How budgeting helps empower people living with a disability

A woman livign with a disability is wearing a yellow jumper sits on a couch doing budgeting on a device

The team at Living Communities share how budgeting can empower people living with a disability. 

Looking after your finances and budgeting your money is an important way to ensure financial stability and empowerment. For those navigating disabilities, financial planning takes on added significance due to unique needs and potential constraints. 

Effective budgeting enables people to allocate resources effectively, ensuring accessibility to essential aids, therapies, and support services that enhance their quality of life.

Living with a disability often entails extra expenses, ranging from medical bills to specialized equipment and accessibility modifications.

A thoughtfully crafted budget allows individuals to account for these additional costs, mitigating financial strain and fostering independence. 

Moreover, it provides a framework for saving towards long-term goals, such as education, housing, or adaptive technology, empowering individuals to pursue fulfilling lives on their own terms.

Budgeting also builds resilience by preparing for unexpected financial challenges, such as fluctuations in income or unforeseen healthcare expenses. 

Through careful planning and saving, people with disabilities can build financial security, reducing anxiety and enhancing overall well-being. Learning to look after finances also fosters a sense of control and autonomy, empowering people to make informed financial decisions and advocate for their needs effectively.

In essence, budgeting serves as a cornerstone for financial empowerment and inclusion, enabling people living with disabilities to navigate life with confidence and dignity.

By embracing sound financial practices, individuals can unlock greater opportunities and achieve their aspirations, regardless of the obstacles they may face.

Tax time

It’s also important to consider the effect of taxation in your budget. While the Disability Support Pension (DSP) is not taxable income, there’s many things that are.

Some other government payments are taxable, along with any investment income or income from working. 

Here in Australia, the tax year runs to 30 June so it will soon be time to think about whether you need to lodge a return this year. You can lodge your own return using myGov or engage a Registered Tax Agent if you need help.

Read next:

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The importance of community for those living with a disability

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