Financial Tips to Follow When Living on Disability Benefits


Although most people feel fortunate to have the opportunity to collect disability benefits, it can also create a whole set of other issues. One of those includes the inability to budget properly when new expenses come into the picture. Understandably, this can cause a lot of worry in a person’s mind, especially if they are living alone. Thus, the following details a few financial tips to follow when living on disability benefits.

Create a Financial Safety Net

The most important first step you can take to protecting your finances when living on disability benefits is to take advantage of any excess income. Saving any extra money you have each month can create a financial safety net for yourself. This can protect you against unexpected expenses later down the line, such as medical bills or car repairs. Saving money is not always easy, but it can save you from having to use a credit card or sacrificing one necessity over another. It is a good idea to have a safety net of at least $1,000, if possible.

Take Advantage of Free Services

If you’re disputing the dollar amount of your benefits or simply have not been accepted just yet, utilizing free disability benefits case evaluation services is highly recommended. These free online services can put you in touch with the right people and expedite the process so you won’t have to resort to digging into your savings to pay your monthly living expenses.

Start Cost-Cutting

Making small changes to your monthly expenses is a great way to keep costs down and maintain a healthy budget for yourself. That can be done by removing as many wasteful expenses as possible. For example, cutting down on takeout, entertainment, and even lowering your energy usage can make a big impact on your monthly expenses.

Look for Discounts

There are many companies and organizations that understand just how difficult it can be to live with a disability and thus often offer huge discounts to those that qualify. You are going to want to research stores that offer food, medicine, and clothing to see who within your area offers the best discounts. As you can see from the information above, there are plenty of ways to reduce monthly expenses and increase savings when living on disability benefits. However, because everyone’s living situation is going to be different, it is highly encouraged to record the progress of each of the tips listed above to see which is most helpful for your personal situation.

Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.

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