Money Management Skills for People With Disabilities

source: dhs

The Indian Ministry of Social Justice and Empowerment stresses on ensuring that no individuals with cognitive challenges experience discrimination in any specific area of public life. Therefore financial concepts should also be conveyed to all with equal zeal to ensure they can make well-informed financial decisions.

Additionally, financial wellness objectives can be fulfilled much more easily when an individual has clarity about how to build wealth in the long term. Keeping that aim in mind, we have discussed certain skills that are well-proven to achieve successful money management for individuals with disabilities worldwide.

Money management is a collective effort comprising numerous elements like banking, budgeting, investing, tracking necessary expenses, etc. It is a managerial process that helps you to assess your financial standpoint by conveying the best return on investment for whatever amount is invested in earning money.

In simple terms, money management techniques are designed to cut off impulse buying decisions. Individuals and firms justifiably follow different principles to control costs associated with items that do not add significant value to their assets or long-term investments.

Understand the Various Forms of Money

Set a Defined Budget for Both Saving and Spending

Cautiously Handle Debts

Proper settlement of loans on time is a crucial factor for money management for individuals with disabilities. Your credit report decides how easily your future loan requests are going to get sanctioned. Also, when you try renting a home, the landlord will check the credit history.

Many events may get hampered if you remain too reliant on credit facilities and ultimately fail to pay back the lender on time. It can even potentially crush your finances if you continue to incur interest and penalties due to payment delays. Thus, financial advisors recommend taking loans only to support big-ticket purchases and selecting the optimal tenure to keep other aspects of your annual budget secure.

Look for Additional Income Streams

Part-time ventures or side hustles that can be comfortably managed in addition to the main source of revenue will ease the load for you. Even if you are currently unable to find any opportunity, you can contribute towards a stable financial standpoint by adjusting the budget.

Also, there are other ways to compensate for a limited income, like grabbing barter or exchange deals. In India, bartering is an old custom where we can get utility items in exchange for unwanted stuff like old clothes, furniture, etc. Today, you can buy even big-ticket items like electronic appliances and motor vehicles in exchange for a significantly reduced cost. Such arrangements can add to your money management goals and make life easier.

Strive to Learn More About Money Management

Using Workbooks

Providing a Practical Experience

Taking Help of Applications

Getting the Person Well Acquainted With Crucial Sight Words

To ensure a life where they will require no external support in terms of monetary well-being, differently-abled individuals must follow the following tips:

• Gain Proper Education: Though some discriminatory people will always be roaming around, giving off negative experiences, they should not get the better of you. Disabled people can seek proper education in schools, colleges, and institutions with special provisions for them.
• Get a Job: Human Rights Commission and many organisations working towards empowering the disabled population make sure everyone gets a job as per their set of skills. Also, quotas are available for various job positions, so staying aware of such news is important. Employment will generate peace of mind and create a beautiful sense of independence and prosperity. With the aid of money earned, one can go for necessary surgery and fix their disability problems if possible and even get back to a more superior course of life.
• Learn About Tax Saving Options: Long-term investment options like NPS and PPF will help individuals save a considerable portion of their annual income from falling under the taxable bracket. Therefore they can secure the future by saving at least 5-10% of their monthly income by opting for these safer investments. The rest of their money can be distributed in other aggressive investment instruments and for daily expenses.

Money management for individuals with disabilities almost covers all the general notions that must be followed to create a financially secure future. In addition, just a few extra steps must be taken by the health supervisors or family members entrusted with their overall responsibility. The first step should be to instil confidence among these individuals. Then they have to practise whatever is being taught and eventually make improvements in the process.