Are you going on temporary disability? Do you feel a cold gnawing in the pit of your stomach wondering how you’re going to pay for everything on a limited, fixed income? Well, take a deep breath because things can be done to reduce expenditures, save money, and still live a full happy life.
How Much Income To Expect
First, you need to know how much will be coming in each month. It can differ from state to state and it also depends on whether you have private or state disability insurance. Generally your short term disability payment will be based on your average monthly earnings. The range is between $300 and $2200 a month. As a general rule you can expect to receive around two-thirds of your average income. So here are 4 tips to help you make that money stretch as far as possible.
4 Money Saving Tips
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Control, not deprivation, is the key. It’s time to adjust your budget. Once you determine your average monthly income, it’s time to make a plan. Figure out how much you need to take care of the fundamentals. Your priorities, in order, should be:
- Housing
- Food
- Clothing
- Transportation
- Health and Wellness
- Savings (Yep--you should still save, even if it’s just a little bit)
Now prioritize your additional expenditures,and pay them off as far as you can make the money go. When the money runs out, whatever is left unpaid is out of luck. A tip? Write this stuff down, don’t keep it in your head. Having it on paper and seeing it can help fight the stress and anxiety that comes with tight finances.
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Simple Entertainment
Entertainment is important, it’s not just a luxury. Our culture has forgotten about the many simple things that fulfill us and entertain us without costing a dime. Go for walks, sit outside and watch the birds and squirrels. Listen to music you already have. Go to the library and check out new books to read. Learn to draw. There are limitless possibilities
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Buy Second Hand
Second hand stores are a great place for savings. You might pick through a lot of clothes, home goods, or entertainment items to find what you want, but there are always absolute gems to be found. Many people find this entertaining as well so you could kill two birds with one stone.
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Sweat The Small Stuff
I’m not saying worry about the small stuff, but stop and consider every purchase you make. Ask questions like: Is it worth it? Do I really need it? What else could I buy with this money that would be more beneficial?
These are just a few tips to get you through tight times. But the most important thing you can do, is to choose to be content. Don’t let your circumstances dictate how happy you are going to be!
