Managing your money as a disabled person is often challenging. You might not have a lot of income, or your income can come from several different sources. You can also have various expenses that abled people don’t have, which can put a larger strain on your budget.
What’s more, you might find there are restrictions on how much you can save in relation to any benefits you receive. There are certain challenges you might have to face, but there are also things you can do to manage your money effectively. Here are some of the things you can do to keep your money in order.
Create a Budget
Having a budget is one of the most important things you can do if you want to manage your money as a disabled person. You might have money coming in from different sources, as well as expenses that cover a range of necessities.
When you have a budget, you can understand your income and what happens to it each month and across the whole year. Start by documenting your different income sources, including your wage or salary, investments, and any benefits you get. Make a note of any expenses and how they’re paid for. Some may be paid automatically by a benefit you receive, others might be your responsibility to cover.
Set Goals for Saving
Saving can sometimes be a tricky issue for disabled people. There can be limits on how much you’re allowed to save if you want to keep receiving certain benefits, which can make it difficult to fulfill your financial goals and think about the future.
Fortunately, there are ways to save without losing your benefits, such as setting up a PASS account or Special Needs Trust. These can allow you to set savings goals and save up for the things that you want and need.
Claim Benefits You’re Eligible For
If you’re not already claiming benefits that you’re eligible for, make sure you check what you’re entitled to. You could be missing out on financial support that can help to make life easier for you.
There are tools that can help you to determine your eligibility and what you’re likely to receive. You can use a VA disability calculator to work out your disability rating and what you could receive in VA benefits. Some people may be resistant to claiming benefits that they’re eligible for, but you’re entitled to apply for them.
Use Tech for Good Money Management
Technology can be really helpful if you’re trying to manage your money better. You can use the software on your computer or download a mobile app to use on your phone. Tech can help you to keep track of your spending and saving so that you can manage your budget. You can also get apps that help you to save and invest, sometimes by automating the process so that you don’t have to think about it.
It might be challenging to manage your money, but there are plenty of things disabled people can do to make the most of their finances.