Finally submitting your SSDI application can give you a sense of relief, but the waiting process can come with more stress. You may be asking yourself, how will I pay my bills? How can I feed my family? And other financial-related questions. Generally, it can take anywhere from three to eight months to receive a decision for your SSDI application and if you are approved, it still takes at least five months to receive your first payment. In this blog, we will be offering tips to manage your finances during this waiting period to hopefully ease some of your financial stress.
Read More: What Can You Do to Speed Up Your SSDI Claim?
Tips for Managing Finances During the Waiting Period
- Create a Detailed Budget
When waiting for SSDI approval, tracking your income and expenses is important to understand what you can afford to spend. Keep detailed records of all your sources of income such as savings, unemployment benefits, or temporary work. Once you have an understanding of your financial situation, make a list of monthly expenses such as rent, groceries, and any other bills. This will help you visualize all the different areas your money will be going to and how much you can afford to spend on other non-essential expenses.
- Explore Temporary Financial Assistance Programs
Another thing you can do while waiting is explore government and community programs that offer temporary aid. A few different government programs to look into are The Supplemental Nutrition Assistance Program (SNAP), which assists with purchasing food, and programs such as the Low-Income Home Energy Assistance Program (LIHEAP), that offer help with paying utility bills, including electricity, gas, and water. Many nonprofit organizations and charities offer temporary financial aid, including food pantries, emergency shelters, and financial assistance for rent or utilities. Research some of your local community centers to learn more about available resources.
- Review and Reduce Expenses
Review the budget you created to identify some unnecessary expenses you can eliminate. Some examples of expenses you could look at eliminating include dining out, entertainment, and any subscriptions or memberships. Eliminating these types of expenses will help you focus on the essentials and bring your monthly costs down.
- Build an Emergency Fund
Maintaining a financial cushion can be helpful during uncertain times, such as waiting for SSDI benefits. A financial cushion, or emergency fund, provides a buffer against unexpected expenses and helps manage everyday costs when your income is limited. One way you can start to build an emergency fund is by establishing a savings goal based on your estimated monthly expenses. You should try to save enough to cover at least three to six months of essential costs and adjust the goal as needed based on your financial situation.
- Stay Informed About Your SSDI Application
During this waiting period, it is important to know how to check the status of your application so you will know right when you receive your decision. One way you can check your status is online with your “My Social Security” account on the SSA website. This portal provides real-time updates and important information about your claim. Additionally, you can reach out to the SSA at 1-800-772-1213 for updates or visit your local SSA office for in-person assistance.
Read More: Why is Your SSDI or SSI Decision Taking So Long In Wisconsin?
Get Legal Help for Your SSDI Claim
If you need legal assistance for your SSDI claim, then look no further than Tabak Law. We have years of experience and we are ready to fight for you so that you can get the SSDI benefits that you need and deserve. We don’t get paid unless you win, and we only take payment out of your back pay so there is no risk to you or your ongoing benefits if you seek our help. Reach out to us today for a free case review.
Nothing posted on this website is intended, nor should be construed, as legal advice. Blog postings and site content are available for general education purposes only.