Financial Management Strategies for Brain Injury Survivors

By Heather Eldridge OTR/L, CBIS

After sustaining a brain injury, individual and household financial management may become more complex. This may be a result of both internal and external factors, such as changes in cognitive function and new financial stressors such as medical bills. The following resources can help you navigate money management after brain injury.

Identify Your Barriers:

Naming and examining your unique challenges can help you tailor solutions to your circumstances. Common barriers faced by individuals with brain injuries include:

• Cognitive deficits: Attention, concentration, memory, learning, judgement, perception, processing, initiation, communication
• Physical setbacks: Vision, handwriting, dexterity, speech, mobility
• Environmental barriers: Support and resource availability, service accessibility

Take Stock:

Take inventory of your current financial situation and prioritize your needs. You can then set financial goals.

• Identify your values, hopes, wants, and dreams
• Use the “SMART Goals” system: Specific, Measurable, Achievable, Relevant, and Time-bound
• Break up goals into smaller actionable
• Consider setting goals for life events and big purchases (e.g., buying a car, birth/adoption, marriage, birthdays)

Get Organized:

• Set up a budgeting system – Use an online, mobile, or paper budgeting system or work with a credit counselor to track income, benefits, and expenses. This can also help you reduce debt and work towards achieving financial goals.
• Set up a bill paying system – Enable autopay or use alerts, notifications, or calendar reminders for recurrent bills.
• Set up a mail management system – Consider a plan for how to sort mail. Identify what to shred, what to file, and what to act upon. Invest in a paper shredder and a filing cabinet, accordion folders, three-ring binders with pocket dividers, and/or bank boxes.

Set a Routine and Stick to It:

The following cadence may be appropriate: Review mail one-to-two times weekly. File paperwork one-to-two times weekly. Keep an expense journal and log receipts daily.

Keep it Simple:

Start small. If possible, only use one bank, one credit card, and one email address.

Protect Your Finances:

Consider taking a course or reading up about financial safety. Make sure to guard your identity by keeping your passwords and money safe and avoiding scams. Understand your credit report and score and know how to spot red flags. Report exploitation.

Review and Update Periodically:

Keep your systems current and track your financial goal progress. Return to step one periodically.

Look to the Future:

Advocate for your needs, consider cultivating relationships with local resources, and onboard financial local/federal supports.

There is so much more to know about financial planning and disability. For further information, visit the Consumer Financial Protection Bureau website at consumerfinance.gov. The site offers a variety of financial management resources, including two free guides available by mail or for download online: “Your Money, Your Goals” and “Focus on People with Disabilities Companion Guide.”

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Need additional help? Check out these financial supports and resources.

Benefits Assistance

Benefits eligibility: benefits.gov
Social Security and Medicare status: 800-772-1213 or ssa.gov

Health Care Bills

Medicaid and Children’s Health Insurance Program (CHIP) programs: medicaid.gov
Enroll in health insurance: healthcare.gov
Medicare and State Health Insurance Programs (SHIP) programs: shiptacenter.org

Housing or Utility Bills

Department of Housing and Urban Development’s (HUD) Housing Counseling Office: 800-569-4287
Federal Communications Commission (FCC) for a “Lifeline” phone rate: 888-225-5322

Employment

Search for job: USA.gov/find-a-job
American Job Centers: 877-872-5627

Debt

National Foundation for Credit Counseling (NFCC): 800-388-2227
Filing complaints with CFPB: consumerfinance.gov/complaint
State Attorney General’s Office: https://www.naag.org/find-my-ag/

Legal Help

Legal resources by state: lawhelp.org
Legal Services Corporation: lsc.gov/what-legal-aid/find-legal-aid

Student Debt

Consumer Financial Protection Bureau: cfpb.gov/paying-for-college
Total and Permanent Disability (TPD) discharge of federal student loans: disabilitydischarge.com

Assistive Technology

Administration for Community Living: acl.gov/programs/assistive-technology/assistive-technology
Alternative Financing Programs by state: askjan.org/links/upload/AlternativeFinancingProgramListing.pdf

Identity Theft

Identity protection: identitytheft.gov
Credit reports and scores or order a free credit report: 877-322-8228 or annualcreditreport.com
Information on credit reports and scores: consumerfinance.gov/consumer-tools/credit-reports-and-scores

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This article originally appeared in Volume 16, Issue 2 of THE Challenge! published in 2022.