Posted on February 13, 2018
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People with disabilities have to balance their finances between daily expenses and medical needs. That’s already difficult as it is, but it gets more challenging whenever life decides to throw a curve ball.
Everyone has an experience like this from time to time: you get all your bills paid, you have money in the bank, you feel good, and then bam! Your car breaks down, and you’re faced with expensive repairs. You can’t stop financial emergencies, but you can prepare for them. This is an important skill to learn. Financial instability is the last thing you need when you’re living with a disability.
Credit cards are handy for emergencies, but if you can’t pay in full or on time, you’ll accumulate debt, and that’s not a good thing to have under your name. Instead, set aside extra money as savings in case you need to pay for a plumbing repair bill or a similar issue.
If you can save $500 a month, go for it. But that’s not a realistic goal for many people. To avoid putting pressure on yourself, start with a doable amount. Even $10 a month is better than nothing – that’s $120 in a year! When you have a practical target, you’ll become more driven to meet it. You’ll feel inspired to find other ways to save instead of feeling frustrated. It’s a challenge, but a positive one.
You should have enough extra money to pay for three months’ worth of bills. If that sounds like too much, remember that the little amounts add up. A dollar saved here and there brings you closer to this goal – and maybe even beyond. You just have to be willing to make sacrifices by identifying wants vs. needs. Do you really need to buy that cup of coffee when you can make brew at home? You already know the answer.
Motivation gets you started, habit keeps you going. Don’t quit!
Do you need a fiscal agent? Acumen is dedicated to helping those with disabilities with their financial needs. Contact us today.