Is the love of money the root of all evil? I don’t think so. Money, for most of us, is a tool by which we conduct the daily business of life and living though for far too many there isn’t enough. Or is there? Is it possible that what those who struggle may really need is guidance, instruction on how to do it -- how to live within available means and how to move beyond debt to credit – personal credit through savings and how to build a profile that will allow banks to take a chance on you, whether for a few thousand or several thousand. When we value ourselves and our principles, it shows in our interactions with others while we pave the way with building blocks that establish our credibility and our credit-ability
Ideally, learning to manage money begins in the home, with Mom or Dad imparting their pearls of wisdom to their children. It’s acknowledged that children learn what they live and if they see parents being wise in their use of money for the benefit of the family and the home, they will carry those lessons with them through their growing up and growing away from home to live on their own. Being responsible for the costs attached to a roof over the head, food on the table and all the other things involved in running a house, a home, is a daunting task and one not to be entered into lightly. One must have a plan. If you don’t have one, consult with people who can help you get on track and stay on task. It will save a lot of pain and frustration later, especially for young people starting out, perhaps with plans to get married and start a family. Trying to do that while mired in debt is a recipe for disaster, a huge hit and run accident waiting to happen.
We’re hearing and reading a lot about the debt ceiling in the US and how default will impact on the world stage. In our own lives, we have a debt ceiling, though some of us try to ignore it. Alas, we can’t avoid it. It will linger there. Walk, Don’t Run with Carla has featured articles about money, budgeting, saving and spending in aid of heightening awareness of the realities of living with disability and how difficult it may be for some to meet the monthly costs associated with independent living. Career options may not be ideal in that persons with disability may not make enough money to live to a standard enjoyed by most of the population. Some may have only one source of income, one provided by their provincial government. It’s a bare bones existence that invariably leads to a lot of anxiety and fear, which in turn cycles into physical and emotional unwellness due to stress. Financial stress is real and it’s debilitating.
Credit is an important tool in today’s economy, enabling people to buy a home or a car, start a business, pursue an education, weather a medical emergency or drop in income. However, those among us with disabilities have less access to credit than those without.
Individuals with disabilities are less likely to have a credit card and less likely to have common types of credit (such as auto loans or mortgages). One consequence of not having access to affordable credit is that those who live with constant stress may not have enough to cover an unexpected bill. What to do? Borrowing from family may not be an option. Credit cards with limit of $2,000 may be a place to start.
Apply for a credit card with your financial institution and have an honest discussion about your situation and what you can realistically handle as a monthly pay-back. Here’s an example: you have a broken washing machine and it’s going to cost $500 for parts and labour to fix it -- have a conversation with repair shop about a repayment scheme. It’s quite a new machine though out of warranty. If you don’t have a savings account, have one set up while you’re having a conversation with one of your bank’s financial advisors. Ask that $40/month be automatically transferred to your savings account. As you pay your bills, dump what’s left over into that account. Soon, you’ll have a payback installment for the appliance repair. Build savings to enhance spending.
Although lots of folks with disabilities work in well-paying jobs, they’re more likely to have lower incomes, lower levels of education, less attachment to the labor force and higher expenses than their non-disabled counterpart. Having a poor or insufficient credit history can be expensive. Generally, credit scores, ranging from 300–850, are calculated based on detailed information in consumer credit reports. It’s never to early to start practicing good habits to maintain financial health just as it’s never too late to repair bad credit.
I’ve spent my entire adult life successfully maintaining my financial health and as a home alone widow, it’s vital that I be aware of dollars and cents with common sense.
Weigh wants versus needs and ability to live within your means as you develop your financial cushion and improve financial health; remind yourself that living below means reaps major financial benefits and can be a sanity saver. It takes time and commitment but you’ve got this!
Carla MacInnis Rockwell is a freelance writer and disability rights advocate living outside Fredericton, NB with Miss Lexie, a rambunctious Maltese and Mr. Malcolm, a boisterous Havanese. She can be reached via email at Carla MacInnis Rockwell
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