It’s important for people living with disabilities to manage money wisely to live life to the fullest without worrying about bills. If you’re receiving Social Security benefits, or live on a fixed income due to other means, then leaning on a fixed income budget can help you remain financially secure. Use the following tips to help ensure your expenses are taken care of.
Add up all benefits and income sources you receive in a month. After you determine your monthly income stream you can develop a budget plan to cover main expenses, such as: Housing, Food, Medical, and other costs.
TIP: If you need help with expenses due to an unexpected disability, the Council for Disability Awareness offers a Financial Security Plan to give clearer understanding of the financial "Big Picture" of the onset of disability.
Figure out an amount that you are comfortable setting aside each month based on your budget and deposit it in a savings account. Think of it as "paying yourself first" to help build this money-saving habit.
Buy second-hand for big savings when possible. My personal favorite is the Local Facebook Marketplace page.
TIP: Visit the following links for coupons and money saving hacks.
Creative ways to save money throughout the week
Discounts for People with Disabilities
ABLE Accounts: ABLE (Achieving a Better Life Experience) accounts are designed to enable individuals with disabilities to save and pay for disability-related expenses without being cut off from public benefits like Social Security Disability Insurance and Medicaid. Read our blog about ABLE Accounts for more information.
Plan to Achieve Self-Support (PASS): PASS is an SSI provision to help individuals with disabilities return to work. PASS lets the person set aside money and things they own to pay for items or services needed to achieve a specific work goal. You can save money exceeding the asset limit and still remain eligible for SSI benefits with a PASS account. Learn how to set up a PASS here.
Do you have more questions about budgeting with a fixed income? Or, are you having trouble navigating the complexities of applying for supplemental income programs, like SSI benefits? Reach out to the team at Mobility Credit Acceptance. We’re here to help you.
info@mobilitytrust.com