December 9

How To Manage Your Money After A Serious Injury

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.

This post may contain affiliate links, which means that if you click on one of the product links, I’ll receive a commission or other benefit at no additional cost to you. Thank you for supporting The Daily Change Jar.

Want access to the Free Printables Library with loads of resources for saving money, making a side income, and managing the money you already have? Enter your info below to get instant access to all the FREE goodies!

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.

Related:

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.

Related: Here Are Some Things That You Should Never Try and Save Money On

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.



Tags

budget, insurance, savings


You may also like

4 Quick Tips To Heat Your Home For Less

5 Simple Ways to Save On Food Costs

  • These days injuries and bad health cost alot of money, and after getting good we should think about ways to save, and to also save for future troubles… the nice rule of thumb I used is to have atleast $1000 extras for any kind of medical troubles… thanks for bringing the light to this important topic 🙂

  • {"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

    Subscribe to our newsletter now!

    >