April is National Financial Literacy Month! The topic of finance is has special meaning for people with disabilities. The Ticket to Work program wants to share some tips to help you take charge of your money. Did you know that if you receive SSDI or SSI benefits, you must tell Social Security about any changes in your earnings, your living situation, or other circumstances that affect your financial status?
Below are three practical tips you can apply this month:
Tip #1: Create a budget
Have you ever wondered at the end of the month, “Where did all my money go?” A good way to avoid this is to track your expenses and create a budget. Read budget tips from The Federal Trade Commission. You can also download free templates online, such as this “Expense Worksheet” from FinancialLiteracyMonth.com.
Tip #2: Keep your information up-to-date
Protect your earnings by avoiding overpayments. An overpayment is when you receive more money than what you should have been paid by Social Security. Take an active role to safeguard your earnings by keeping your information up-to-date with Social Security. This means reporting when you start and stop working and if you change your hours or rate of pay. It also means reporting if you have a change in living arrangements, as well as your resources such as bank accounts or cars. Watch our March 2012 webinar, “Preventing and Managing Overpayments: A Webinar for Social Security Disability Beneficiaries” to learn more. You can also download the transcript, audio and presentation slides here.