>> Good afternoon everyone thank you for joining us here in the chat we have posted a link so that you can download the spending plan today.
the downloadable spending plan as you enter your numbers the numbers will add up or subtract for you.
That will help you preparing the spending plan.
I will post that.
We will give folks a couple minutes to download the spending plan before we get started.
Thank you for joining us today.
I'm giving everyone a couple minutes to go into the chat and download the link for the spending plan so you can complete your own spending plan as a go through today's presentation.
I want to thank Josh and Holly our ASL interpreters today and Kieran and help who are helping with the slide decks.
Thank you for joining us today.
Please save the spending plan on your computer for today's information session.
The webinar will begin now and this is being recorded and the material including a transcript will be placed on the National disability Institute assisted technology loan program fight.
Along with our other Spotlight webinars.
For example, we have webinars talking about new types of assistive technology to help people live more independently and be more productive.
for those still employed, to be more productive at work as well.
During today's presentation, real‑time captioning is provided during the webinar.
The captions can be found by clicking on the cc button in your zoom controls and that is usually at the bottom of your screen. Please post any questions during the webinar in the Q and A box and already, we have a question.
You mentioned that the spending plan that calculates for us right?
Is the spending plan supposed to be an Excel document?
It is a document that will calculate as you enter each number and do go down the sheet.
If you're listening by phone and not logged into the webinar you may also ask questions by e‑mailing H price at NDI ‑‑ INC .org.
This is Laurie. I’m a manager of financial empowerment here at the National disability Institute.
And I work in the assistive technology loan program.
And we provide the referrals helping people find grants for assistive technology, and for those when we cannot find grants to help them we offer a low interest loans, our interest rate is 4 percent fixed interest for the term of the loans and that helps people to purchase the assistive technology that they need.
The National Disability Institute envisions a society in which people who have a disability have the same opportunities to achieve financial stability and independence as people who do not have a disability.
Our mission is to collaborate and innovate the financial future for people with disabilities and their families.
This includes outreach and promotional webinars, financial education, and guidance on spending plan development and we provide referrals to financial counseling services or other programs that can help people that assistive technology.
National disability Institute receive this grant through the U.S. Department of educations of rehabilitation services administration and that helps to cover the cost of this program.
Today we will complete a household spending plan.
Please download this to your computer.
This will help to calculate your net income and monthly expenses.
We will review how to calculate all respondents ‑‑ we will review how to calculate all expenses monthly, how to calculate your income, we will review ways to reduce monthly expenses and ways to address credit concerns.
This session is being recorded so you can come back and listen again in the future.
Case managers and people participating are welcome to share this recording with your customers and your friends and family as well.
This is sort of what your spending plan looks like if you downloaded it on your computer.
We will start at the top.
This list is arranged in terms of priority.
The first thing to pay each month is rent or mortgage.
Then, next, is utilities.
By paying those items on time each month that can help a person to maintain their housing many people are surprised that, for example, if they don't continue paying utilities, a person could potentially be evicted.
It is important that we pay these bills in particular on time each month.
At the top put in what you pay toward your rent and mortgage.
For me, I paid my mortgage in full so I can put it in the column.
‑‑ I could put zero in the column.
Next is household repairs.
Maybe you don't have household repairs because you are a renter.
But maybe sometimes you pay someone to fix up your apartment or you purchase paint to be able to paint your apartment or do other repairs.
Tried to get the idea of what the total cost is for the year then divided by 12.
In doing this, the spending plan ‑‑ I should have started with what is your financial goal.
This changes over time.
What is your goal this year for either saving money, or to have enough money to be able to spend and make a purchase.
Many begin by writing this down for yourself so it can help you to identify how much will that item cost?
for me, years ago it was concentrating to pay my rent on time and then when I purchased a home it was to pay the mortgage on time each month.
My kids were involved in different recreational activities so than the focused kind of changed over to concentrating on my kids recreational activities and then, then I really have been concentrating recently on saving for my retirement.
I know from my spending plan what my monthly expenses are and how much I have left over at the end of the month that I can say ‑‑ save for my retirement.
If you want to put in your Q and A what your spending or saving goal is that would be needed to share ‑‑ need to share.
The next column down is property or school taxes.
And how much is that total for all the different types of taxes that you pay if you own a home.
Divide that then by 12.
When the bill comes then you have the money saved in advance to be able to pay property taxes.
Often it's already included in a mortgage payment.
But I kept it separate so I could save in advance and if I needed to borrow from the savings that I had set aside and still have the money available when the two bills for taxes came that I could write out the check in full and pay my property and school taxes.
The next row here is heat or gas.
How much do you pay each month?
Sometimes requesting from the utility company, the option to pay the same amount each month through the budget balance billing program can help so that like in the winter if you live up north your bills are not huge and in the Summer you hardly pay anything.
It can be more of an even payment each month.
And even if you use heat, for example, you can request budget balance billing.
How much is your electricity each month?
Put that in that row.
Some people pay for water, and so I understand that you usually get a bill every three months.
Divided by three and that is how much to save in your checking account each month so that when the bill comes you can pay it in full.
I noticed recently that groceries have gone way up.
And when I looked at the website talking about the average cost of groceries per month it suggested that we pay about $338 per adult in a months.
Time.
May be to calculate this accurately you want to keep receipts for everything that you purchased that is food related and, like, when I purchase my dog food I include that cost in my groceries.
Figure out what you're spending on groceries and put that in the row for groceries.
Insurance, if you're renting an apartment usually renter's insurance is $12 each month which covers you if maybe you were around or if some damages somehow is done to an apartment because of a storm or flooding or whatever might happen in that way the insurance would help you to replace your items in your apartment.
If your home having homeowners insurance is very very important.
If you have a vehicle it's important to have auto insurance for the vehicle.
Total up all the different types of insurance you have.
For me, I pay my homeowners insurance once every 12 months so I divide that by 12 to know how much I need to set aside each month.
Car insurance I pay once every six months.
I divide that by six and that is how much I need to save each month but some people also have life insurance, renters insurance, and other types of insurance products.
Make sure you include all of that in your spending plan.
Medical expenses.
Do you have out‑of‑pocket medical expenses?
Or are you paying for your Medicare premium each month?
Or are there other out‑of‑pocket expenses for medical?
Total it up and put it in the.
‑‑ in the row.
Telephone and cell phone, how much are you paying for that each month?
Total it and put it in your spending plan.
Most of us now use the Internet and cable so put in the total that you pay for Internet service.
If you have a vehicle loan you can put that dollar amount in this row.
Next going down his auto repair.
It is suggested that it cost 80 to $100 each months when you total up the total cost for the year to fix a car, do your oil changes, change tires, and this way you can save in advance for when you will have an auto repair.
Put in that row how much you pay or need to save toward auto repairs.
Transportation costs.
If you've a vehicle how much do you spending on getting that spending on gasoline or to park the vehicle or, do you have other forms of transportation that you pay for monthly?
Clothing, everybody says Laurie I hardly ever buy any clothes but I'm talking about shoes, underwear, coats, clothing and general.
How much do you think you will spend by the end of the year for your household.
Divided by 12 and that's the amount that goes in this row.
Some have day babysitter costs, costs to have someone come in and provide care for a family member who may disability.
Put the dollar amount in here.
If the amount is zero put a zero in the row.
Some people are paying for tuition or after or ‑‑ afterschool or recreational activities.
Total it up and put it in this row.
Some people pay child support and alimony out‑of‑pocket.
Put that dollar amount in the next row.
Personal care, haircuts may be having your nails done or having a tattoo.
I go to the hairdresser like once every three months.
If I spend like $40 if I save $13 each month, I have enough money to be able to pay to have my hair done in three months.
What are you doing for fun and entertainment?
Total of these expenses for the month and put that in this row.
Some people pay to have their laundry done at a laundromat.
Total of those expenses for the month and put that in this row.
Newspapers, pet food, I know my vet bill has gone way up.
Recently.
Tried to project what you anticipate paying for the year for any pets you have and divided by 12 and that's how much you can save in advance for veterinary care.
Gifts, birthdays, holidays, any time you're buying a gift how much do you think you spend by the end of the year?
And then, again, let's divide it by 12.
Some people purchase tobacco alcohol or lottery tickets.
How much does a cost by the end of the month.
Put it in their tithes to their church or make a donation and how much is that perhaps either total for the year and divide by 12, or how much are you paying out monthly?
I hope no one participating today has rent‑to‑own.
Put in there the amount that you are paying for went ‑‑ rent to own if that's the case.
I'm hoping everyone on the call today has a free checking and savings account.
Many banks offer that.
You can look for a bank on the participating banks in your bank or ask your present bank if they have a free checking option.
Then, I hope everyone is saving for emergencies.
Maybe you decided that you can afford $20 each month.
Put that in that row.
What other household expenses do you have?
For myself I have music lessons each month.
So I put $30 in that row for myself.
Then if there's anything else that you think we missed in this you can put it under other.
When you think about this presentation and discuss it with family members or with your circle of support, you know, you want to make sure that you have captured every expense that you pay for the next year.
I see someone has a goal that they want to purchase a new car.
That is great.
Then it when we put in our net take‑home income that will tell us how much money we have left over at the end of the month in the spending plan form.
If you get paid every two weeks you can divide that net take‑home pay by two.
Then, next, multiply times 4.333 weeks in a month.
That's what that person's net take‑home pay is.
If a person gets paid every two weeks ‑‑ I'm sorry, twice in a month's time.
Then simply multiply the times to what you take‑home from your pay when you are paid twice each month.
Some jobs I would be paid on the first and then the 15th.
So take that net pay times to and that's what it is.
If you receive disbursements from retirement savings you can put that in here.
If you receive snap benefits, or heat benefits, may you get $500 per year.
So then divide that by 12 and that is how much you get to spread out over the course of the year.
To calculate that income it helps you to pay for utilities.
Maybe you get rental assistance.
If you get $570 a month to pay for your rent, how much is the full amount of your rent and that is what you put in your monthly expense for rent.
Some people are using section eight benefits to pay for a mortgage as well.
So put in your spending plan how much you pay in full for your mortgage and then you can enter your rental assistance here under income.
I don't know if we have any questions about this but when I have a number in every column for my monthly expenses and then I have all my sources of net income this form will calculate for you how much money you have left over at the end of the month.
In this case, this person has monthly expenses that total ‑‑ let me go back.
$3,188 and a month.
and there net income is $4,335 and so, really, this person has $1,147 left over at the end of the month to reach their financial goal.
It can be either to save or like the person who said they want to purchase a car, really, they could purchase a car and make payments of close to $1,000 a month for that new vehicle.
But maybe, in addition to purchasing a newer car they want to also save for retirement.
and then they can parcel out some money to go on to into savings as well.
This is like a chance to just take a photo of what your monthly expenses are now.
and your family meeting you may want to take another look.
Maybe somebody else says, you know, I forgot about this one expense, you know, I go to the speedway or I go to the Oprah once a month or I go to a live concert.
Total that up and added to your spending plan.
We can take additional reviews to make sure we have all the expenses in there but we can take another look and see if there are ways to reduce monthly expenses.
Is there an opportunity to increase monthly income?
Maybe each family member wants to engage in employment.
It can help to bring more income into the household.
For example, people who receive SSI, and RS as D I income are allowed to work and there are work supports that can help the person to work to their fullest ability and they can retain their SSI and SSDI and retain that for a while in addition to medical benefits.
What income pays for each bill?
You can review and sort out who will pay for what Bill, for example.
If a person receives SSI they are supposed to use the SSI to pay for housing, food, and monthly expenses.
Then, if a person has been able savings account maybe the able savings account can be used to purchase a new vehicle or to purchase a home, or to purchase assistive technology that the person may need.
Is there money to save regularly from your spending plan?
and where can money be saved.
If you receive SSI, you are limited to having only $2,000 in countable resources saved.
If you want to find a protected account where you can save additional money to help you reach your financial goals and then has something changed?
Is there more income?
Will there be more expenses?
Are you about to make a large purchase?
Now that you have done a spending plan do one each time things are going to change.
At the end of each calendar year, I redo my spending plan for the next year so that I know I am going to be able to afford all of my monthly bills and to repay credit in full at the end of each month.
and then to save the maximum amount I can toward retirement to get tax credits by saving for my retirement.
I hope everyone filed their income taxes this month.
for last year.
and if you received more than a 500‑dollar income tax refund may be wanting to go back to that tax preparer and ask them how you could change your withholdings so you get a smaller income tax refund next year but you have more money each month to be able to use toward your spending plan expenses and toward saving for your future.
When I filed my taxes as a single parent and I was eligible for the earned income tax credit I would get a huge income tax refund the.
And I struggled to pay my mortgage on time every single month and finally I realized I could change my withholdings so I had more take‑home pay in that short of that I could pay my mortgage on time each and there is a calculator listed here with the IRS where you can calculate, for example, if your sources of income are SSDI, and retirement, or wages from employment.
How to calculate your withholdings so that you don't owe money for state and Federal taxes and you get back closer to $500.
Next year when you do your taxes you may want to call 211 or if you live in New York City call 311 to find a free tax preparer in your community that can help to save you money for filing your income taxes.
Here, at National Disability Institute we have all kinds of information for people who have disabilities around hear the importance of filing income taxes.
If a person did not file and did not receive their stimulus payments during covid you can stop income taxes now and the free tax sites are still open to help you with the stimulus payment if you missed out on it.
and if you work ‑‑ I'm eating many people who received SSI, SSDI, and maybe they were told there is no need to file income taxes.
You still want to make sure that you file income taxes because that helps you to report your earnings to Social Security so that that can increase you will get when you go to retire.
Let's take another look at the spending plan.
If you're paying rent right now and that's more than 30 percent of your income you may want to see if you're eligible for housing assistance.
Either to move into an apartment where rent is based upon your income or to apply for section eight benefits.
Those who receive section eight benefits if your goal really is to purchase a home in the future, you can ask your housing counselor how you can apply to purchase a home and use your section eight benefit to pay for your mortgage.
I have the link here for help through HUD.
HUD also offers free counseling services around housing.
They will help you to figure out if the interest rate is too high on the mortgage.
They will help you see if your house is worth less than the mortgage, help you if you lost your jab and you're worried about making monthly payment, there is free help available and the link is here.
The slide deck is posted at the able national resource center under the assistive technology loan program.
Then household repairs.
You may want to check with that tax preparer.
Any repairs that you do on your home on your own if you placed a window to make it more energy efficient, I got more money back in my income taxes because I paid out of pocket to fix my home up.
You may want to explore that as well.
Property taxes, if you feel like they are too high you can go to your local town assessor and ask for those property taxes to be recalculated.
They thought I had to fall back or ‑‑ two full bathrooms but I only had one and a half so it helped me to reduce my property taxes, and in New York State and New Jersey there are opportunities to lower property taxes through the star program.
So ask your local town assessor about these programs.
If you need to make your home accessible, maybe you need a ramp, why did the door, walk in shower, we have an eight-resource guide that lists different places where people can get grants to be able to fix up their homes to make them more accessible.
I welcome you to take a look there.
There are grants available for weatherization to help people replace windows, or rubes, or to insulate their homes, there are some initiatives in communities to put Soler panels up to reduce electricity use and then people can switch over their oil or gas even to electricity and I was able to do that and now my electricity bill is only $18 a month.
I paid for the cost of delivery and electricity to my home.
You can approach your utility company, ask for help, help paying for your utilities each month, and there are special utility programs as well if a person has a disability.
In New Jersey you can approach the public utility Board and in New York State as well.
The links are provided below.
Grocery expenses have gone way up.
So you may want to look in your communities and call 211 to find any food distribution centers.
They also have clothing in closets where you can pick up free clothing to help your family members.
You may wish to apply for snap benefits.
It used to be called food stamps.
And I have the links here for New Jersey and for New York as well.
Insurance, to save money on my auto insurance I take that defensive driving class.
It helps me too pay ‑‑ save 10 percent on my car insurance for three years.
and then by getting all my insurance products with one insurance company it can help to save me money and, like, when my husband and I got married a couple years ago, his car insurance premium seemed way too high.
So then he called my car insurance company and sure enough he was able to save a bunch of money by switching over to a new insurance company.
So you may want to explore that to help you save money in your spending plan.
Then, medical expenses.
When people who receive SS I and, or, SSDI work to their fullest ability, as they become eligible for different types of Medicaid, and there is a program called Medicaid buy‑in and in New Jersey it's called workability and a person can be eligible for Medicaid, and their earnings can be up to $60,748.
In New York State it's called Medicaid buy‑in and the person can earn up to 739,302,000 and a calendar year and still be eligible.
In New York State at this time, there is no cost for Medicaid buy‑in.
In Medicaid buy‑in will pay for an insurance premium at an employer or for the Medicare part B premium.
And the person who has a disability who does not receive SS I or letter SSDI may also be eligible for the New Jersey workability or the New York Medicaid buy‑in program as well.
The links are here if you want to read more.
There's a greater income limit for a couple, a married couple, and it allows for more than $2,000 in resources while that person is eligible for them ‑‑ while the present schedule for Medicaid.
Auto repair AAA post information about the cost of owning a vehicle and Consumer Reports every year they have an issue in these in the library where you can look to see what cars are deemed to be reliable.
If you purchase one of these cars you can save a bunch of money on the future car repairs because the cars hardly ever break down.
If you're interested in purchasing a new car take a look at that report.
Tuition, afterschool activities and education, I left to see when families are paying for these things.
Because, when our children engage in more recreation it helps prepare them for employment in the future.
Christopher Reeve's has ideas about recreation for people who have a disability and around me, for example, many parks are now accessible for wheelchair users.
And you can ask a state or Federal features they have to help their parks be accessible.
You can participate at your fullest level.
We spoke about childcare often the county will help pay for childcare.
You want to ask your local Department of Social Services if they can help you.
There is tax credit for out‑of‑pocket expenses were people pay for child care expenses, and some people can save their employment earnings to help pay for child care and that can help to reduce income taxes when the person about their taxes.
Personal care and entertainment.
Maybe there are things you can do to help reduce those expenses.
I spoke to someone the other day and they all do you want one another's hair in the household and it helps to save a bunch of money and it can be a fun activity as well to share together.
Pets, you can call 211 to see if there are events taking place in the community to have a pet spade or for the pet to receive vaccinations.
If a person owns a seeing guide dog the person may be available for tax credits so they want to share that for their tax preparer.
As well as any service animals.
You may want to share that with your tax preparer.
Like I said, you may want to check with your local bank or credit union to see if they have a free checking or savings account.
If it is available.
If you're curious with the banks have reported about your ability to pay bills on time, you can go to ChexSystems and you will see a report and there is information about this website over what steps you can take to improve your ChexSystems report and you can speak with your bank or your previous bank to see what you can do to rectify any concerns related to a checking account now or in the past.
We are seeing many many more storms than what we had seen in the past.
Much more severe.
And so, you may want to look at the National safety Council to see what they are suggesting we need to do to be prepared for any emergencies that come up.
For example, having savings for three to four months’ worth of take‑home pay can help if you are out of work due to injury or illness or jab loss.
And how much money did your spending plan tell you now you can save toward something unexpected.
Have dialogue with your family members about these expenses as well.
I'm seeing people who need to hunker down in a motel when their houses are blown away by a hurricane or tornado.
Group seems flooding in New Jersey so take steps to prepare for that.
I want to speak a bit about NDI assistive technology loan program.
We partner with local banks to issue and service loans for assistive technology for residents of New Jersey and New York.
to help people purchase assistive technology.
The interest rate is 4 percent because even though the bank wants to be paid eight to 10 percent, we buy down the interest rate.
We pay the bank the difference in the interest so that a person who applies for a loan with us, they are only paying 4 percent interest for the term of their loan.
NDI has also deposited funds with the partnering banks could guarantee any loans that should default.
That makes it possible for someone who is aged 18 or older to get alone even though they may have no credit history, maybe no credit score, and this loan could help this person to develop a good credit history towards other financial goals they may have in mind like purchasing a car, purchasing a home in the future, we provide outreach, we provide webinars to help you know about different types of assistive technology, and I can do free presentations for your community or church group, about the loan program and about spending development and we provide referrals for grants to help people purchase assistive technology that they need.
Maybe the grant can help them save money.
And we can also provide referrals to financial counseling providers for attorneys to help address concerns.
Because we make sure in our loan application people complete the spending plan you just did, if you want to apply for a loan, you have half your loan application done already.
We can see that you can afford your monthly expenses, you can afford to address the credit that you have borrowed in the past, and that you can afford the cost associated with getting ‑‑ let's say it's an assistive technology like a modified vehicle.
Often I can find a grant for the modification of the vehicle, but still the person needs to purchase the chassis of the vehicle, or the body of the vehicle, so we can provide a for that.
Or for a division ‑‑ or for a vision device, or standing wheelchair, it can be a hearing, or vision aid, it can be a smart home system, it can be a smart phone, stair climber, standing wheelchair, adaptive recreational equipment and some people are purchasing accessory home units.
We pie that can roll and accessible bedroom and bathroom up to the side of a person's home within three days it can all be set up with electricity, water, and see so that the in their community rather than being in a nursing home while they are rehabilitating let's say, following a stroke or other health concerns.
And, also, assistive technology can include business equipment as well.
I welcome you to take a look at our spot.
We have ATV resource guidebooks or you can try to find a grant for the assistive technology you would like to.
Or you could remail me ‑‑ e‑mail me or call me and I will help you find the ATA in your community and all the different kinds of funding available based upon what state and county you live in.
And sometimes there is specific funding available.
Let's say a person has MS.
Multiple sclerosis may have funding available to help with the fight of assistive technology.
Also there is funding available for assistive technology for those who are engaged in employment, and you can get help at the Department of Labor, or New Jersey at the division of vocational rehabilitation services, or the New Jersey commission for the blind and visually impaired, in New York, you can approach Access VR, or the New York commission for the blind.
But like a lot of funders, they will look at the least expensive alternatives.
But ask.
If you need a hearing aid and they'll pay $400 but you want a more expensive one, would they still give you the grand?
If you either paid for cash out of pocket for better quality hearing aid or could you use our loan program in addition to the grant.
If you receive SSI, and, or, SSDI, then you receive Medicaid, often Medicaid will pay for assistive technology.
There are saving opportunities for people also that are protected.
There is the family self‑sufficiency program offered through HUD.
So a person has a disability when they begin to work, they can save their extra earnings and in the toward their financial goal.
and after one to five years that person when they have met their goal they can receive the funds back.
There are individual development accounts available in many communities.
There is a past plan where a person who has out‑of‑pocket expenses to either go to school or training or college or to be able to work can request that they receive more of their S as and/or SSDI for a period of time while they are paying for their out‑of‑pocket expenses which could include assistive technology.
There is a work support available to people who receive SSI or those who receive SSDI.
And then there are the able accounts.
For a person who has received ‑‑ excuse me, a person who has a disability that began before age 26.
New York State, and New Jersey each offer able accounts.
Able savings up to $100,000 does not count toward the SSI resource.
Remember, when we did your spending plan and you are saving money in your checking account, each month to pay for future bills, if that gets close to $2,000, may be want to say some of that money in your able account so you can pay for those housing expenses, property taxes, higher utility bills that come in the winter, or to purchase the car or to purchase a home in the future in your able accounts.
Up to $100,000 does not count toward the SSI resources.
Any amount of able savings does not count toward a resource limit for any type of Medicaid.
Family and friends can put money in the able account and it will not reduce a person's SSI when they put it directly into the able account.
Up to $17,000 can be deposited into the able account and that can come from family and friends, able account owner, special needs, or trust, or 529 college savings account.
For the person who works, they can contribute up to an additional $13,590 from their employment and earnings if they live in New York State or New Jersey.
That's an additional total of $30,590 that can be deposited into the able account this year.
And like I said, the qualified disability expenses, the list is very long.
Assistive technology, education, basic living expenses including food, shelter, transportation, it can be a car, it can be gasoline, future car repairs, it can be out‑of‑pocket expenses.
When people apply for a loan with us I see that many people have student loans.
For those who receive SSI and/or SSDI and are limited in their ability to work, there is new information about guidelines for total and permanent disability student loan discharge.
So that student loan, for example, could be removed from your credit report and you may not owe them.
And then there are public service and student loan changes and there are income sensitive student loan repayments that are available and repayments will take place later this year.
You can order free credit report a credit record ‑‑ a credit agencies and their different statutes of limitations.
Let's say a person open a credit account and they are unable to pay the creditor, New Jersey has up to six years at the creditor can place judgment against the individual by going to court.
The New York statute of limitation has recently changed.
Now it is only three years.
But the accounts can stay on a credit report for seven to ten years depending upon the type of credit.
If you want help around this you may want to get in touch with foundation for consumer credit counseling services and their number is here.
They can help you toward your financial goals.
and to address credit concerns that you may have.
I'm clicking on this button.
I want to share with you when a person applies for a loan with us, let's say $10,000 they need.
And they say that they can afford to pay it back in five years, we know that many assistive technology vendors offer financing whether it is a modified vehicle, hearing aid, whatever.
Usually the interest rate is 16 percent.
And so that person would pay over five years a total of $14,091.
If a person uses a credit card over five years to purchase assistive technology, we know that some vendors offer credit cards but often the interest rate is 24 percent increased.
Then the person will pay a lot more.
17,269.
And if a person instead comes to the NDI, K T loan program for a 10,000‑dollar loan payable over five years at 4 percent interest they can say at least ‑‑ they can save at least $3,541 because their total payments would only be $11,050.
If you have assistive technology that you would like to purchase I invite you to apply with us.
Please e‑mail or call me because often I can help the person instead of finding a grant to purchase what they need.
All right.
I don't see any questions in the Q and A. We wanted to ask a couple of questions of you today.
If you could please take the time to answer these questions ‑‑ polling questions.
This is my contact information.
My number is 202, my number is 202 55 41.
My first question is what information in this webinar was most helpful.
And if you could please enter that.
Have you completed your spending plan today.
I hope everyone was able to completed.
I welcome you to complete a spending plan every time you're going to make a large purchase.
If you want to save more for your future I remember being totally stressed out when I was a single parent, trying to pay the monthly bill all on my own and when I finally did the spending plan I realized I just needed to work a couple more hours and another jab and I would have enough money to pay my bills on time.
Do you need help finding work.
We can help you find it.
Do you want to schedule a presentation for your agency or community organization?
I am available free of charge to help meet the community needs of New Jersey and New York State.
What additional questions do you have?
Thank you very much for participating today.
‑‑ I thank you very much for participating today.
I see no further questions.
Thank you for your time.
I will welcome you back for next month's presentation.
We will talk to you soon.
Goodbye.