Disability is known to affect people, and it may be permanent for the rest of their lives which need one to be financially stable. A disabled mom tends to spend more for extra insurance, therapy, medical equipment, and housing expenses which is a challenge to them. More so, they have to go to the extent of spending more on specialized care and recreational activities.
Although there exist financial benefits for those with the disability, today’s economy makes it hard for disabled moms as they are also involved in tax payment. But how do they handle their financial issues? In this article, we look at some financial tips that can be helpful for disabled mothers or even disabled children. It includes;
Find a financial advisor
A financial advisor can assist and reason with you about your economic status. Also, they can help you plan and invest to secure your future. An advisor looks at what challenges you are facing, the goals you want to achieve, to help them prepare and come up with a solution that suits your family. Although it can be a challenge getting a trusted financial advisor, consider researching from your friends and family for any recommendations. You can also visit the closest financial institution in your location and request a connection with a financial advisor.
Have tax credit certificates
A tax credit certificate is essential for a disabled mom as it is the only ticket that will give you an opportunity to participate in the RDSP ( registered disability saving plan). To acquire one, you have to apply, but to avoid being coned consider searching for steps and the required documents.
After acquiring the certificate, make use of the tax credit as it is meant to reduce the taxable income of a disabled person to $0.00. Various tax credits can carter for you and your family all you need is to seek for guidance which can be done by your financial advisor. You can also open an RDPS for yourself or your kid as government loans for people on disability and given to people with that account.
Save for the future
Being disabled limits you to a certain kind of life that you are not able to perform your duties as requires. As a mother, your children are still dependent on you and who knows about the future, you have to secure a bright future for them. There are different ways in which you can invest your money and save the profits. For instance, various financial vehicles can help generate that income. All you need is to find a trusted advisor who will put your goals in place. The above process is possible with the help of life insurance and disability cover certificates.
From the article above, disability can be a problem, but we do not have to make it our weakness. As long as the brain functions fully, a disabled mom can achieve more than they imagined. And to accomplish something, you must have your priorities and goals that will help you secure your future.