed previously and relapsed, or are in the middle of a difficult crisis, we stand ready to support you. Our trusted behavioral health specialists will not give up on you. When you feel ready or just want someone to speak to about therapy alternatives to change your life call us. Even if we cannot assist you, we will lead you to wherever you can get support. There is no obligation. Call our hotline today.

FREE Addiction Hotline – Call 24/7
Sources

[1] NIAAA – https://www.niaaa.nih.gov/publications/brochures-and-fact-sheets/understanding-alcohol-impact-health
[2] NIAAA – https://pubs.niaaa.nih.gov/publications/10report/chap06c.pdf
[3] Signs of Alcohol Abuse – We Level Up NJ

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