Having a relative with a disability is indeed challenging. Aside from the emotional and physical support, they also need financial help for their medication and other expenses. Although other people with disability can earn a living, some needs financial help from family and friends to survive.
Excellent financial skills are crucial to make smart decisions about money. This is even more important if you need to extend help to other people who are not initially part of your budget. However, you should see to it that you can still save money for your future. Bear in mind that circumstances may change. It is also vital that you become financially secure and be ready in case of emergencies. If you find it difficult to set aside a small amount for your savings, the tips below could help:
- Keep track of your expenses: Knowing how much you spend will help you determine the amount of money you spend. After getting the data for all your expenses, categorize them for utilities, groceries, and support for your relative, and others. Once you know where your money goes, it is easy to check how much you can save.
- Make a budget: Gaining control over spending starts by creating a budget. Itemize the expenses you have recorded. Of course, do not forget to include the medication and other needs of your loved one with a disability. If you add this in the budget, you are confident that you will not overlook this. Now see to it that your expenses are not more than your expected income. You can make adjustments if needed to avoid spending more than what you have. Having a budget will allow you to prioritize your spending and manage your money.
- Be a wise buyer: Before making a purchase, do your own research on where you can buy an item at a lesser price. Do your due diligence and look around so you can compare the prices of the products you are planning to buy. You should also consider high-quality items so it can be used for a long time. For example, when choosing a wheelchair lift for your disabled relative, look for reliable stores that can provide the best product. It is also essential to check out reviews online to give you a foresight if the item is right or not.
You can also look for vouchers and deals online. Buying things you need at a lesser price will definitely satisfy you and your pocket. However, you need to avoid buying stuff that you do not need during huge sales. Doing that will not only break your budget, but it might even end up spending your savings.
- Create a Special Needs Trust: If your disabled relative is receiving government benefits, then get a special needs trust. This will allow families to set money aside for the person with special needs without giving it directly to the individual. Getting a trust will avoid disqualification for needs-based public benefits. A trust is an excellent way to plan your future big expenses, including education, medical costs, and others. Bear in mind that you cannot use this to pay for reoccurring and regular expenses like food and medicine. The proceeds from a life insurance policy can also be directed toward a special needs trust.
- Use public benefits and community resources: Take advantage of the public benefits for differently-abled people. Do not hesitate to avail of these benefits since this is the government’s way of taking care of its citizens. For sure, this can also help lessen your expenses, allowing you to save more money. Aside from public benefits, try to seek out for available resources for special needs families. Some non-profit organizations and communities can offer assistance to your family and your disabled relative. It is also important that your family will plan your estate since it is not allowed to leave money to the special needs person directly. In the event that your relative’s parents or caretakers will pass away, a care guide should be provided to communicate the person’s care needs.
Yes, you can indeed save money despite supporting a disabled relative. Hence, instead of worrying about your finances, have a clear mind so you can communicate well with your relative in an uplifting and loving manner. Without a doubt, they will be very grateful for your help since it can contribute a lot in improving their way of life.