Whether you were born with a disability or have recently been disabled following a recent illness or injury, good money management is of paramount importance. The cost of disabled living can be demanding even for those lucky enough to still be able to carry on with their jobs and careers after their disabilities manifest. If left unchecked, this can lead to a disability debt spiral which can be ruinous to one’s physical and psychological wellbeing. Financial wellness is one of many areas in which the disabled find that they have to work a little harder than their able bodies counterparts, especially when disability insurance claims are rejected or insurers place caps on how much you can earn while claiming. Whether you work on a freelance basis or for an employer, here are some ways in which you can improve your financial health and ease the psychological, emotional and logistical stranglehold that disability debt can have on your life and work…
Talk to a lawyer if your disability insurance claim is rejected
It can be an extremely dispiriting experience when one’s disability insurance claim is denied. It can even lead the claimant to question whether they are suffering from a bona fide disability. In ,many cases, however, just because a claim has been rejected doesn’t mean that a claimant does not have legitimate grounds for a claim. In most cases it helps to have an attorney check over your claim and / or launch an appeal on your behalf. Check here to see how a dedicated long term disability lawyer can help you. When you know that you can claim that to which you are entitled this can ease the financial pressure on you and contribute enormously to your psychological well-being.
Find ways to save every day
While those in the disabled community face specific expenses and financial difficulties which their able-bodied counterparts do not, sometimes using the good old-fashioned saving techniques available to all of us can make a big difference. Clip coupons, look for voucher codes, take advantage of introductory offers, do free trials and find ways to save on the little things every day. All of these little savings add up to make a big difference by the end of the year!
Remember your tax deductions
Remember that when it comes to your taxes, disabled people may qualify for tax deductions, credits and income exclusions which may ease the burden placed upon you when saving for your taxes. It’s worth hiring an accountant to ensure that you claim for every expense incurred in your professional activities. Indeed, there may be many things which they can help you with that you were not aware that you could claim for. At the very least it behoves you to take a look at the IRS website and see what you may be entitled to.
Managing your debts
Finally, managing your debts is an important aspect of financial wellbeing. The simple truth is that for all but the most privileged of us, living debt-free in the 21st century is an unattainable pipe-dream. Debts can quickly spiral out of control when they all have different interest rates, all come out of your bank on different days of the month and can wreak havoc on your credit rating.
Consolidating your debts makes them much easier to manage as it replaces them with a single monthly payment with a set interest rates. Because a consolidation loan buys out all of your previous debts, it can also seriously boost your credit score!
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