A Quick Guide to Money Management for Adults with Disabilities

A man in a suit standing over a desk and pointing to a piece of paper with an adult with a disability.

Managing money can be an overwhelming task for anyone. For adults with disabilities, however, it can come with some extra challenges. Whether you're navigating benefits programs, juggling medical expenses, or planning for long-term independence, building strong financial skills is an essential part of living with confidence and autonomy.

We’ll cover the importance of money management for adults with disabilities, along with some useful tips, tricks, and resources so you can get on the path to financial independence.

The Importance of Budgeting for Adults with Disabilities

Budgeting is about more than tracking your spending. Some basic financial skills training for adults with disabilities can be a powerful tool for planning and peace of mind. For adults with IDDs, budgeting can help:

  • Build savings safely using tools like ABLE accounts.
  • Encourage long-term goals, such as education, travel, or increased independence.
  • Ensure there is enough money for essentials such as housing, food, and medical care.
  • Build confidence and self-advocacy skills.

A personalized budget gives you greater control over your finances, no matter your income level.

Tips for Developing Financial Skills

There’s a lot to consider when trying to get your finances in order. Improving your financial literacy doesn’t have to happen all at once. Here are some practical money management skills for adults with disabilities to help build stronger financial habits.

Understand Your Income and Benefits

Before you start budgeting, you have to know how much money you have to work with. Track all your sources of income, including wages, disability benefits, and other forms of support, such as the Supplemental Nutrition Assistance Program (SNAP) or housing assistance. 

Some government programs reduce benefits if your income exceeds certain thresholds. Understanding these rules helps you avoid unpleasant surprises. 

Consider using ABLE Accounts if you don’t already. These special savings accounts allow individuals with disabilities to save money without affecting their eligibility for Supplemental Security Income (SSI) or Medicaid.

Build Strong Budgeting Habits

Learning how to save can be the trickiest part of building a budget. Start with a simple budgeting method, like the 50/30/20 rule, to categorize your spending into wants, needs, and savings. 

Calculate how much you expect to spend on necessities, like rent, food, school, or transportation, and divide the rest between savings and spending accounts. 

You can track your spending using an app or by keeping a written log. Try to set aside money for less frequent expenses, such as medical equipment, seasonal clothing, or transportation repairs.

Grow Your Financial Confidence

Build your confidence by creating small, attainable goals that will help keep you on track. Putting even $10 or $20 into your savings account every month can help build up good habits over time. 

Join a personal finance class or workshop where you can learn with and from others. There are online and in-person programs designed for adults with disabilities that can help you practice the skills you need to better manage your money. 

The National Disability Institute (NDI) offers free financial wellness tools, and the ABLE National Resource Center provides additional resources, including financial games, webinars, and more.

How to Create and Stick to a Budget

Creating a workable budget is all about understanding your priorities and being flexible. Here's how to get started:

  1. List your monthly income. Add up all your monthly paychecks, benefits, and additional sources of support.

  2. Track your fixed expenses. These are mandatory expenses that you are expected to pay on a regular basis. They might include rent, utilities, insurance, or transportation.

  3. Add in variable expenses. These are other items that you might need or want, but aren’t always consistent month to month. This might include clothing, personal care items, and entertainment.

  4. Identify savings opportunities. Use a standard savings account or an ABLE account to put away money for the future. This can be used for emergencies or to fund long-term goals.

  5. Adjust as needed. Your budget may change over time. Review your budget monthly to figure out what’s working, what isn’t, and where you might need to make some changes. 

Sticking to a budget gets easier over time. Be kind to yourself and know that it’s a learning process. Start simple and focus on building good habits!

Discover More Ways to Achieve Your Goals Through SDP

We all need help when it comes to achieving our goals. Whether you’re looking to save for your future or learning how to better manage your money, there are plenty of resources out there that can help you gain the knowledge, skills, and confidence you need to make it happen.

The Self-Determination Program (SDP) can support individuals with disabilities looking to lead a more independent life. If you live in California, SDP may be an option for you. This program can provide you with the personalized support you need by covering the costs of disability services tailored to your goals.  

Learn how NeuroNav’s independent facilitation services can support your journey by scheduling a free consultation today!

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