How People with Disabilities Can Ensure a Brilliant Financial Future


Have you set goals for your financial future? How will you achieve them? Read on for tips to help those living with disabilities lay a course toward security, hopes, and dreams. 

Plan for the Inevitable

Eventually, all of us leave this life, and while none of us likes to focus on this fact, making plans with that inevitability in mind can actually bring relief. It’s a chance to ensure your loved ones aren’t left with a heavy financial strain, on top of their emotional one. With that in mind, give some thought on how to help them. 

One way to help your family members is to purchase burial insurance, which can be used toward several types of expenses, the most obvious being the final arrangements. The funds can also be applied toward things like credit card debts and medical bills. It’s a chance to cover any debts you would leave behind so your loved ones aren’t faced with that burden.


Lay Legal Groundwork

When planning for more challenging times, Country Living explains that there are certain legal documents you should complete, just in case. By making arrangements while you are able, you can help your loved ones avoid things being tangled up in court, or having to make certain difficult decisions while under duress. 

As an example, a will ensures that your belongings are distributed according to your wishes, and a living will provides instructions for your end-of-life medical treatment. A healthcare power of attorney allows someone to make decisions about your medical care if you should become unable to make them yourself, temporarily or permanently. Similarly, a financial power of attorney gives someone of your choosing the ability to make financial decisions on your behalf. 


Long-Term Care Needs

Some statistics indicate more than half of older Americans end up requiring long-term care. Long-term care can be expensive, and certain circumstances can predispose you to requiring long-term care. Long-term care insurance is a possibility for some people, although AARP notes that certain health conditions can disqualify you from gaining coverage. 

There are alternative methods for paying for long-term care should the need arise. You might qualify for Medicaid, or you might get help through the Department of Veterans Affairs. Some people purchase a life insurance policy with a long-term care rider, while some people liquidate assets to meet their needs. Weigh your options carefully, so if a need for long-term care should occur, you know how to manage that expense.


Complete Your Financial Picture

Creating a budget helps you figure out your current financial picture, and it helps you make realistic goals for your future. To do so, you’ll need to calculate all your monthly income and expenses separately. If you’ve never created a budget before, the process can feel a little daunting. So, consider it an opportunity to sort out not just where your money goes, but how you are going to get where you want to be. 

Once you see how much you make each month, reduce it by your expenses — the result should be zero. If you have a positive number, those funds can go toward savings or paying down debts. If you have a negative number, you need to adjust your spending. Usually, this is most easily accomplished by cutting down on things like entertainment and eating out. 


Finding Assistance

Sometimes, no matter how much you finagle your funds, it’s impossible to make ends meet. There are programs that financial assistance to people with disabilities. Veterans can often get help through the VA, and those struggling to pay heating and cooling costs might qualify for help from LIHEAP. There are also grants and loans available for some people with disabilities, and there are organizations that help people with their specific disabilities as well. 

Financial planning can be challenging, but it’s important to sort things out so you can have peace of mind. Think in terms of your current details and future goals, and get assistance if you need it. You can create a secure foundation to help you reach your hopes and dreams.


Image courtesy of Pixabay