Financial health
Right on the money
No matter what your goals or circumstance, financial literacy is a crucial life skill. As the cost of living rises in both rural and urban areas in Ontario, it’s important to plan wisely and deliberately for a full, independent life. And, when you have a spinal cord injury or other disability, the need is even greater, as earning can be delayed or compromised. By exploring your options, gaining relevant knowledge and skills, you’ll build a stronger financial landscape. We are proud to partner with Meridian Credit Union to provide you with expert information and resources.
Banking when living with a disability
A disability can often increase your expenses and lower your income.
Low-cost or no-cost banking
You may be eligible for a bank account with no or low monthly fees. Low-cost accounts have a maximum of $4 per month in banking fees. No-cost accounts are available to people who are registered disability savings plan beneficiaries.
Find out where you can get a no-cost or low-cost bank account.
Using banking services to manage your money
When you’re living with a disability, you may find it easier to manage your money if you:
- get your benefits deposited directly into your bank account
- set up pre-authorized debits to pay your regular bills
- make payments using online or mobile banking
Ask your financial institution about other ways to help you manage your money. Check if there is a fee for these services.
Make a budget and manage your debt
You may have a limited income when living with a disability. Create a budget to make sure you have enough money to:
- pay for household expenses
- pay your bills
- make loan payments
- save for future needs
Use the Budget Planner to help you create and manage your budget.
Manage your debts
It may be difficult to make payments on your debts when living with a disability.
Try and make at least the minimum payments on your debts. If you don’t make the minimum payments, it could hurt your credit history.
Find out how to manage your debt.
Save using a registered disability savings plan
- you may be eligible for grants and bonds to help you save in an RDSP
- you can hold investments in an RDSP
- the money earned from investments in an RDSP isn’t taxed until you withdraw it
- Old Age Security
- Guaranteed Income Supplement
- Canada child tax benefit
Partners in Financial Health
At Meridian, we’re focused on driving Community resilience – among our Members, our employees, and the communities in which we live. We achieve this using a variety of tools, including investments in leading Community partners, employee donation matching, and facilitating employee volunteering.
Here’s how we’re approaching this important work:
- Perspective: we invest in Thought Leadership, partnering with organizations striving to overcome the key challenges facing our communities, now and in the future. Investing in this research positions Meridian to support the next generation of Community change-makers.
- Planning: we invest in organizations that develop programming and share best-practices rooted in the latest research. This allows us to scale our impact, empowering organizations to broaden their reach and touch more lives.
- Preparation: finally, we invest in organizations delivering programs and services directly to the community. From supporting community food centres to enabling the delivery of financial literacy workshops, Meridian is there to support Canadian change makers wherever they’re making a difference.
To learn more, please visit us at www.meridiancu.ca/ready-for-what-if
