Money Management in Recovery Worksheets
Download the money management in recovery worksheets for free
Download free resource
Enter your email below to access this resource.
By entering your email address, you are opting-in to receive emails from SimplePractice on its various products, solutions, and/or offerings. Unsubscribe anytime.
Looking for money management in recovery worksheets to support individuals in overcoming substance use disorders? While treatment can be complex, you can download and use these worksheets in your practice to support clients.
Oftentimes, stopping substance use is the tip of the iceberg, revealing the need for support in areas like relationships, financial management, emotional regulation, distress tolerance, and co-occurring mental health conditions.
This article provides therapists with information on money management for recovering “addicts”—along with research on the latest literature on language to use when talking about substance use disorders. You can also download the free money management in recovery worksheets to save to your electronic health record (EHR) and use with clients.
Money management tips for people in recovery
Substance use disorder can have a significant impact on all aspects of a person’s well-being, including physical health, mental health, emotional health, and even financial health.
As addiction progresses, the financial implications often progress too—leading to unpaid bills, medical expenses, and sometimes, lost income.
While the first priority is to seek treatment for substance use and develop distress tolerance skills, there may come a time when clients feel ready to address their financial recovery.
You can download and use the free money management in recovery worksheet, which includes the following tips and more:
Include money in a relapse prevention plan
Escalating debts, stress about money, or fear of losing housing or work can be very real triggers for returning to use. Evaluating these stressors and incorporating coping strategies into a recovery plan is perhaps one of the most important steps in financial recovery.
Evaluate debts
Ripping open a stack of unpaid bills may be a daunting task, but this is the first step in being able to make a realistic financial plan.
To build an accurate financial picture, you need to first know what you owe, interest rates, the creditor, and contact details. The money management in recovery worksheets include a table of debt to help clients log this information.
Supporting clients might involve reminding them to do this mindfully, without judgment, while reiterating their coping strategies. One coping strategy might be to work on collecting this information in 30-minute increments, then move on to another task to avoid getting overwhelmed.
Remove temptation
The best way to avoid getting into further debt is to remove the temptation by either removing credit cards from easy reach or cutting them up. It may be worth keeping the lowest interest rate card for emergencies.
Create a budget
Once the client has a clear understanding of their debt, they can build out the rest of their financial picture by creating a budget. The money management in recovery worksheet includes a budget template that you can provide to clients.
This will list all their income and expenses, including relevant payment dates, to determine how much money can be allocated to debt and if they are earning enough. Expenses should list all bills and allocate money for groceries, gas/transportation, and upcoming events.
Make a financial plan
Having created a budget, it's then possible to create attainable goals, like paying off the highest credit card first by setting up a monthly payment plan and sticking to a budget with spending limits.
Negotiate with creditors
Many credit card companies may accept a lower repayment if the debt is paid in a lump sum. It's worth talking to the company to negotiate the debt, and if it can’t be paid at once, check if the interest rate can be frozen or reduced.
Consider consolidation
It may be possible to consolidate debts into one loan to reduce the overall interest rate and monthly payments. This may require an adequate credit rating or finding a way to secure or guarantee the loan.
Monitor spending
Following through with the financial plan and budget is the key to success. Clients may find money monitoring apps helpful, as these can alert them to spending limits, or when they are paying for multiple subscriptions that they may not be using. Banking apps can also help by setting spending limits.
Some examples of spending apps include You Need a Budget (YNAB), Goodbudget, EveryDollar, PocketGuard, or HoneyDue for budgeting with a partner.
Strengthen money mindfulness skills
It may be helpful to encourage more mindfulness around money, especially if your client has a history of impulsive shopping.
When feeling compelled to spend, they may want to review their reasons, by asking themselves if they need X, what purpose it will serve, and if this expense is in the budget. This Money Beliefs and Behaviors Assessment can also help clients better understand their relationship with money.
Consider using prepaid cards
Prepaid cards, like PayPal Prepaid, or Chime, can help clients limit spending to the amount loaded onto their reloadable debit card.
Other resources for money management for recovering addicts*
Resources available to support people with substance use disorders include:
Medicare
Medicare provides health insurance benefits to individuals over 65, people with a disability, and other those with qualifying conditions. Part A covers medically necessary rehabilitation, such as inpatient rehabilitation. For more information, check the Medicare website.
Medicaid
This federal-state health insurance program covers costs Medicare won’t, which are usually paid after a deductible is met.
Treatment scholarships
Some treatment centers offer a limited amount of scholarship options or sliding scale payments for low-income individuals. The center’s admissions team should make this information available when evaluating different payment choices.
Medicare supplemental insurance
Medicare supplemental insurance (Medigap) is an additional insurance policy that covers some of the costs that were not covered, including the Part A deductible and out-of-pocket expenses.
Grants
Some individuals may be eligible to apply for certain grants to fund treatment, especially if uninsured or underinsured. For example, the Substance Abuse and Mental Health Services Administration (SAMHSA) provides Block Grants for community mental health treatment.
Every state health department should list grant programs on their website, including eligibility criteria.
Financial aid
Many larger providers have a financial aid program, which should be listed on their website, or communicated by their payment department.
Community resources
Recovery community organizations usually have a list of local resources to support people in recovery. This includes social, housing, medical, and legal support.
You can find a list of recovery organizations on the directory of the Alliance for Recovery Centered Organizations (ARCO) website.
Collegiate recovery resources
There are many collegiate recovery programs across the United States, which not only support people in their recovery, but often provide a subsidy or grant to support students in their success.
You can locate a collegiate program near you by checking out the directory of programs listed on the Association of Recovery in Higher Education (ARHE) website.
*Note: The latest research has shown the term “addict” to be associated with implicit and explicit bias, impacting stigma and access to treatment. The word “abuse” has also been associated with the view that a person with substance use disorder is less deserving of treatment. Like many other changes in language, experts recommend using person-first language. You can find out more about the real impact of our words by visiting the Recovery Research Institute.
Money management for couples
Supporting couples in recovery can be tricky because it involves two individuals that each have their individual and collective spending habits, goals, and ideals.
However, it is possible and may be helpful to use money management for couples in recovery worksheets that evaluate each person’s goals, debts, and financial values to create an attainable budget and plan. This should list the couple’s individual and collective goals, how they intend to approach debt, their individual and partnered responsibilities, and their shared bills.
What’s included in the money management in recovery worksheets?
The money management worksheets for adults PDF includes:
- Table of debt: This worksheet provides clients with a fill-in-the-blank table to record their debts, along with tips for completing it.
- Budget worksheet: In this worksheet, clients can list out their monthly income and expenses in a table to easily add up how much they’re spending and saving.
- Money management tips: This printable list of tips provides techniques such as removing temptations, strengthening money mindfulness skills, and more.
You can print these out and use them in session, fill them in during a telehealth appointment, or provide them as homework for clients to complete on their own.
How SimplePractice streamlines running your practice
SimplePractice is HIPAA-compliant practice management software with everything you need to run your practice built into the platform—from booking and scheduling to insurance and client billing.
If you’ve been considering switching to an EHR system, SimplePractice empowers you to streamline appointment bookings, reminders, and rescheduling and simplify the billing and coding process—so you get more time for the things that matter most to you.
Try SimplePractice free for 30 days. No credit card required.