Money Management Tips for Mental Health People

As a person with mental problem, you should have more issues to be concerned about. However, the skills on money management need to be considered as well, because it may affect your daily life. Therefore, if you want to manage your money in the way that not only meet your life necessities, but also could save some money for future emergencies. Here are a few tips you could follow in regard to improving your money management skills.

1. Set your expense priorities.

In your daily life, there are many areas you have to spend your money, so setting your priorities should be the first step in the process of money management effectively. If your monthly expenses including house, electricity and phone service would be $675 dollars, it is an absolute requirement you have to meet by the end of each month. So your best way to realize this goal is nothing but saving money. And at the same time you should consider not spending on any unnecessary items you just want. By doing so you could open a special savings account to save such funds in particular.

2. Carefully plan your saving and spending.

Once you have set aside your needed funds for daily life, what you would do next is saving some and spending some. So, it is kindly suggested that at first you should put some money into your long-term savings account, and then spend some on a day trip to an amusement park or the zoo. However you have to make sure the right percentages between long-term savings and “fun money,” should be 70 percent to 30 percent, which is the most effective way in your daily money management.

3. Live within your monetary limits.

As a mentally disabled person, you have to learn to live within your monetary limits. That means you should not overspend discretionary funds beyond your ability. For example, if you have only $100 left in your discretionary funds by the end of the month, but the planned trip to the zoo would cost you $300, in this case, you should consider postponing the zoo trip until you have saved enough money to make it. Sometimes it is difficult to live within your monetary limits, but everyone has to face and accept this concept, no matter whether you are normal or disabled people.

4. Work out your budgets.

It is necessary to work out your monthly budget, which is closely linked with what you should do in regard to setting your priorities, going for long-term savings and living within your monetary limits. With a budget, you would be very clear about each saving and spending item in detail and how to make the balance among them for the most effective and comfortable target achievement.

5. Try to avoid exploitation.

Sometimes, it is not easy for people with mental disabilities to tell friend from foe in the real life. In some cases, the con artists often prey upon those who would be cheated easily, so you should be careful about exploitation. Let us take an example, you may have such friends who would come to visit you on the day when your Social Security check comes and they would take you to a fine restaurants or purchase luxury items for themselves with your own money. Therefore, you should learn to spot the con artists by discriminating their craft in order to keep your own fund safe.