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Financial independence is the freedom that comes when you have enough money to meet your needs and are in charge of spending it. Here, we discuss the barriers that women with disabilities face when it comes to managing their money. We share steps you can take to get more control over your finances.
To be financially independent, you need:
There are challenges. Women generally earn less money than men. People with disabilities tend to earn less than other Australians, too. Having a low income can make it hard for women with disability to take control of their finances.
People often put off thinking about money because they:
Sometimes, the finances of a person with disabilities will be managed by someone else, like a friend, family member or supporter. It can be helpful. The financial manager may listen to what you want and help you make good choices about money. It can be frustrating and unfair, like if you don't have any say in how your money is spent.
There are simple steps anyone can take to manage money better. Your best bet is to get started today.
Having more control over your money can make you feel confident. It helps you to be independent and achieve things that matter to you.
Managing your money can help you feel free. It means that you don't rely on another person or a relationship to pay for things you need. You know that your finances are secure.
Financial independence can allow you to:
You can learn the skills you need to achieve financial independence. You don't have to do it all at once. You don't have to do it alone.
Below, we provide general advice about good financial management. You will need to think about whether this advice fits your life. If you're not sure, you might need financial support and information just for you. You can learn more on the Neve page Help managing your money (internal link).
If someone else manages your finances, start by talking to that person about how you'd like to spend your money. Tell them what you want to do and what matters to you.
If they listen, great. If they don't listen, talk to someone you trust or call a helpline. You can find a list of national and local helplines on the Neve page Helpline directory (internal link).
To manage your own money well, you need to become financially literate. This means you know:
The Australian government website Money Smart can help you learn about money (external link). People with intellectual disabilities could try the Making Money Easy website (external link).
If you need help making a budget or learning about money, ask someone you trust. You could talk to your NDIS coordinator, a supporter, a good friend or family member.
If you have a partner, you could talk to them about your finances, if that feels safe.
You could also get advice from a financial support service. Some of these services cost money. Others are free for people on a low income. Learn more on the Neve page Help managing your money (internal link).
It can help you understand how much money you have and how much you spend. It can make it harder for someone else to control or exploit your money, which is a type of abuse. You can learn more on the Neve page Financial violence or abuse (internal link).
A budget is a money plan. To make a budget, write down:
Then, subtract the total amount of your essential expenses from your income. The money you have left can be used:
A budget can help you:
Learn more about how to make a budget on the MoneySmart website (external link).
To reduce debt:
Not everyone can work but many of us can. If you're not already working, consider whether it's an option for you. Make a list of your skills, abilities and strengths. Is there a paid job that you could apply for? You can start your search on the Job Search website (external link).
Lucy stopped getting child support payments when her daughter turned 18. At first, she couldn't see how to manage without the extra money. However, when Lucy listed her spending, she had some necessary monthly expenses and some things she could stop buying. She cancelled subscriptions she was no longer using. She changed her food budget and stopped buying goods online for now. She started looking for part-time work in her suburb. Managing her finances helped Lucy decide on her priorities in life. She had less financial stress, too.
Better money management can help you feel free. It means you have more choices in life and can work towards your goals. It's daunting to begin but you don't have to figure it all out yourself. Here, we share information about financial support services. The aim is to build your confidence and help you recognise dependable support options. Remember, the advice on this page is general, not specific to you. You should carefully consider your situation before deciding what to do.
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