How can I make sure the transition to adulthood goes smoothly: Financial Well-Being Action Plan

Action Plans > How can I make sure the transition to adulthood goes smoothly: Financial Well-Being Action Plan

Financial Well-Being Action Plan

Teaching individuals skills that further their economic self-sufficiency and ability to control personal finances is vital to their success as adults. Learning with practice needs to start as early as possible. Families play an important role in financial planning for the future.

To create a custom action plan, select the items below that are relevant to you or someone you support. Upon submission, you will see a summary of your items, which is your personalized action plan. This form will not be saved, however you will be able to print the summary, and if you provided an optional email address, the results will be emailed to you immediately.

Acronym Key: PASS = Plan for Achieving Self Support | ABLE = Achieving a Better Life Experience

Managing money

Learn about money: why is it important, how does it work?, What do typical items cost?, How do you get money?, How do you pay for items?

Approximate Age: As early as possible & ongoing | Who can help: Individual, Family/guardian, School/IEP Team

Resources: Financial Wellness Tools

Consider strategies for practicing use of money: an allowance for doing chores, starting with a simple neighborhood “job” such as walking a neighbor’s dog, or helping to clean in a neighbor’s yard

Approximate Age: As early as possible & ongoing | Who can help: Individual, Family/guardian

Resources: How to Teach Money Management for Independent Living with Autism

Learn about budgeting and needs versus wants as this fits for different ages. Learn how goals work with budgeting.

Approximate Age: As early as possible & ongoing | Who can help: Individual, Family/guardian, School/IEP Team

Resources: New money management lessons for adults with disabilities – MI Money Health, Financial Wellness Tools

Explore options with your bank (e.g., joint bank account) to learn about money and management.

Approximate Age: As early as possible & ongoing | Who can help: Individual, Family/guardian

Resources: Your Money, Your Goals Focus on People with Disabilities

Consider obtaining a debit card and/or credit card, with safeguarding strategies and monitoring as needed (i.e., spending limits)

Approximate Age: High school | Who can help: Individual, Family/guardian

Resources: Green Light Debit Card, Comparison Chart of Types of Cards to Use for Purchases

Learn about Financial Wellness. What does this mean? What does it look like for individuals with disabilities?

Resources: Meet the Faces of Financial Wellness – National Disability Institute, Videos con Subtitulos en Español

Learn about money safety, how to say spot scams and how to say “no” to requests for money

Approximate Age: As early as possible & ongoing | Who can help: Individual, Family/guardian

Resources: Identity Theft & Scams, Beware of Scams – MI Money Health (msu.edu)

Consider opening an ABLE account.

Approximate Age: As early as possible & ongoing | Who can help: Individual, Family/guardian

Resources: ABLE Resource Center, ABLE Accounts, Cuentas ABLE

Consider estate planning, living trust and special needs trust. Seek out a lawyer that specializes in special needs trusts.

Approximate Age: As early as possible & ongoing | Who can help: Family/guardian, Lawyer

Resources: Special Needs Trust, Fideicomiso para necesidades especiales , Living Trust, Fideicomiso en vida

Revisit your will

Approximate Age: Every 8 years | Who can help: Family/guardian, Lawyer

Write a letter of intent for your special needs trust

Approximate Age: As early as possible | Who can help: Family/guardian, Lawyer

Learn about paying taxes

Approximate Age: High school | Who can help: Individual, Family/guardian

Resources: Taxes & Tax Preparation – National Disability Institute

Ask about including financial well being goals planning in transition plan portion of IEP

Approximate Age: High school | Who can help: Individual, Family/guardian

Resources: STAR Goal Setting Worksheet

Explore online money management tools.

Approximate Age: High school | Who can help: Individual, Family/guardian

Resources: Top Picks for Online Money Management Tools & Online Financial Education Games

Accessing Financial Support

Learn about financial rights for individuals with disabilities. Advocate for policies to improve Financial Inclusion

Resources: Blog: Financial Inclusion 101 – National Disability Institute

Figure out the areas in which support is needed by taking a financial well-being assessment

Approximate Age: 16 | Who can help: Individual and family/guardian

Resources: Financial Well-Being Assessment

Determine the need for financial support (Supplemental Security Income, Social Security Disability Insurance, Medicaid, Medicare). See Adult Services action plan for more details.

Approximate Age: 16 | Who can help: Individual and family/guardian

Seek out benefits counseling services

Approximate Age: As early as possible

Resources: Work Incentives and Benefits Counseling, VR Benefits Counseling Services for SSI/SSDI beneficiaries, Disability Benefits Counseling Services

Consider establishing a Representative Payee for Social Security Benefits/Medicaid/Medicare, if appropriate.

Approximate Age: 18 | Who can help: Individual

Consider other sources of Income and Savings: Savings Accounts, PASS Accounts, Individual Development Accounts

Approximate Age: High school | Who can help: Individual and family/guardian

Resources: PASS = Plan for Achieving Self SupportComparison Chart of Checking, Savings and ABLE Accounts, Examples of types of accounts to keep your money safe

Contact NC financial assistance programs such as First in Families, Temporary Assistance for Needy Families, Community colleges, Religous organizations

Approximate Age: When needed | Who can help: Individual and family/guardian

Resources: Financial assistance programs North Carolina., First In Families of North Carolina

Additional Items

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Disclaimer: This checklist is for informational purposes only. It is not intended to be comprehensive, and should not be taken as legal advice. Services and programs mentioned may vary by county. Please consult with professionals with expertise in this topic area for guidance specific to you, your family or student/client’s situation. Have a suggested correction or addition to this checklist? Email worktogethernc@med.unc.edu.