Money & Addiction: The Financial Cost of Substance Abuse

The cost of drug addiction is multidimensional, the effects of which extend well beyond the barrier of physical harm. One of the most important areas to take a hit outside of that barrier is one’s finances.

Substance abuse has costs that are both obvious and not so obvious. Part of understanding the financial toll of addiction, however, requires looking at all of the ways that drugs can damage an individual’s financial health—including those that don’t often make the top of the list. In this post, we’ll outline four of the biggest ways that substance abuse can impact an individual’s finances, and how they can get on the path to financial recovery.

The Cost of Substance Abuse

How much does an individual struggling with substance abuse spend per day? While the exact amount varies depending on the substance and the extent of abuse, those suffering from addiction are spending a lot of money when it comes to maintaining their habit. Here are four of the ways that substance abuse can lead to financial trouble:

1. Expensive habits. Drugs and alcohol aren’t cheap. The amount spent on substances can increase rapidly as an addiction deepens, and the cost of using day after day can take a major toll on an individual’s finances.

2. Neglect and false priorities. Addiction has a way of messing with the brain and rearranging priorities. Missed rent payments, lost jobs, and a lack of desire to pursue financial solvency are all underlying issues of substance abuse that can have marked effects for many years to come.

3. Health problems. We live in a nation of high healthcare costs, and medical bills can (and often do) add up very fast. This is especially true for anyone suffering from addiction, who may rack up multiple emergency room trips, ambulance rides, or treatment visits every year.

4. Legal problems. With substance abuse often comes legal troubles, both from the use of an illegal drug itself and the behaviors that can ensue. Everything from going to jail to hiring a lawyer accumulates expenses, making legal debt a common financial pit for those battling substance abuse.

Financial Recovery After Addiction

Addiction may have a serious impact on finances, but the hit is not irreversible. Part of recovery is getting back on track not just physically and mentally but financially, cleaning up the mess that substance abuse leaves behind.

While it may be difficult, it’s important to take an inventory of financial troubles during treatment. This allows a recovering addict to get a full picture view of what the problem is, and should include all existing debts and recurring expenses. From there, a plan can be put into place to get back on track, with bankruptcy or some other form of debt relief as a potential topic of discussion.

The Economic Impact of Solving Drug Abuse

Addiction can cost thousands upon thousands of dollars a year, with the toll rising as the addiction becomes more serious. And it’s not just those suffering from the drug habit who take a hit. The U.S. economy loses more than $740 billion a year to addiction-related costs, including lost work productivity and legal proceedings. The good news: For every $1 spent on treatment the economy can save $4 in healthcare costs and $7 in law enforcement costs.

The value of recovery is priceless. Please contact us today to learn about our treatment services and get on the path to addressing the financial issues caused by addiction.