Living with a disability is a challenge in and of itself. When you step outside of the physical struggles being faced, you still have other challenges to consider. Financial struggles are an immediate consideration when living with a disability, and not everyone is a champion of such situations.
If you’re looking for a few helpful ways to get your financial situation under control, know that you’re in the right place. Here is a brief breakdown of some poignant financial tips for disabled adults. Take notes, and consider how you might become your own financial champion.
If you were injured on the job
If the reason you are disabled is due to a work injury, there could be a significant legal battle ahead. It’s common for workers to be denied their workers’ compensation benefits for one reason or another, but it’s also fairly simple to acquire a lawyer to help rectify the situation.
Living with a disability means that you’re likely to be on a very limited budget, and every little bit helps to build a more stable financial situation. For instance, you could think of taking an insurance policy. Don’t slack on this issue, as your workers comp insurance cheque could make a significant difference when the bills are due.
Budgeting is crucial to success
As most disabled adults live on a very limited income, it’s important to structure your finances in the shape of a well thought-out budget.
Consider recurring medical expenses, monthly medications, and other unique financial responsibilities you face in life as you decide how your money should be disbursed each month/week.
Use the digital tools available online to help add structure to your budgeting process, and then make certain that you stick to what you have planned.
Open up a PASS account
When you’re living on disability income from federal sources, you are limited as to how much money you’re allowed to earn on your own. After a certain point, you will lose your benefits. It’s vital that you understand where the lines are drawn regarding income when you’re receiving government benefits.
One way to store a little extra money without the worry of losing your benefits is to open what is called a PASS (Plan for Achieving Self-Support) account. SSI recipients are bound by a $2,000 asset limit, but a PASS account grants you the ability to save more than the asset limit.
Set savings goals for financial cushion
Now that you know there’s a way to build your assets without losing your benefits, take advantage of the opportunity at hand. Set savings goals for your future to assure that you have a financial cushion for any situation that may arise. You may even grant yourself a retreat every now and again, and spend time “smelling the roses” of the world.
