
10 Financial Tips For Those With Disabilities
If you depend on disability benefits, managing your finances can be challenging. In the U.S., one in four adults have a disability, or 27%. Those that are disabled often need special accommodations that can be costly, such as a wheelchair, walker, or other medical equipment. Expenses such as these are necessary to improve the quality of life for someone, but the cost can add up quickly.
Research shows that a household with an adult who has a work disability needs about 29% more income to maintain the same standard of living as similar homes without a family member with a disability. Moreover, people with disabilities are more than twice as likely to have difficulty paying their medical bills.
With careful planning, you can make the most of your resources. Here are some budgeting tips to help you navigate your finances effectively:
- Understand Your Benefits
- Know Your Monthly Income: Familiarize yourself with the amount you spend weekly out of your monthly paycheck from disability benefits. Know what you spend the most on to determine what will cost the most for future expenses. Consider areas you can cut down on costs and stick to it.
- Research Additional Benefits: Explore other benefits you might be eligible for, such as Supplemental Security Income (SSI) or state assistance programs.
- Craft a Budget and Prioritize Spending
- Track Your Income and Expenses: List all sources of income and categorize your monthly expenses (housing, food, medical, transportation, etc.) to realistically create a livable budget.
- Use Budgeting Tools: Consider apps or spreadsheets to keep track of your finances and adjust as needed.
- Focus on Necessities: Make sure to cover essential expenses like rent, utilities, groceries, and medical costs first.
- Identify Discretionary Spending: Determine areas where you can cut back, such as entertainment or dining out.
- Plan for Medical Expenses
- Apply for Health Insurance: Good health insurance coverage can help decrease costs by going to your in-network doctors.
- Budget for Healthcare: Factor in regular medical expenses, including prescriptions and co-pays. Look for low-cost or free clinics if needed.
- Utilize Resources: Investigate assistance programs for medications or healthcare services.
- Emergency Fund
- Set Aside Savings: Try to save a small amount each month for unexpected expenses. Even a modest emergency fund can provide peace of mind should you need to tap into this money. There are various savings plans from you to choose from, so schedule a meeting with your bank as soon as possible.
- Extra Income Streams
- Consider Part-Time Work: If your condition allows, look for flexible or part-time work that doesn’t jeopardize your benefits.
- Freelance or Gig Work: Explore online opportunities or local gigs that can provide extra income.
- Ticket-to-Work: This program supports career development for those 18-64 who receive Social Security disability and want to work.
- Explore Additional Resources
- Easterseals: Provides numerous resources for people with disabilities, including financial literacy information, medical rehabilitation resources and employment and job training.
- Friends of Disabled Adults and Children (FODAC): Provides free or low-cost wheelchairs and medical equipment to those in need; also helps with vehicle modifications and home adaptations.
- U.S. Department of Veterans Affairs (VA): Provides medical and financial resources for veterans.
- Stay Informed
- Keep Up with Changes: Be in the know about alterations to disability benefits and what local resources can help you manage your finances.
- Attend Workshops: Look for financial literacy workshops offered by local organizations or online.
- Seek Professional Advice
- Financial Counseling: Consult with a financial advisor who has experience with disability benefits.
- Community Resources: Reach out to nonprofit organizations that offer financial planning assistance.
- Review and Adjust Regularly
- Monthly Review: Be sure to regularly review your budget to see if you’re on track or if adjustments are needed.
- Be Flexible: Life circumstances can change, so be prepared to adapt your budget as necessary.
- Utilize Support Networks
- Connect with Others: Join support groups or online communities for individuals on disability to share tips and resources.
- Family and Friends: Don’t hesitate to seek help from loved ones if you’re struggling financially.
By taking these steps, you will be able to manage your finances more effectively
While on disability benefits, reducing stress and creating a more secure financial future. Start putting your plans into actions today.
For more help you throughout the SSDI benefits process, contact Lowery Law Group at info@lowerylegal.com or call (843) 991-0733. There is no fee for a free consultation regarding your claim. Lowery Law Group is experienced in handling cases in South Carolina as well as Georgia.