Adjusting Your Finances Now That You’ve Received Disability

Sometimes it feels like it takes forever to earn disability benefits. However, once your claim finally goes through and you start to earn disability it can make all of the difference in the world. It can be quite an adjustment to your finances once you start living off of disability benefits.

In some instances, people with disabilities tend to have much larger expenses than those without. Fortunately, disability benefits will provide some income to those who qualify. It also can be a shock sometimes not to be making as much money as you once did when employed or in the past. Knowing how to adjust your finances to account for your increased expenses could be an important change once you start receiving disability benefits.

Whether you’re on a fixed income or you want to monitor what you spend, creating a budget is always a good idea. You can see where you’re spending the most money, and how you can save some here and there. You may even be able to find free budget spreadsheet outlines online. It is important to gather all of your documents to see what your expenses are and to keep all of your receipts to see what you are spending money on. Creating a budget is never a bad idea.

Make sure to take advantage of discounts and tax breaks when you can. Discounts can come in many forms, from couponing to senior prices, but the money you save can add up quickly. Tax credits and benefits can also help you when tax season comes around. You can save quite a bit if you qualify.

If you’re able to work, consider supplementing your disability income with income from a  part time job.You can work with job placement programs to find the right fit for you. Just make sure to keep in mind that earning a certain amount of income may prevent you from receiving benefits. If you feel you may need help adjusting to life after receiving disability benefits Franco Law Firm is here to help. To learn more and to schedule a free consultation, please call us at (813) 872-0929.