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Tips For Managing Money When You Have A Chronic Illness

Managing your finances is a necessary part of life. And with a chronic illness, it can be even more stressful than usual. There are a few things you can do to make financial planning easier.

1. Tackle your taxes ahead of time
Don’t wait until the last minute to get your tax return in order. Sure, procrastinating can feel good in the short term but it leads to bigger problems. Give yourself a head start by tracking your finances throughout the year. Input your financial data into spreadsheets for personal and business taxes, if applicable. When it comes time to fill out your tax forms, you’ll have all your information at your fingertips.

2. Know what you’ve got and how to access it
You may know what your disease looks like today. But what will it look like down the road? It’s important that you understand all of the possibilities and have a plan. Your doctor can be a wealth of information. Talk to them about resources and state or federal programs you may qualify for.

3. Budget, budget, budget
One of the most stressful financial factors is a lack of knowledge. Plain and simple. Planning and sticking to a budget keeps you out of the dark and on track. If your illness clouds your mind or makes it difficult to focus, get a family member or close confidant to help you draft a budget when you’re feeling your healthiest.

4. Plan for the things you need to
Don’t just get your yearly physical check-up. Get a financial one as well. This includes checking on things like disability insurance, health insurance, estate planning, health proxies, etc.

Reducing your stress by staying on top of your financial health is priceless. Check out our incentives and discounts to see where you could potentially save money.