No one ever plans to become disabled, but it is a reality some will face. What have you done to plan for your financial future? The Council for Disability Awareness has created a simple, five step Financial Security Plan to provide a better understanding of your financial "big picture," including:
- Your sources of income, monthly expenses and lifestyle
- The impact a long-term disability could have on them
- Preparing a plan of action to address the crisis
Step 1. Complete the Income/Expense Review form
This form will help you see a clear picture of where your income comes from and how you spend it.
Step 2. Adjust Your Expenses
Once you have completed the Income/Expense Review you may find that your income is being spent in places that do not work with your “big picture.” Look for ways to reduce your unnecessary spending like going out to eat, cable TV or your morning coffee.
Step 3. Find Additional Sources of Income
Once you have taken a look at your unnecesary spending, you will need to find other sources of income that will help during a disability. Below are a few sources that may help:
-Employer Sick Pay
-Disabiility Insurance Benefits
-Social Security Disability Insurance and Workers’ Compensation
-Home Equity Line of Credit
-Family and Friends
Step 4. Stay Healthy
You have the power to maintain a healthy lifestyle by incorporating healthy eating and exercise. By taking steps toward a healthy lifestyle you will ensure that it will have a positive impact on your physical, psycological and financial health.
Step 5. Take Action
Start to develop your action plan now. You can start by:
-Making a checklist of priorities and when to complete them.
-Start a wellness plan that includes healthy eating and exercise.
-Review your plan annually to make sure it is in line with your lifestyle.
Start building your personal financial plan today and create a healthy future for you and your family!