How to Manage Money while Living on SSDI — Social Security Disability Insurance
Posted by Second Chance to Live on July 2, 2012
For individuals who learn more effectively through watching and listening, I have created a video presentation of this article. Here is a link to the video presentation: How to Create and Maintain a Budget while Living on a Fixed Income Video Presentation. I explain how to manage money while living on SSDI in this video presentation and the principles can benefit anyone living on a fixed income. What I would suggest for individuals watching the video presentation, is that you come back to this article to see the charts that I use to set up the budget.
Hello and welcome back to Second Chance to Live my friend. I am happy to see that you decided to stop by to visit with me. You are always welcome around my table. As I shared in my article and video series, My Journey thus Far, I had a long history of getting and losing jobs. The impact of getting and losing jobs was that I experienced a tremendous amount of financial insecurity in my life.
Because I experienced ongoing financial insecurity in my life, when I was deemed to be unemployable and approved to begin receiving a monthly SSDI check, I made a decision to curb my financial insecurity.The way in which I curbed my financial insecurity was to set up a monthly budget and stick to that budget. I have been told that I should share the system with other people who are living on a monthly SSDI check.
Below, I will share how I set up my monthly budget. The success of any budget is that I need to adhere and maintain the budget and live with in my means. Consequently, I am prudent and frugal with how and when I spend the funds allotted to me by my monthly SSDI check. I hope by studying my system, you too will be able to curb any financial insecurity that you may be experiencing my friend.
At the beginning of each month I have my check deposited into my checking account. When that money is deposited into my account, I set up my monthly budget accordingly. I will use the below table (s) to show how I set up my budget. At the top of each of the columns I put the category or what I need to pay for as the bill comes due each month. With in each column I place the budgeted amount of money.
This amount is not going to change each month. To avoid financial insecurity be prudent. Do not spend money that you do not have and Do NOT use credit cards unless you already have money saved up and budgeted for that purchase. When making purchases to pay for miscellaneous purchases, make sure to keep your receipts. By keeping your receipts from your purchases you can check for discrepancies when balancing your check book / register when you receive your bank statement.
|I live with in my means and do not purchase items that I do not need, just because I may want them.||I add to this section, as I am able to each month from my general section – for a rainy day.||I approximate this amount from previous gas expenditures from the previous month. Deduct each gas purchase from this amount and pay attention to how much money is left for gas for the rest of the month.||Contact your area Programs for Accessible Living. They helped me get connected to an agency called the Neighborhood Development Program which helped to assist me with my rent. Apply for Housing Assistance with the Housing Authority in your area.||I have this amount drafted from my checking account. Check with your insurance company – for your car – to see if bundling your car and renter’s insurance will save you money.|
In the General section I put my monthly SSDI check. From that check I deduct my monthly expenses and the items that I budget for as I have a need. For sake of an example, say that I receive $800 SSDI check each month. When I have added together each of the amounts as shown below — to pay for bills and my budget — I then deduct the total from the monthly SSDI check that I have listed in my General section. Below is an example of how I add up my monthly bills and the money I allot for different budgets.
|Car / Renter’s Insurance||Clothes|
|Cable||Whatever else you would like to budget for to purchase in the future my friend|
Once I add up my bills and my budget expenses, I then deduct the total amount from my General Section and my SSDI check. Once I deduct the combined bills and budget items from my SSDI check amount, I then place the figured amounts that I will need to pay for those expenses under the designated column to pay for my expenses and budgeted items. When a bill comes due or is automatically deducted from my checking account, I then deduct that amount from each of the designated sections.
After I deduct my bills and my budget items from the General section – My SSDI Check – the left over money is used to pay for miscellaneous items during the month.With all my food, toiletry and miscellaneous purchases made during the month, I save all of my receipts and place them in an envelop. I started this practice to check for errors that I may have made in my calculations when I receive my bank statement from the bank. By saving the receipts — if there is a discrepancy — I can check my records.
As a note, although I may not be able to budget only $5 or $10 each month for such things as toiletries, shoes, sneakers and clothes, ect., by budgeting some thing each month – over a period of months – I am able to budget enough money to pay for those items.
Planning, Prudence and being Frugal minimizes financial insecurity.
|I approximate this amount each month, based on the previous month’s bill. If it is more I take the amount from my general section to make up the balance.||Basic cable and internet. No frills, movies or services. I can watch TV shows online through Hulu, Fancast or other similar free services.||The YMCA that I work out at has a program to help individuals with low incomes. Check into similar programs that your local YMCA or YWCA. By doing so you may find that you can afford to work out at a gym on a regular basis. I am glad I checked into the program.
||When you go to purchase these items and you are also buying food items, when you get to the register separate the toiletries from the food items. Then ask the person at the register / check out to put your food items on one receipt and your toiletries on another receipt. By doing so, when you get home, you will be able to deduct your food items from that section and your toiletries from your toiletries section.|
|Sneakers||Clothes||Budget Item||Budget Item||Budget Item||Budget Item|
In the event that you have any questions, please do not hesitate to ask those questions my friend. All questions are good questions. I look forward to hearing from you.
As you listen to, watch or read my articles and questions come to mind, please send those questions to mind. All questions are good questions. In the event that you would like to leave a comment, I would love to hear from you.To do so, please use the below contact form. I will respond to your comments and questions.
Receive more articles like this one simply by clicking on Subscribe to Second Chance to Live by email.
Bookmark and Share Second Chance to Live with your friend Subscribe in a Feed Reader
All material presented on Second Chance to Live is copyright and cannot be, copied, reproduced, or distributed in any way without the express, written consent of Craig J. Phillips, MRC, BA Creative Commons Attribution-NonCommercial-NoDerivs CC BY-NC-ND
This entry was posted on July 2, 2012 at 1:53 pm and is filed under 12 Step Recovery, Acquired Brain Injury and Being Empowered, acquired brain injury and feeling alienated, Acquired Brain Injury and Suicide, adult children of alcoholics and traumatic brain injuries, Adult Children of Alcoholics living with traumatic / acquired brain injuries, Brain Injury Education, Caregivers for people with traumatic / acquired brain injuries, celebrities with brain injuries, combating brain injury isolation, Creating Article Categories using Menus and Submenus in Wordpress.com, Educational Resource for Brain Injury Rehabilitation and Recovery, Empowered by Adversity, Empowering Adult Children of Alcoholics living with a brain injury, Empowering Adult Children of Alcoholics living with Brain Injuries, Empowering Caregivers for People with traumatic / acquired brain injuries, Empowering Families impacted by Brain Injuries, Empowering Individuals with Post Traumatic Stress Disorder, Empowering Individuals with Special Needs, Empowerment and Inspirational Speaker, Empowerment Speaker, Families impacted by brain injuries, Finding practical hope as a tbi survivor, Finding Your Significance, Freedom from Societal Stigmatization, Frontal Lobe Recovery Resource, Fulfilling your Destiny, Handling and Being Empowered by Adversity, Harnish Your Adveristy, Healthy Relationships, Healthy Self-Care, How to Make Peace with God, How to make peace with yourself, Improving Self-Esteem, Improving Self-Worth, Keynote Speaker, Keynote Speaker for Special Needs Teachers, learning disabilities, Learning to Accept Yourself as a brain injury survivor, Learning to Love Yourself as a brain injury survior, life challenging experiences, Living an Abundant Life after Brain Injury, living life on life's terms, living my destiny, living with a brain injury, Living with a brain injury and being empowered, Living with a Brain Injury and Hope, Living with a Disability, Living with a disability and overcoming being bullied, Living with a Invisible Disability and feeling shame, living with a traumatic / acquired brain injury, Living with a traumatic brain injury and feeling shame, Living with an Invisible Disability, living with meaning and purpose, Living with meaning and purpose after bran injury, Meaning and Purpose, messages of hope, messages of hope and inspiration, Mild Traumatic Brain Injury, military families affected by traumatic brain injuries, Military Personell impacted by Traumatic Brain Injuries, Military Traumatic Brain Injury Support Meetings, Motivaional Speaker, Motivational / Inspirational Speaker, No Longer a Victim, Overcome Being Bullied, Overcoming a Fear of Failure, Overcoming Adversity, Overcoming being Bullied, Overcoming Peer Pressure, Overcoming Societal Stigmatizatio, Overcoming Societal Stigmatization, Parents of children living with a brain injury, Parents of children with Acquired brain injuries, Personal empowerment, Post Traumatic Syndrome and Suicide, Resources for Traumatic Brain Injury Recovery, Revealing your Destiny, Romance and Relationships, Soldiers and Marines who sustained traumatic brain injuries, spinal cord injury, Spiritual Principles, spiritual progress rather than spiritual perfection, stroke, Suicide and Hope, tbi adults, tbi children, tbi families, tbi veterans, toxic shame, Traumatic Brain Injury and being Bullied, Traumatic Brain Injury and Being Empowered, Traumatic Brain Injury and Comfort, Traumatic Brain Injury and Freedom from Isolation, traumatic brain injury and frustration, Traumatic Brain Injury and Hope, Traumatic Brain Injury and Learning, Traumatic Brain Injury and Significance, Traumatic Brain Injury and Suicide, Traumatic Brain Injury and What is my Destiny?, Traumatic Brain Injury and You, traumatic brain injury feeling alienated isolated, traumatic brain Injury in adults, Traumatic Brain Injury in children, traumatic brain injury in schools, traumatic brain injury Iraq, Traumatic Brain Injury Motivational Speaker, Traumatic Brain Injury Research and Resources, Traumatic Brain Injury Self-Esteem and Self-Worth, Traumatic Brain Injury Support Groups / Meetings, traumatic brain injury treatment, Using Your Deficits and Limitations for Your Good, Veterans Living with Brain Injuries, What is my Destiny?, Workshop Leader. Tagged: Avoiding Financial Insecurity, Categorizing and Calculating Expenses, How to Avoid Financial Insecurity, How to Create and Maintain a Budget, How to Create and Stick to a Monthly Budget, How to live with in your means, How to Manage Financial Insecurity, How to Manage Your SSDI Check, Setting up a Budget. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.