Accidents, injuries and illness can impact your physical and emotional health, but they often trigger financial stress too. If you’ve been off work due to an injury, or you’re coping in the aftermath of an accident, it’s important to know how to manage your finances effectively. In this informative guide, we’ll outline some simple steps to help you keep money worries at bay when your health takes a hit.
Check your employment contract
The first thing to do when you sustain injuries or receive a diagnosis, which means that you can’t work for a prolonged period, is to check your employment contract. Read the contract carefully and make sure you understand your entitlements. In many cases, if you’re an employee, you will be able to access payments for a set period of leave. Speak to your boss or contact your company’s HR department if you have any questions or queries about your situation. Seek professional advice if you feel that your employer is not sticking to the terms of your contract. It’s crucial that you get the money you are entitled to for the period specified in the agreement.
Explore compensation options
If you had an accident in a public place, you sustained injuries at work, or you’ve been unable to work due to a road accident, you may be eligible for compensation. If you were not to blame for your injuries, or you developed an illness as a result of somebody else’s negligence, for example, your employer or a Lyft driver, you may be able to claim. Speak to trained lawyers and get advice. It’s best to choose professionals with experience in the relevant field. If you had a crash that wasn’t your fault, for example, talk to a Lyft accident attorney. If you slipped in a grocery store, discuss your claim with a personal injury lawyer. If you have evidence to support your claim, you could receive a substantial payout. The value will depend on several factors, including the severity and nature of your injuries and the impact on your income and employability. You can use compensation funds to pay bills and cover medical and rehabilitation costs and reductions in household incomes.
Lower expenses
Lowering expenses can help you manage your money when your income falls. If you’re on a tight budget, or the future is uncertain, it’s wise to analyze your finances and look for areas where you can reduce or cut outgoings. Examples include subscriptions and memberships you don’t use and luxuries and non-essentials. Start budgeting. Use your budget to set spending limits. At the start of the month, calculate your disposable income and allocate funds accordingly.
Increase your income
If you’re unable to work due to poor health or an injury, there may be ways to increase your income. The first step is to talk to your employer about opportunities within your current company. If you usually undertake physically demanding work, for example, it may be possible to switch to a desk job or transfer to a different department. In some cases, it may also be viable to continue with your role with adjustments in place, such as access to treatments, therapies or specialist equipment. Another option is to modify your working arrangements. If you can’t commute because of your injuries, you may be able to work from home.
If it’s not possible to stay in your current role, it’s beneficial to look for alternative ways to boost your earnings. You may consider a change of careers, explore casual work or think about setting up a side hustle that enables you to be more flexible, for example. Look for vacancies online, network, use your contact list and think about how you could use your skills, professional experience and qualifications to earn more. It’s important to tailor your plans to suit your requirements and remember that you don’t have to make permanent adjustments. If your prognosis is positive, you may be able to return to work or pursue new avenues that aren’t open to you during your recovery.
Health issues impact our physical and mental health, but they can also contribute to financial stress. If your health has taken a hit, you may be worried about how you’re going to pay bills or keep the roof over your head. To help you avoid money worries, check your employment contract, speak to your boss and find out if you’re eligible for compensation. Look for ways to reduce expenses and outgoings and boost your income during your recovery. If you’re stressed about your finances, don’t hesitate to seek expert advice from a financial adviser or charity.
