Everyone needs to manage their finances effectively to ensure they are not spending more money than they have coming in. Nevertheless, for disabled people, there are unique challenges they face in terms of managing their money. After all, if you have a disability, you are likely to be more limited when it comes to the jobs that you can do. Moreover, the structure of your finances is different in terms of benefits, as well as your outgoings. With that in mind, read on to discover some top financial tips for those with a disability specifically.
Make sure you are taking advantage of all of the benefits available to you – No matter where in the world you are based, there should be benefits that are available to you if you have a disability. Make sure you fully investigate these. Not only will you receive an income from the government in most cases, but also you will be eligible for reductions on bills that you need to pay. For example, in the UK if you have a disability, you will benefit from a cap on water bills, as well as a reduction on council tax, and you won’t need to pay VAT on any disability adaptations or equipment.
Look for unique ways to make money – If you are unable to secure a job in the traditional manner, this does not mean that you cannot make some extra money. There are numerous ways to do so; depending on the disability you have, of course. You may be able to do some freelance work online, for example. This involves the likes of writing jobs, design work, marketing, building websites, admin, and translation. If you have a physical disability, this could be the perfect solution for you, as all of these jobs can be carried out on a remote basis without you having to meet the people you are working for. Another way to make some extra cash is to rent out your private car parking space if it is not in use. In order to do this, it is vital that the space is private, i.e. not on the road. If you live in a busy area where a lot of people work, you can expect to make a decent amount of money on a monthly basis by going down this route. After all, you are bound to find a professional that wants to park his or her vehicle in the same place every day, especially when it is a space that is more secure.
Don’t overlook the prospect of making a compensation claim – A lot of disabled people are entitled to compensation and they don’t realise it. Was your disability caused by an accident? Was it your fault, or was it caused due to someone else’s negligence? If the latter applies, it is extremely likely that you will be entitled to compensation. Did you have a job in the past? Were you dismissed from it for reasons you deem to be unfair? If so, it is also likely that you are entitled to a payout. The best thing to do is get in touch with a disability insurance lawyer. Explain your situation, and they will be able to tell you whether you have the basis for a claim or not.
Make the most of discounts on leisure activities – You will find that you are eligible for significant discounts and even free entries for certain leisure activities. This could be anything from free cinema tickets to discounted theatre tickets. Carers often get free admission as well. So, before you plan your next activity, make sure you research this online to ensure you are not paying more than necessary.
Enlist some help – Ask a close friend or family member to help you with your finances. Make sure you choose someone who you can trust. They will be able to help you manage your money, as well as helping you to explore all of the options that are available to you in terms of benefits and earning some extra cash. You may not want to bother one of your loved ones, but it’s likely that they will be more than happy to help. After all, money can be a difficult topic for anyone to manage on his or her own. It’s overwhelming, and the last thing you want is to get yourself upset because you feel like you cannot cope. Avoid all of this by getting help from someone you trust from the beginning.
Take the steps to manage your disability benefits – Finally, you need to make sure you manage the money you have coming in effectively, as well as any disability benefits you are entitled to. There are a number of different ways you can take control of your finances. This includes cutting out all of the unnecessary spending, using budget apps to track your money, and using coupons and vouchers to save money while doing the grocery shopping. You can also save a considerable amount of cash by buying products in bulk, as well as making your own cleaning products. Also, don’t be afraid to ask whether there are any discounts. You know what they say: if you don’t ask, you don’t get. It is also a good idea to read a personal finance book. There are many different books available that teach you how to manage your finances while living on a fixed income. This is a real challenge, which can result in a lot of anxiety and stress. Discovering how to cope with this and what techniques to use to manage your money can be a real life changer.
Hopefully, you now have some useful tips that you can use to save money and have more control over your finances. From making the most of discounts that are available on leisure activities to any tax reductions that are in place, there are a number of ways that you can make your money go further and ease ay financial pressure you may be experiencing.
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