Home » Illness or Injury Impacting Your Finances? Here Are Some Steps to Take.

Illness or Injury Impacting Your Finances? Here Are Some Steps to Take.

When you get hurt or injured, you can be put out of action. This has all kinds of different impacts on how you live your life. But one of the things that worry people most is their financial situation. Not being able to work or be productive means losing out on money. If things get out of your control, you can get behind on the mortgage or be unable to pay the bills. You might not even be able to buy the food to feed yourself.

To make sure that it never comes to that, you have to have a good financial plan in place. Here are the steps that you will have to take to protect your finances while you’re out of action.

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Know Your Employment Rights

First of all, you will need to know and understand your employment rights if you have time off work. You might be entitled to sick pay. This will be a reduced level of pay that you will receive while you are recovering away from the workplace. If you are entitled to this, make sure that you get it. Your employer will want to save money, but that doesn’t mean you should ignore your rights and allow yourself to be exploited. Get advice from an expert if you’re not sure what level of sick pay you're entitled to.

Pursue Compensation for Injuries

If you were injured because of something that was inflicted on you by someone or something else, you might be able to get compensation. This money could then help you to meet all your needs and financial obligations until you’re back on your feet and ready to work again. Law firms like SiebenCarey might be able to give you advice and services if this is the situation you’re in. Of course, not all injuries are the fault of someone else. So, this is only something you’ll be able to pursue in certain situations.

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Find Ways to Create New Revenue Streams

You could always look for new ways to make money. Of course, if you have a broken leg, you won’t be able to move around much. This is something that could stop you from doing your usual job. But it might not stop you from doing other kinds of tasks that could bring you in some money. These days, thanks to the internet, there are plenty of ways to earn money without even leaving the house. You could explore some of these options and create a new stream of revenue. It should keep things ticking over a while longer.

Limit Your Spending in the Short-Term

It’s always a good idea to cut your spending in whatever way you can when times are tough. By spending a little less, you make sure that you don’t run out of cash so quickly. This is especially important if you are trying to live off your savings. You should plan everything that you spend to make sure that you don’t land yourself in hot water faster than you need to. Think about what you really need and what you can do without. You might just be surprised by how much you can live on when you’re only paying for the necessities.

Use Your Insurance Cover if You Have It

If you have an insurance policy that protects your income, this should definitely be used. This is what that kind of cover is for, so make use of it. Many people don’t make claims because they don’t want to damage their no claims bonus. But when you’re in a situation where you need your income to be compensated, you need to make a claim. Of course, many people don’t have this level of cover. But it's something that you should consider in the future. It can really help you when you are in a bad financial situation.

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Recover in the Right Way to Return to Normal

Finally, you just need to make sure that you allow yourself to recover in the right way. Many people try to rush their recovery when they are in a desperate financial situation. This might seem like a good idea at the time, but this kind of plan can easily go wrong if you’re not careful. You could make your injury or illness worse if you don’t allow your body the time it needs to recuperate. The risk attached to this is that you will put yourself out of action again in the future, and for even longer. So, rushing things doesn’t even make sense from a financial perspective.

 

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