Organizing Your Finances with a Disability

Organizing Your Finances with a Disability

Living with a disability is expensive. You might have to purchase expensive assistive technology and/or make regular hospital visits.

If you are living with a disability, incorporate these seven financial skills into your life:

1. Budget, budget, budget.

When it comes to finances, this tool applies to everyone, especially people with greater demands on their finances, such as those with disabilities.

The basic principle behind a budget is to spend less than you bring in. This isn’t as easy to do as it sounds on paper, especially when expenses like medication are on the rise.

One simple budgeting technique is to keep a receipt for every expense. At the end of the month, track how much money you’ve spent on medication, bills, groceries, entertainment – any aspect of your life that requires money. Evaluate your spending and make the appropriate adjustments.

2. Have an emergency fund available.

Unexpected things happen, that’s why you should prepare the best you possibly can. You can do that with a savings or checking account: To plan for the unexpected, try to keep at least three months of your monthly income in the account.

3. Keep all your bills in one place.

Maybe it’s a mesh stacking sorter in your office. Perhaps it’s a filing cabinet. Whatever works for you, you should keep important papers — like insurance, bills, and statements — in one place. By having all your important papers in the same place, you can reduce the stress of trying to figure out where you placed a necessary document.

4. Determine which of your expenses are tax-deductible.

Some assistive technology, out-of-pocket medical expenses — copays, equipment — and hospital-visit costs — transportation, parking fees, tolls, and even food expenses or hotel stays if you have to travel quite a distance — may be tax deductible.

Talk to a financial professional to find out which ones are so you can alleviate some of the costs associated with your disability.

5. Know what benefits are available for you.

You might be eligible for Social Security disability benefits, which pay you a certain sum of money each month depending on how long you’ve been working under Social Security.

Or maybe you’re eligible for Medicare — depending on the disability, you might be eligible even if you’re not 65. Medicare covers hospital bills and charges you for doctors and tests on a sliding scale according to income.

By knowing which benefits apply to you, you can ensure you’re not paying more for medical expenses than you should.

6. Get help from the community.

Assistive technology — videophones, hearing aids, voice-activated systems — have improved the quality of life for many people with disabilities. However, the costs of these items is usually immense.

Many nonprofit organizations offer financial support for assistive technology. Before you go it alone, you should find out if there are any organizations in your area that might be able to help.

7. Don’t ignore retirement because of your disability.

If you don’t prepare adequately for retirement, it could be more costly than your disability. Consider setting up a 401k or an individual retirement account (IRA) today.

Living with a disability is expensive. Your disability might require assistive technology or hospital visits, both of which can be expensive. By taking the right financial steps, you can begin to put a plan in place that will allow you to make these kinds of purchases without slipping into debt.

Develop your financial plan with a professional. Contact McLean today.

 


McLean Asset Management Corporation (MAMC) is a SEC registered investment adviser. There are many different interpretations of investment statistics and many different ideas about how to best use them. Past performance is not indicative of future performance. The information provided is for educational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy or sell securities. There are no warranties, expressed or implied, as to accuracy, completeness, or results obtained from any information on this presentation. All investments involve risk.

The information throughout this presentation, whether stock quotes, charts, articles, or any other statements regarding market or other financial information, is obtained from sources which we, and our suppliers believe to be reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Neither our information providers nor we shall be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness of, or for any delay or interruption in the transmission there of to the user. MAMC only transacts business in states where it is properly registered, or excluded or exempted from registration requirements. It does not provide tax, legal, or accounting advice. The information contained in this presentation does not take into account your particular investment objectives, financial situation, or needs, and you should, in considering this material, discuss your individual circumstances with professionals in those areas before making any decisions.

The content of this publication reflects the views of McLean Asset Management Corporation (MAMC) and sources deemed by MAMC to be reliable. MAMC is a SEC registered investment adviser. There are many different interpretations of investment statistics and many different ideas about how to best use them. Past performance is not indicative of future performance.

The information provided is for educational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy or sell securities. There are no warranties, expressed or implied, as to accuracy, completeness, or results obtained from any information on this presentation. The information throughout this presentation is obtained from sources which we, and our suppliers, believe to be reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Neither our information providers nor we shall be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness of, or for any delay or interruption in the transmission there of to the user. MAMC only transacts business in states where it is properly registered, or excluded or exempted from registration requirements. It does not provide tax, legal, or accounting advice.

The information contained in this presentation does not take into account your particular investment objectives, financial situation, or needs, and you should, in considering this material, discuss your individual circumstances with professionals in those areas before making any decisions.

 

McLean Asset Management Corporation (MAMC) is a SEC registered investment adviser. The content of this publication reflects the views of McLean Asset Management Corporation (MAMC) and sources deemed by MAMC to be reliable. There are many different interpretations of investment statistics and many different ideas about how to best use them. Past performance is not indicative of future performance. The information provided is for educational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy or sell securities. There are no warranties, expressed or implied, as to accuracy, completeness, or results obtained from any information on this presentation. Indexes are not available for direct investment. All investments involve risk.

The information throughout this presentation, whether stock quotes, charts, articles, or any other statements regarding market or other financial information, is obtained from sources which we, and our suppliers believe to be reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Neither our information providers nor we shall be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness of, or for any delay or interruption in the transmission there of to the user. MAMC only transacts business in states where it is properly registered, or excluded or exempted from registration requirements. It does not provide tax, legal, or accounting advice. The information contained in this presentation does not take into account your particular investment objectives, financial situation, or needs, and you should, in considering this material, discuss your individual circumstances with professionals in those areas before making any decisions.