April 22, 2013
As the summer approaches, students in high school and college are preparing for graduation and life beyond school.
The transition to adulthood can be exciting but it also comes with new responsibilities, such as managing personal finances like income, monthly expenses and debt.
April is National Financial Literacy Month and is the perfect time for students to take control of their financial situation by learning about important financial matters like creating and managing a budget, paying down student loans while saving for emergencies, and creating achievable financial goals. The following tips on transitioning from school to work can help you on the path toward financial wellness:
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April 8, 2013
The Ticket to Work program is committed to helping you and other people with disabilities improve their financial literacy and progress on the path to financial independence. Financial literacy can be defined as the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being. Financial literacy is more than just balancing a checkbook, comparing prices in a store or having a job or income. It also includes skills like long-term planning for the future, and the skills to create and keep solid financial habits every day. Today, we want to share information with you to determine how debt may be affecting your financial wellness and what you can do about it.
While you may be managing your debt, if it seems like you aren’t making progress in reducing it or the debt just doesn’t seem to go away, you may be carrying too much debt. Below are signs that you may have too much debt:
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Spending 20 percent or more of your paycheck to pay off car loans, credit cards, or other debt
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Borrowing to pay off other debts
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Unaware of how much money you owe
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Making only minimum payments on each bill
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Missing payments, or paying bills late every month
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Creditors are calling you
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Being refused extended credit or additional credit
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Borrowing from retirement accounts or use credit cards to pay other monthly bills
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Writing postdated checks
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April 3, 2013
April is National Financial Literacy Month! The purpose of this month is to educate people about financial literacy and to provide the knowledge and tools to improve individuals’ financial wellness. The Ticket to Work program is committed to helping you and other people with disabilities progress on the path to financial independence.
This month, we will host activities and share information that can help you manage your money and become and stay financially independent including:
WISE Webinar: Financial Independence Series. The Ticket to Work program will host a two-part webinar series.
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Part One – April 10 – The first webinar of the Financial Independence series will provide an overview of Ticket to Work and Work Incentives, guidance on setting SMART goals, and tips on budgeting, banking and building and maintaining healthy credit. Experts Terri Uttermohlen and Djuna Mitchell from Social Security will serve as presenters for this event.
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Part Two– April 24 – The second webinar will include a recap of part one, as well as information on the Earned Income Tax Credit, Individual Development Accounts, health care and advice on how to avoid overpayments.
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March 11, 2013
The IRS filing deadline of April 15 is quickly approaching! If you haven’t already done so, now is the time to organize your financial information and start preparing and filing your tax forms. There are a number of resources available to help you file your taxes, and you may qualify for some additional tax benefits.
If you need help filing your taxes this year, check out these resources that are available to you:
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File your taxes online for free with MyFreeTaxes.com. MyFreeTaxes.com is a partnership between the Walmart Foundation, Goodwill Industries International, National Disability Institute, and United Way Worldwide that provides online and in-person tax preparation and filing services to individuals and families with low-to-moderate income. The service helps people access free tax preparation and filing assistance services online at home, at a community center or with the help of a nonprofit partner.
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Download accessible forms and publications. The IRS offers content in a number of accessible formats to accommodate people who use assistive technology including screen reading software, refreshable Braille displays, and voice recognition software. The tax forms and publications can be downloaded or viewed online.
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March 8, 2013
It’s that time of year again – time to spring ahead an hour now that Daylight Saving Time is beginning! As we move from winter to spring and the days get longer, it’s a good time to think about your career goals and take some time to check your progress against them.
At 2 a.m. on Sunday, March 11, it’s time to set your clocks ahead one hour. That means clocks will "spring ahead" from 2 a.m. to 3 a.m. Although you lose an hour, you gain some extra daylight which you can use to review your goals.
Here are some useful tips to take advantage of the time change and continue your journey to financial independence.
February 11, 2013
These days many are concerned about the rising costs of health care. Medical expenses are often a top stress for many individuals who are living with a disability. Whether you are covered by Medicare, Medicaid or private insurance, it is important to understand how you can minimize your out-of-pocket costs. Here are some ways to manage your health care spending.
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Know Your Numbers - If you can, reduce the number of doctor visits – and the co-pays that come with them – by keeping tabs on your vital stats. An investment in a heart rate or blood pressure monitor, or keeping tabs on your blood sugar or other factors you can test at home, can pay off in the long run.
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Make a Deal with Your Doctor - If you haven’t met your deductible yet or you have pricey co-insurance, see if your doctor will cut his rate if you pay in cash.
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Buy Cheaper Medications - Many insurance plans have tiered systems, with different rates for generic, “preferred” brands and non-preferred drugs. Check if there is a less expensive option for your medications.
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January 28, 2013
Do you want to become more financially independent in the new year?
January is National Financial Wellness Month making it a great time to think about your financial health. You can take control of your financial wellness right now. Here is a roundup of some of our posts from 2012 that will help you on your journey for financial independence.
Tools and Resources for Your Journey to Financial Independence
Financial Literacy Tips for People with Disabilities
Money Mondays: Start Saving With Your New Bank Account
Money Mondays: Setting up a Bank Account
Money Mondays: Is Your Money Situation Stressing You?
Money Mondays: Individual Development Accounts can help you reach your goals!
Money Mondays: Creating a Budget Today to Improve Your Tomorrow
Money Mondays: Know Your Credit
Watch our past WISE webinar “Ticket to Work: Support for People with Disabilities on Their Journey to Financial Independence”: Watch the recorded webinar here!
Read more money saving tips at #MoneyMondays!
When you are ready to change your life through work, try Ticket to Work. Explore www.ssa.gov/work for more information about the program, email us at support@chooseworkttw.net, or call 1-866-968-7842 (V) or 1-866-833-2967 (TTY).
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January 21, 2013
Djuna Mitchell is a guest blogger featured on a recent Ticket to Work webinar. She is a former beneficiary, Community Work Incentive Coordinator (CWIC) and Work Incentive Planning and Assistance (WIPA) Project Director. Currently, she works for Social Security as a Social Insurance Specialist.
There are lots of reasons for people with disabilities to go back to work or to work for the very first time. You can meet new people and build connections within your workplace community, develop new skills, and of course, make money! For most people, earning money through employment is a sure way to become better off than you would be simply receiving Social Security (SSI and/or SSDI) benefits. Did you know that the government may give you a tax credit just because you worked?
The Earned Income Tax Credit (EITC) is a tax benefit that may mean more money for you. It can be a great financial boost, especially for workers with disabilities! You can take advantage of it if you:
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