Financial recovery from addiction
1. Assessment of the extent of damage
1. Collection of statements and documents
Bank statements for the last 12-24 months.
Copies of loan agreements, notices of delay and fines.
2. Counting debts
Fix balances on credit cards, microloans and loans from friends.
Determine the total amount owed and the minimum monthly payments.
2. Debt restructuring and management
1. Priority payments
First of all, the payment of debts with the highest rates (credit cards).
2. Financial advisor consultation
National Debt Helpline (1800 007 007).
Drawing up a restructuring plan and negotiating with creditors.
3. Consolidated loans
Combine multiple debts into one with a lower rate and a single payment schedule.
3. Real budgeting
1. Expense categories
Mandatory (housing, communal, food), variables (transport, health care), entertainment.
2. Rule of 50/30/20
50% for compulsory, 30% - flexible spending, 20% - debt repayment and savings formation.
3. Accounting tools
Apps: Pocketbook, MoneyBrilliant; or a simple Excel/Google Sheets spreadsheet.
4. Creating a "financial cushion"
1. Provision for 1-3 months of expenses
Automatic transfer of 10-20% of income to a separate savings account.
2. Availability and security
Use highly liquid deposits or an online account with instant withdrawal.
3. Gradual build-up
Start with small regular contributions (like 50 AUD per week), increasing them as you pay off your debts.
5. Restoring credit history
1. Timely payments
Set up auto payments for all required invoices and credits.
2. Minimizing new loans
Avoid optional lending: Ditch new credit cards and Lombard loans.
3. Report monitoring
Check your credit report once a quarter through Equifax or Experian; dispute errors.
6. Financial discipline and self-control
1. Limiting temptations
Uninstall casino applications, block gambling sites (Gamban, DNS filters).
2. Regular "check-ins"
Analyze your budget and debt progress every month: Flag achievements and adjust your plan.
3. Goals and motivation
Set short-term (save 500 AUD per month) and long-term (save for vacation) goals.
7. Professional support and resources
Hotlines and online chats:
Conclusion
Recovering from gambling addiction requires an integrated approach: an honest assessment of debts, a strategy for repaying them, a clear budget, savings and discipline. Systematic work on this plan, together with professional support, will help you regain financial stability and confidence in the future.
1. Collection of statements and documents
Bank statements for the last 12-24 months.
Copies of loan agreements, notices of delay and fines.
2. Counting debts
Fix balances on credit cards, microloans and loans from friends.
Determine the total amount owed and the minimum monthly payments.
2. Debt restructuring and management
1. Priority payments
First of all, the payment of debts with the highest rates (credit cards).
2. Financial advisor consultation
National Debt Helpline (1800 007 007).
Drawing up a restructuring plan and negotiating with creditors.
3. Consolidated loans
Combine multiple debts into one with a lower rate and a single payment schedule.
3. Real budgeting
1. Expense categories
Mandatory (housing, communal, food), variables (transport, health care), entertainment.
2. Rule of 50/30/20
50% for compulsory, 30% - flexible spending, 20% - debt repayment and savings formation.
3. Accounting tools
Apps: Pocketbook, MoneyBrilliant; or a simple Excel/Google Sheets spreadsheet.
4. Creating a "financial cushion"
1. Provision for 1-3 months of expenses
Automatic transfer of 10-20% of income to a separate savings account.
2. Availability and security
Use highly liquid deposits or an online account with instant withdrawal.
3. Gradual build-up
Start with small regular contributions (like 50 AUD per week), increasing them as you pay off your debts.
5. Restoring credit history
1. Timely payments
Set up auto payments for all required invoices and credits.
2. Minimizing new loans
Avoid optional lending: Ditch new credit cards and Lombard loans.
3. Report monitoring
Check your credit report once a quarter through Equifax or Experian; dispute errors.
6. Financial discipline and self-control
1. Limiting temptations
Uninstall casino applications, block gambling sites (Gamban, DNS filters).
2. Regular "check-ins"
Analyze your budget and debt progress every month: Flag achievements and adjust your plan.
3. Goals and motivation
Set short-term (save 500 AUD per month) and long-term (save for vacation) goals.
7. Professional support and resources
Hotlines and online chats:
- Gambler’s Help: 1800 858 858
- GambleAware online chat 24/7
- Financial advice: National Debt Helpline, financial advisers to local councils
- Support groups: Gamblers Anonymous, financial recovery forums.
Conclusion
Recovering from gambling addiction requires an integrated approach: an honest assessment of debts, a strategy for repaying them, a clear budget, savings and discipline. Systematic work on this plan, together with professional support, will help you regain financial stability and confidence in the future.
