The costs of a disability add up over time, especially if you require routine doctor visits, home additions, or medical equipment. Disability checks hardly cover all of the above, so how can you be expected to afford all of your essentials—especially when you’re not under the care of anyone else? Whether you have a temporary or permanent disability, no matter if it’s physical or mental in nature, you may need advice. Learn something new with our tips for managing money when you have a disability, and you might be able to save a little bit more each month.
Maintain Your Monthly Budget
You’ve likely heard time and time again you should keep a budget, but that’s because it’s genuinely useful. It’s essential for you to be aware of how much you spend each month, so you never have a month where you can’t afford your medical equipment. Though money is tight, seeing or hearing the numbers laid out for you can help you decide where you can afford to save money in the budget. Whenever possible, add a section in your budget dedicated to an emergency savings fund. Whatever you’re able to save each month will add up if you are ever in a crisis or medical emergency.
Know What Is Tax Deductible
Some of the costliest expenses will be your medical equipment and home additions. Even auto additions are essential for maintaining your independence. You might look at equipment or additions as being too expensive or impossible to afford—but this isn’t always true. Some companies will have programs you can participate in for cheaper prices. When that’s not the case, many pieces of equipment or home additions are tax deductible. Mobility tools like ramps are commonly tax deductible. If you know you need an addition to your home or car, find out if you can partially or wholly deduct it from your taxes to save a significant sum of money.
Make Sure You Are in Control of Your Finances
When it’s possible, you should be in charge of your own financial situation. Unless you are unable to manage finances on your own, doing it yourself is the most trustworthy option. If you must have a family member in charge of your finances, make sure you can trust them. Some people will abuse your trust and use your disability income without caring for you or your budget. No matter who’s in control, make sure you at least check on your account every so often and communicate any issues you may have.
Though it paints a sad reality, avoiding financial chokeholds from abusive people is one of the most essential tips for managing money when you have a disability. It’s your money and your disability—while you can use disability benefits to help your family, the check shouldn’t be going towards, for example, a family member’s addiction or frivolous expenses.
