This blog was written by a guest blogger, Drew Adamick, CFP.
If you would like to learn more about Drew's financial services, visit their website.
There are many challenges facing autistic and neurodivergent folks when it comes to financial fitness and wellness. In addition to the challenges faced by many for everyday finances, we must factor in our unique quirks and needs to enable us to live as successful lives as possible.
As a financial planner, I help folks in the key areas of financial planning: cash flow and
budgeting, retirement planning, investment planning, risk management, tax planning, and estate planning. For most autistic and neurodivergent folks cash flow planning is the biggest challenge, as often many of us are in precarious employment and income situations where the focus is on day-to-day survival as opposed to being able to focus on long-term financial goals. The following are a few struggles dealing with everyday finances that neurodivergent folks often have.
Convenience Items
Thanks in part to the COVID pandemic, online shopping and delivery has taken off, and does make life easier for many. However, there are added costs for online delivery from apps. More often than not, there are added delivery charges and tips which, depending upon your location, drive up the cost of a delivery by well over 50% or more. For example, a $20 food delivery order can be $30-35 at the end of the day because of the delivery fee and tip. For those with limited incomes, this can further deplete one’s resources, and can add up if used repeatedly.
Now, I am not saying cut all delivery options – I know very well, we may not have the spoons to do things cooking and/or going out. I’ve made decisions where I’m like “Screw it, I’m ordering take out or delivery” exactly because I just don’t have the mental or physical energy to cook or go out. I got a fridge magnet from a local artist that says, “I came, I saw, I decided to order takeout,” precisely because this is a huge thing for us.
Cooking (and cleaning up afterwards) can be a huge drain on our energy – especially if one is living by oneself or cooking for 1-2 people. And while it is easier to find more nutritious
convenience meals these days, it still can be a challenge to balance a good, appropriate,
balanced, and culturally- and sensory- sensitive diet with ease and lower costs. I am not
blaming people for making quick decisions to save on spoons – I’ve done that myself – but it is important to take stock of the added costs and make the right balance based on your needs.
Build an Emergency Fund and Pay Bills on Time
You’ve probably heard a gazillion times that one should have an emergency fund of 3-6 months’ worth of expenses saved up in case of the unexpected. It is good financial advice – and often easier said than done for many. Just like how Doctors say “go get exercise” or “eat healthier” often without taking into consideration very unique individual needs, this advice often ignores the fact that most of us are living paycheque to paycheque, and every penny goes towards expenses.
Here are some tips to help you – the biggest thing about saving (and paying bills) is making it consistent. Look at your budget – if you are able to, dedicate a set amount to go to savings – and automate it! Pre-Authorized Contributions (or PACs) are an effective way to save for money. Time it to coincide with your paycheque/income arrival so you don’t see it.
This also works true for bill payments. One of the biggest struggles is the cash flow. Often
times, bill payments do not match up with when our income comes in, and this can lead to
overdrafts, NSF charges, interest, ruined credit, and more.
If you can, try and align your bill payments to when your income comes in. For example, if you are paid twice a month, time your bills to be paid to be automatically withdrawn from your account on your payday, so, again, it all comes out the same days. Most bills are usually billed monthly on specific dates. You should be able to reach out to the bill provider to see if they can change the billing date for you (however, some places may not allow this – if not, consult with your local consumer protection agency).
Missed bill payments can and do have an impact on your credit score, which can impact your
ability to get loans or credit in the future (although the fairness of credit reporting agencies is a topic for another article), so it is important to stay current and up to date on bills.
Utilize Government Programs
If you are able to, take advantage of government programs available for folks with disabilities in your area. For example, in Canada, disability assistance is split between federal and provincial/territorial agencies. Provinces and Territories are responsible for disability income assistance programs which can also provide other benefits such as medical benefits.
Federally, the best resource is the Federal Disability Tax Credit, a non-refundable tax credit that not only allows folks to reduce their taxes owing, but the DTC also qualifies one to open a Registered Disability Savings Plan – where up to $90,000 in government matching grants and bonds are available to help plan for your older age.
Additionally, the DTC currently allows folks 18 and over to apply for the new Federal Canadian Dental Care Plan which can help with dental care for those lacking dental care plans from an employer, provincial, or other private dental benefits plan.
Have a Solid Estate Plan
My last piece of advice for this article, is to have a solid estate plan in place. Not only does this include a valid Will, Power of Attorney, and Personal Directive (names may vary depending on jurisdiction), but also clear and concise plans for how you want your affairs to be managed in the event of your passing or physical/mental incapacity. This is particularly important if you have complex care needs, if you have dependents (whether, children, elders, or close friends/found family), or if you are dependent on another person. It is important to consult with a lawyer in your home jurisdiction to help draft the appropriate documents.
I hope you found this information valuable and insightful. I (Drew) am always happy to have a
conversation if you are looking for more advice.
Drew Adamick, CFP® (They/Them) is a Canadian Certified Financial Planner® and owner of
Divergent Financial Planning, a fee-for-advice-only financial planning practice based in
Lethbridge, Alberta, Canada on the land of the Blackfoot Nations in the territory under Treaty 7.
Drew can be contacted at info@divergentfp.ca, at (587) 205-9805, and on their website.
The information contained in this article is for general information only, and is not meant to
establish a planner-client relationship, nor to constitute investment, insurance, legal, and/or tax advice. Consult with a applicable licensed professional practitioner in your home jurisdiction (Province/Territory/State/Et al) for specific legal, tax, investment, insurance, or other such licensed advice/services.
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