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By Kimberly J. Howard via Iris.xyz
Everyone wants financial stability. However, many people struggle to keep things on track as they fall into debt and make unwise financial decisions. For people in addiction recovery, addressing financial health can be extremely beneficial because money issues are a common cause of relapse. So, if you’re a recovering addict, it’s more important than ever to get your finances in line. Here are some of the best ways to track your finances so you can stop worrying about the future of your money.
1. Determine Your Net Worth
One of the best ways to measure your financial progress over time is with your net worth. Net worth is a measure of your assets (everything you own) minus your liabilities (everything you owe). If your financials are in good health, your net worth will grow as you continue to earn an income and contribute to your savings. If your net worth is negative or starts to go down, this is an indication that you need to cut spending and try to save more. Take inventory of all of your debt and outstanding balances. Make note of interest rates and how much monthly payments are costing you. Your net worth will likely benefit from paying off some debts completely instead of contributing to interest each month.
2. Develop a Monthly Budget
The simplest way to stay financially healthy is to avoid spending more than you make. If your net worth is decreasing, then you need to cut back on your spending or find alternative sources of income.
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