Managing your own money

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.

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You're not alone: many people struggle with money

To be financially independent, you need:

Enough money coming in to meet your needs, and
The knowledge, skills and freedom to manage your money yourself.

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:

Don't know what to do to improve their finances.
Say they'll deal with it later.
Worry they don't have the money they need to change their situation.

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.

Benefits of managing own your money

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:

Feel more confident about the future.
Spend your money on things that matter to you.
Leave an unhealthy relationship if you have been staying because you can't afford to go.
Reduce the stress of paying bills and daily expenses like groceries.
Set and achieve long-term financial goals, like getting out of debt, supporting a child or saving up for a home deposit.

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.

Do you need extra help?

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).

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What to do if someone else manages your money

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).

What you need to know to manage money well

To manage your own money well, you need to become financially literate. This means you know:

Standard money terms, words like earning, saving, borrowing, spending and assets.
How to make good choices about money.
What questions to ask.
How to say what you want.
How to get the help you need.

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).

Steps you can take to manage your money

The advice on this page is general, not specific to you. You should think about your situation before deciding what to do.

Get support

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).

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Get a bank account that only you can access

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).

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Make a budget

A budget is a money plan. To make a budget, write down:

Your income, which is how much money you get paid every week, fortnight or month.
Your essential expenses, which are things you have to pay like rent, a mortgage or treatment costs. Add up the cost of everything you have to pay each week, fortnight or month. If you have written down your income for a week, make sure you do your expenses for a week, too. The length of time should be the same for both.

Then, subtract the total amount of your essential expenses from your income. The money you have left can be used:

For hobbies, entertainment and fun. You can go to the movies, eat out with friends or do something else that brings you pleasure.
For savings. Set a savings goal and do your best to stick to it. You can use the money to buy something big, pay unexpected bills or do something special one day.

A budget can help you:

Spend less. You can plan, compare options and choose to stop buying things that you want but don't need.
Set financial goals and make a little bit of progress towards them every time you get paid.
Pay off debts without getting extra fees, like when you miss a payment.

Learn more about how to make a budget on the MoneySmart website (external link).

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Get rid of debt

To reduce debt:

Add up how much you owe. Include loans, credit cards, unpaid fines and any other money you need to pay back.
Make a plan to slowly but steadily reduce your debt. Remember that some repayments are more important than others. For example, if you need to catch up on rent or a mortgage, it would be a good idea to pay that first so that you keep your home.
Then, pay all your minimum monthly repayments. A minimum monthly repayment is the smallest amount of debt you can repay each month. If you don't pay this amount, more money is added to your debt. To find out what the minimum monthly repayment is, check your debt statements, for example your credit card bill.
Then, if you still have money left, pay off some of your smallest debt. By starting with the smallest debt, you'll soon have fewer debts. What a great feeling! This approach is called "snowballing". You can learn more about it on the Money Smart website (external link).

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Find work if you can

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).

Story

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.

Help managing your money

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.

Find out more

Financial violence or abuse

Financial abuse is a form of violence and abuse that involves controlling or exploiting a person's financial resources to maintain power and control over them. It can make you feel vulnerable and dependent.

Find out more