Keeping On Top Of Your Finances When Unable To Work

There is nothing worse than being forcefully retired from work, albeit temporarily. Not only do you have to deal with the physical, mental or emotional malady that stops you from earning money, but you also have to worry about the financial dread that creeps in when your savings run dry and you need to reassess exactly how to keep a relatively good income coming in.

However, fear not, for multiple support networks, and safety nets will be there for you to help you recuperate without having to worry about this to a dizzying degree. Instead, you might choose to try the best ways to see yourself through this period while you heal and become competent enough to work again.

Welfare

Welfare isn’t a dirty word; it exists in order to help see you through moments like. Depending on the nature of your injury or malady, you might find that you are eligible for some form of disability payment, which will be a weekly allowance that allows you to live within your means and provide yourself with the essentials that any person needs in order to feel relatively comfortable. It’s likely that if you’ve held a job until now your taxes have gone to pay into the welfare system, so it’s only right that in your genuine hour of need you attempt to use some of that money you’ve paid in to see you through.

You may have to prove your entire claim, including verification from your employer or doctor. Until the time comes when you can fend for yourself again, this can be a great option. Note that if you have a large amount of savings, or expect money to be coming from elsewhere, you may not be approved for disability welfare. The system exists to help those who would otherwise be destitute without it, so use your common sense and discretion to ascertain if you actually need it. Welfare should never be applied for to juice up a weekly savings budget, and if you do, you can be sure that you’ll be found out and reprimanded accordingly. 

Savings

If you have savings, now is the time to use them. It’s unfortunate to use this financial blanket when you’ve otherwise been saving for a car, a holiday or a new apartment, but you must take your immediate health requirements over and above any other consideration that you need to make. If you have unused assets that are laying around, now might be a good time to sell them if you need more savings to maintain a certain lifestyle you’re used to. As with all points on this list, you’ll know what’s best and how to proceed in your particular situation.

Litigation

If you’ve been the victim of a workplace accident that wasn’t your fault, then you may be entitled to some form of compensation. This is one of the best avenues to pursue if you have been supplied with inadequate safety gear, or have been expected to overstep the boundaries of your contractual job role. Some dangerous jobs will make you sign waivers that state you understand the dangers and risks of the job before you complete it, and if you have signed one of these, you may or may not be entitled to the money you think you’re owed. However, for the large majority of workplace accidents, you will be able to find some form of encouraged litigant action to take, especially if the accident has left you impeded, preventing you from living as you did before. It is always best to consult with a personal injury attorney, arming yourself with the knowledge and skills necessary to overcome any legal obstacle, or simply get advised if your case is worth taking on in the first place.

Shrewd Budgeting

Unfortunately, being injured or involved in some form of difficulty that impedes general life enjoyment means that you’ll have to scale back your lifestyle in more ways than one. Making healing a top priority is largely your most important aim. Luckily, the upside of this is that you can save much more money than you would in your general weekend partying, eating out habits. Make a list of your priority payments, your luxury payments, and try and scale back on those frivolous spending activities. The money saved can help you keep on top of important, non-negotiable payments such as the finance on your car, or your mobile phone bill. Being relatively incapacitated is a good time to exercise fiscal caution, and you can come out the other side (when healed) more shrewd and exacting about just where your finances flow.

Use these tips for a better and healthier approach to your finances when unable to work in whatever capacity. If this applies to you, we wish you the best of luck with your recovery.