Moderate Support • Mid-Career • Goal 8:
Plan for Short and Long-Term Needs
Action step 1.
Discover financial supports, such as financial planners.
There are professionals specifically trained to provide guidance to people with disabilities and those receiving disability benefits. These may be called Benefits Counselors or Community Work Incentives Coordinators (CWICs). These people can be found through your Bureau of Vocational Rehabilitation (VR) Services or Department of Health and Human Services.
Resources
Words to know
Action step 2.
Work on your budget or money map.
Budgeting, or money mapping, helps you keep track of your income (money you earn) and expenses (money you spend) so you can make a plan to meet your financial goals. To begin the process of creating a budget or money map, you need to figure out:
- The amount of money you receive each month
- The amount money you spend each money
- The amount of money you have left over each month
You may learn some of your spending habits, like stopping for coffee a few times a week, build up to a lot of money. There are ways to help you make choices that align with your money map, like:
- Only using cash to make purchases.
- Used your credit card for emergencies only.
- Arranging your money into specific envelopes according to your budget.
Remember — this is a learning process and it will take time to improve these life-long skills. You should reevaluate your budget on a regular basis to keep track of what is working and what needs to change.
Resources
Words to know
Action step 3.
Maintain a good credit score.
Everybody has a credit score — a number between 300 and 850 that represents how much a lender trusts you to pay your debts on time. The higher the score, the better you look to potential lenders and the more likely you are to receive a loan or credit card.
You can raise your credit score by:
- Making on time payments for credit cards or loans
- Limiting opening new credit cards
- Staying around 30% of your credit limit
Your financial institution may also have other options to help you repair a low credit score.
You can check your credit score for free online. It is important to check your score regularly, at least once a year. You should also check it before applying for credit or whenever you suspect suspicious activity on your account.
If you suspect fraud, you can "freeze" your credit score as a way to prevent other people from fraudulently opening an account in your name.
Resources
Words to know
Action step 4.
Identify supports needed to meet financial goals.
Thinking about the future, you may have some short-term or long-term financial goals in mind, like owning a car, buying a house or even staying on a regular budget. Understanding what supports you might need to meet those goals is an important act of self-reflection.
Some strategies may include:
- Using the auto-pay feature for bills
- Having money transferred to a savings account on a weekly basis
- Setting up weekly or monthly "check ins" to go over your budget
Resources
Words to know
Action step 5.
Continue to plan for retirement.
It is important to start saving for retirement as early as possible and to be consistent in your preparation for this time in your life. Continue to work with a benefits counselor, job coach, family member or financial professional to discuss how you will save and/or invest your money to be prepared for your future.
If your employer offers a retirement savings plan, such as a 401(k), continue to contribute to that plan as much as you can. Your employer might also have a pension plan option for you to consider. You can also start an Individual Retirement Account (IRA). Talk to your counselor about how much Social Security benefits will be able to cover in order to meet your long-term goals and whether or not your current and future benefits will be impacted by your retirement savings plan.
