Living with a disability – or multiple disabilities – presents unique challenges, especially financial challenges. Managing expenses, navigating insurance and government benefits, and planning for the future can feel overwhelming. However, it is possible to achieve financial security with careful planning. So let’s dive into ways, from navigating government programs to budgeting on a fixed income, that you can maximize your resources, plan to reach your goals, and build an independent financial future.

Understanding Government Benefits

There are several government programs that play a vital role in supporting people with disabilities. These programs can provide a monthly income to cover expenses, decrease or cover healthcare costs, and more.

The two main programs you probably know are Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). SSDI makes monthly payments to people with disabilities that prevent the individual from working full-time. Payments are dependent on your work history, previous earnings, and your disability. If you qualify, these payments can allow you to live independently without needing to go to a job that worsens your condition. Also, after two years on SSDI, individuals are usually eligible for Medicare to help with healthcare coverage.

SSI is income-based, and also provides a monthly income, but it is heavily dependent on a number of eligibility factors, including age, your specific disabilities, your income and assets, and your living situation. It can also give individuals immediate access to Medicaid for healthcare coverage.

Applying for SSI or SSDI can be complicated, and it’s really important to hire a lawyer who specializes in this area to help you get the money you deserve. Disability lawyers are generally not paid unless they win, and even then, their earnings are capped at only $7200, so there’s no chance of them taking a whole year of your benefits!

Budgeting on a Fixed Income

Budgeting on a fixed income is a constant juggling act and it can be hard to believe that it can really be successful. However, there are ways to make it a little easier on yourself.

As always, you have to start tracking your expenses and your income, and looking at them realistically. Budget first for your essentials – rent, food, healthcare. Then look at how you can cut costs – and maybe make other aspects of life easier on yourself. Roommates can be useful – both for your budget and for day-to-day physical and emotional support. Maybe they have a good day when you’re feeling worse than normal, and maybe you can find a nice balance to handle household chores and other responsibilities.

You may be able to cut other costs too, like using public transportation or rideshares for medical appointments. Meal planning can save money, and help you maintain a diet that might minimize your symptoms, depending on your condition.

Once your essentials are covered, consider entertainment. You deserve to enjoy life as much as you can. While you may not have a bunch of spare money, there are ways to get creative – visit museums on free admission days, utilize your library (they offer more than just books!), and spend some time at the park.

If your budget is just too tight, look into government and non-profit assistance programs. There are several that can help you with housing costs, utilities, transportation, and groceries – and you are entitled to that support!

Saving for the Future

Your income on disability may not provide a lot of breathing room for saving, but finding small ways to put money aside can be useful. Just $50 a month adds up over time. Try strategies like banking all your change or rounding up on transactions to see if you can build a little nest egg, and make sure to keep your savings in a high-yield savings account so that it continues to grow. You can also look into ABLE accounts or other government accounts designed to help people with disabilities save.

Financial Advocacy for People with Disabilities

If you’re struggling to gain access to resources or manage your money, look into financial advocacy options. There are numerous organizations that help people with disabilities find their footing. These include:

• The National Disability Rights Network
• The Disability Rights Education and Defense Fund
• Benefits.gov

While financial planning for people with disabilities has unique issues and challenges to overcome, it is possible to achieve financial security. You should make use of the numerous resources available to increase your financial literacy, and don’t forget to celebrate the milestones you achieve along the way!