It’s no secret that saving money takes a lot of effort. Without money, it is impossible to take care of ourselves and our loved ones. Not to mention, the rapidly increasing market prices of consumer goods and utility bills are making it harder than ever to save money. Now imagine the difficulties people with disabilities face – everything is harder.
Groceries, hospital bills, and even medicine can cost a lot of money. In order to stay afloat and continue to be financially stable, here are some money saving tips for people with disabilities.
Knowing What You Need and What You Want
In order to save money, you need to make sure that you are not spending it on things that aren't useful. When buying something, you have to ask yourself, “Is this something that I need or is this something that I want?”.
Once you know the difference between your needs and you want, you will feel more in control and in charge of your money.
1. Plan Your Spending
To be fully in control of your money, you need to start a budget. You need to have a plan, so you can carefully choose when to save and when to spend your money. By making a budget, you will be able to structure your spending and savings to be able to make better choices.
Whenever your disability causes you financial struggle, you may opt to use a credit card to pay for your utility bills and groceries. However, this might not be the best idea since there may be hidden charges whenever it is not paid on time. By creating a budget, you eliminate unexpected spending and you’ll be able to fully focus on saving money.
2. Use of Government Benefits
Having a disability means that you are entitled to some of the benefits provided by your government. Don’t miss out on these benefits and make sure you maximize each and every benefit you can get from your government. Here are some government benefits that you could definitely help:
- Plan to Achieve Self - Support (PASS) - This is for those who are already receiving Supplemental Security Income (SSI) and want to save some money for a goal that is work-related. With this benefit, a person may set some money aside in order to create a business, go to school or even get some training for a job. The work-related goals also include earning an income that would help reduce the Supplemental Security Income benefits over time.
- Pooled Trust Funds or Special Needs Trust Funds - This is one of the ways to protect people with disabilities without actually risking their own benefits. The government benefits already provide basic needs, such as food, housing, and medical needs. This Special Needs Trust is especially helpful if your government benefits limit the amount of money you are allowed to have in your bank. By having a trust, the money will not be a part of the money that has been limited by the government benefit. Trusts are usually messy and therefore, careful planning must be done before creating a trust. When executed properly, a trust can help you save more money.
- Individual Development Accounts (IDAs) - The Individual Development Accounts help people with disability with low income to save money for things like buying assistive technology, getting an education and also getting a job. Every you drop a dollar, the IDAs program also adds money (a dollar or more). This way, saving money gets your more money and helps you to save even more.
There may even be other government benefits that can be beneficial for you. Do not hesitate to contact your local government to know which of these benefits are applicable to you. By maximizing on your government benefits, you actually get more opportunities to save money and lessen the costs of your spending.
As a person with a disability, you will be facing challenges and hurdles that will hinder you from saving money and being able to buy the things that you need.
But by following these tips, you not only save money but also take control of your money and train you to make better choices on which things you should focus on.
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