When you are injured and you are unable to work, it can put you in a very difficult financial position. Your health should always be your first priority and you need to focus on making a full recovery.
However, it’s important to think about your finances as well, especially if you are going to be out of work for a while. The extra stress that comes along with financial difficulties can take a toll on you and make it harder to recover, so managing your money properly is vital.
These are some of the best tips for managing your money after a serious injury.
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Keep Working If You Can
If you can continue working, it will make life a lot easier for you, so you should speak with your employer. Even if you are unable to get into the office and work full-time, there may be aspects of the job that you can do remotely. If you can continue working in some capacity, you can bring a bit of money in and that will take the financial pressure off while you recover. Just make sure that you don’t overexert yourself because it may slow your recovery down.
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Seek Financial Help
You may be entitled to some financial help, so you should look into it straight away. If you were injured at work and the accident happened because health and safety procedures were not being followed, you are eligible for compensation. Get in touch with a professional body like The Hadley Law Firm and explain your situation to them.
They will be able to help you claim any compensation that you are entitled to. That extra money will be such a huge help, so make sure that you start the process right away. You should also speak with your employer and claim any sick pay that you have built up, and look into any benefits that are available from the local authorities.
Rethink Your Budget
Your current budget (if you have one) is based on your earnings. But if you are out of work and you are not earning, you need to rethink that budget. You should add up all of the money that you have in your accounts, including your emergency fund, and get an idea of exactly where you stand.
Then you need to start cutting unnecessary expenses out of your budget so you can make that money stretch further. You may have to live without a lot of the luxuries that you are used to but it is only for a short period while you recover. Once you are well enough to work again, you can go back to your original budget.
Avoid Borrowing If Possible
A lot of people manage their money badly while they are out of work and they don’t make adjustments to their budget. That means they end up borrowing money to cover monthly expenses, but you should avoid this if possible. If you do borrow money while injured, clearing that debt should be your first priority when you are back at work. If you don’t, you will end up in long term financial trouble.
If you do not manage your money properly after a serious injury, you will dig yourself into a financial hole that is very hard to climb out of. But if you follow these simple tips, you can avoid that.