This is something new to my and I've worked all my life. So I'm learning how to budget but as well I do have certain bills that need to be paid off. Are there any other ways I can save and budget my disability check?
A lot depends on the type of disability you receive. If it's Federal SSDI doesn't means test assets but SSI has strict rules such as no more than $2,000 in assets except for your primary home and primary vehicle.
Apparently not helpful to you is an "Able" checking account which you only qualify for if disabled before age 26 but it has exemptions over means testing.
I hate to say this but the only options I see for your predicament may be investing in a home to create equity and borrow against it. Then have a separate term life policy (not one through the loan company) that can pay of any loan amounts if you intend to pass the home on when you die so the recipient won't have to pay off the loan.
More importantly that is just something to consider. See a disability attorney who may have some other options to suggest and can refer you to an estate attorney familiar with your situation for planning.
Also have the estate attorney discuss how to transfer property in your state upon death without going through probate. In my state the least amount for clearing probate for a home using an attorney is around $2,500 which is a joke.
I'm on disability and want to save because I need to have something for emergencies. But the way things are nowadays it's hard to put $10 aside and have to go right back and use half of that for what you need. As it is now a lot of us on disability have to go without some of the necessities: car, dental work, some insurance, some food, student loans, not to mention the unpaid bills. It's hard on everybody lately because no one reaches out a helping hand like they used to.
So what do we do? It's not like we don't budget. For some of us, half of our check goes to rent and utilities, yet those who are still working or others who have retired think we're freeloaders and are getting handouts. Far from it
I wish there were a practical solution to this. I can say, though, that not having much makes you appreciate the little that you do have and it does make you watch where your money goes. I just wish there were more money-saving tips for us.
It is very difficult to get ahead when you barely get enough just to get by.
This is interesting!
Angela, what an honest and eye-opening post. Those on disability are masters at budgeting and gratitude!
It's hard being disabled. Savings and disability are two words that do not work well together. I've struggled for years being on Saver life has been eye opening. Stay positive it does work!
Honestly the amount of money you get through disability is not a lot. I would recommend maybe getting a HSA account but that might not be reasonable getting a high deductible health insurance. Maybe get a part time job and invest into a Roth IRA. Donate plasma, food stamps, couponing, apply for rental assistance.
