Budgeting money when you have an intellectual disability
Time to talk budgets… Living on a budget is never easy.
It can be hard to know how to manage your money and make sure that you have enough for everything that you need whether you have an intellectual disability or not.
In this blog, we will discuss some tips for budgeting money. We will cover topics such as creating a budget plan, tracking expenses, and saving money. We hope that this information will help you to better manage your finances and live a more comfortable life!
Create a budget plan
When you have an intellectual disability, it may be difficult to know how to create a budget plan. However, it is very important that you do so! A budget plan will help you to track your expenses and make sure that you are not overspending. There are many different ways to create a budget plan, but here are some basic steps that you can follow:
First, figure out how much money you have coming in each month. This includes any money that you earn from a job, benefits, or other sources.
Next, list out all of your expenses. Be sure to include both fixed costs (such as rent and utilities) and variable costs (such as food and transportation).
Once you have a list of your expenses, total them up and compare it to your monthly income. If your expenses are more than your income, you will need to find ways to cut back on spending. Hard but doable!
If you are having trouble creating a budget plan, there are many resources available to help you. You can talk to a financial advisor, look online for budgeting tools, or even sign up to the Me Plus More
Track expenses
It is very important that you track your expense. This will help you to see where your money is going and make sure that you are staying within your budget. There are many different ways to track expenses, but here are some basic tips:
Create a spreadsheet or budgeting software to track your expenses. This will allow you to see your spending in detail and make changes as needed.
If you prefer to keep things simple, you can use a notebook or journal to track your expenses. This can be helpful if you are only tracking monthly expenses.
If you are travelling, it is important to keep track of your expenses while on the road. You can do this by writing down all of your purchases or using a travel app that tracks spending.
Save money
One of the best ways to manage your finances is to start saving money. There are many different ways to save money, but here are some basic tips:
Create a savings account and make regular deposits. This will help you to save money over time and make it easier to access when needed.
Use a budgeting app or website that allows you to set aside money for savings. This can be helpful if you find it difficult to remember to save money each month.
Shop around for the best deals on everything from groceries to car insurance. This can save you a lot of money in the long run!
When possible, try to avoid buying things on credit. This can lead to expensive interest rates and added debt.
Added debt is something none of us want!
There are many different ways to manage your finances. By following these tips, you can create a budget plan that works for you and start saving money!
For more handy tips on living an independent life and budgeting with an intellectual disability, sign up to the