Finances and disabilities make for a stressful combination

No matter where your disability came from, it’s something you and your family did not plan on. You can stay positive and focus on having a great life, but you still have to worry about your finances. In this economy, anyone can have trouble staying afloat. With the additional challenges and costs of having a disability, things for you can be extra troublesome.

Thankfully, there are a few things you can do to improve your finances. But are you fully aware of what your disability can do to your financial life?

How A Disability Hurts You Financially

There are some obvious ways that people with disabilities struggle with costs. Medical care is the typical area of concern. But there are other things you have to look out for.

One aspect you’ve probably wrestled with is whether to list your disability in your cover letter. Will a prospective employer hire you despite the limitations? The only time you should disclose your disability when job hunting is if it could impact your job performance. Other than that, it can be a financial liability by forfeiting what could be a decent income.

Today’s economy runs on credit, so you need to make sure your credit rating doesn’t suffer from your disability. As CreditCards.com explains, this is especially true when you start seeking medical care for it. Here’s how you can protect your credit:

If you are eligible for Social Security disability, apply for it as soon as possible. It can take up to a year before you get any money.
Contact any current credit card companies and explain what’s going on. Many will work with you.
Look for different ways you can cut costs, especially with discretionary spending.

One Big Help Is Downsizing

When looking at cutting costs, you might be surprised to learn downsizing can help. This is when you sell your current home and move into a smaller one. Freshome.com explains there are many benefits to downsizing, such as:

Saving money by not spending for more square footage than you need.
Reducing the cost of utilities by having less space to heat, cool, and power.
Avoiding expensive home alterations to accommodate your disability (such as not having stairs if you have mobility limitations).
A smaller place means smaller taxes as well.

Although moving is always annoying, Closetbox has put together an excellent guide for people with a disability who are moving. Some of the tips include:

Make sure your new home is accessible before trying to move into it.
Refill any prescriptions before moving so they are there when you need them.
Change your address with the Social Security folks so there’s no disruption in benefits.

You also want to look into getting professional movers to do the heavy lifting. No matter what your fitness and strength are like, you can benefit from the movers’ experience and training.

Other Financial Tips & Preparations

There are other ways to improve your finances besides downsizing. The Council for Disability Awareness talks about having a disability security plan. Although it can be used before any problems happen, it’s also very useful in this case.

Start by creating a budget with all income and expenses. Then explore new sources of income. These can include employer sick pay, disability insurance, and worker’s compensation. You’ll also need to build an emergency fund if possible, as you never know when an unexpected medical expense may happen.

You Deserve A Strong Financial Future

Only the very rich can skip worrying about finances. When you have a disability, this matters even more. Focus on work and finding new income sources, then explore downsizing and other ways to reduce your costs. Finally, create a plan that includes an emergency fund for later on. If you never need it, then you accidentally created a great savings account — and that’s something everyone can use.