Living with a disability has its challenges but it doesn’t keep an individual from uplifting their quality of life. The first of these challenges is knowing how to stay financially stable. If you’re a person with a disability, it matters a lot to make the right decisions with the resources you have. These decisions will impact not just your daily activities but also your future. This comes as persons with disabilities are found to spend more on living expenses.
As a matter of fact, the National Disability Institute reports that households that care for an adult with disability need to earn 28% more to afford the same standard of living as every other household. Throw in the constant uptick in consumer goods and you may struggle to pay for both basic needs and medication. With this, here’s a guide to help you keep your finances in check:
1. Check out financial assistance programs
National and local governments offer disability programs aimed at securing your daily expenses and ensuring that you follow through with your medical requirements. In Canada for instance, the government of Ontario crafted a disability program that grants qualified individuals around $1,300 per month for basic needs and rent.
The amount you receive also qualifies as income, enabling you to secure ODSP payday loans in case you need funds for emergencies. For long-term financial security, employers in the United States provide social security disability insurance, a portion of which will be added to your retirement savings later on.
2. Come up with a good budget
Even if you’re earning income through disability programs, you still need to budget your money properly, especially if you’re living alone. After factoring in rent, water, electricity, and groceries, you will also need to set aside funds for regular checkups, medication, and emergencies. You may also need to monitor the money you spend on leisure.
Take control of your income by avoiding impulse buying which a few people justify as a coping mechanism. As much as possible, put a limit to luxury expenses and ensure that you still have enough to channel to your savings account.
3. Explore investment options and other income streams
If you want to maximize your earnings, you can look for investment vehicles that suit your needs. One such vehicle is an ABLE account which gives qualified individuals a shot at financial independence. That’s because savings in an ABLE account grow tax-free, fueling you with more funds in addition to your 401(k) savings.
In addition, you should also opt for investments other than retirement and disability savings, such as trading stocks and bonds. If you want to increase your earnings even further, opt to monetize your creative passions through freelancing or operating a small business.
4. Get timely advice from a financial expert
If your disability requires high costs, you may need to get input from a professional advisor. You will have all the guidance you can get to help you maximize your funds and reduce your overhead expenses.
Not only that, but this individual can also walk you through the assistance programs you applied for and make decisions that will increase the benefits you will end up receiving. Ultimately, you will be more at ease knowing that you’re managing your finances well, building wealth, and overcoming the challenges that come along.
Endnote
In today’s world, it’s making smart decisions that will secure your future. Use these tips and embrace the fact that you can do more and gain more in life.
