Financial Safety When A Loved One Uses
It’s crucial to have financial safety when your loved one has a problem with drugs, alcohol and behavior addictions like gambling and shopping. Protect your finances and possessions so that you don’t have serious problems down the road.
Any kind of addiction brings on financial difficulties. Drug and alcohol users, shopaholics, gamblers and others with behavior addictions need money all the time to support their drug of choice. Here are some of the ways they use their families to get it.
They may go from one family member to another asking for money
They may take money from wallets and purses that are left unattendedThey may steal valuables from their relatives’ home to sellThey may also scare family members into providing money for themCoercion can be a form of blackmail if family members fear homelessness or worse behaviors if they don’t give money
Families that protect themselves against financial wreckage due to substances or other are the families that fare the best. Here are some tips to follow.
Financial Safety for Valuables
Know what and where your possessions are and monitor them. What to do:
Make a list of your assets and valuables
Know where everything is
Make sure your valuables all have your name on it
Engrave your name on jewelry when you can
Lock valuables away whenever possible
Alert everyone in the family that possessions are watched and monitored
Your Wallet
Does someone who is using drugs have access to your wallet, cash, credit and debit cards? Does cash mysteriously disappear? Cash charged on a credit card costs more, and the credit card holder may be held responsible for the charges. Have you seen charges you don’t recognize on your cards? What to do:
Make sure your wallet or purse is always in a safe place not accessible to abuser
Keep your cash hidden
Keep your credit cards locked up
Check you balances frequently
Financial Safety With Money and Banking
Who is in charge of the family money? Abuse occurs when the one with the addiction problem is in charge of finances. Be aware of your family finances. What kind of bank and investment accounts do you have and where are they? You should have access to bank accounts and safety deposit accounts as well as investment accounts. What to do:
Be sure to have access to all bank accounts
Watch the balance to see if cash is going out
Start keeping some money separate for emergencies
Change passwords often for online banking accounts that you own
Check your safety deposit box if you keep valuables there
If you have an investment advisor alert him/her to potential problems
Other Family Members
Are you aware who is asking for what in your family. Those with addictions that need financing will go from family member to family member with sad stories and sometimes threats. The most vulnerable may well be grandma and grandpa. Is someone in the family stealing from the grandparents or getting them to hand over social security checks? What to do:
Take an inventory of grandparents’ valuables in the home
Monitor what drugs they taking and make sure they are not kept in the open
Ask about investment accounts, bank accounts, debit cards, and other potential sources of cash
Keep in touch with them and other vulnerable family members
Pay special attention to jewelry, guns and other weapons, and tools
Legal Options
Check with your lawyer about your rights and liabilities as a spouse or parent.
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