A severe injury that puts you out of action for a while can seriously impact every area of your life. It stops you from doing basic things that you took for granted and it can have a knock on effect on things like your social life because you’re not easily able to get out and about.
If the injury is bad enough that you’re out of work, it can be difficult to deal with. A lot of people feel that they’ve lost their sense of purpose and they don’t know how to fill their days.
When you have a serious injury, your priority is to recover as quickly as possible and there are certain things that you can do to help with that. But regardless of how much effort you put into your recovery, it’s going to take time and it’s important that you don’t rush back into your normal routine, otherwise, you’re likely to injure yourself again.
That means there is going to be a recovery period when you’re out of work and you need to find ways to keep yourself occupied. More importantly, you need to find a way to manage your finances properly and that’s incredibly tough. Losing your income coupled with medical bills is a recipe for financial disaster and that adds to an already stressful situation.
A lot of people resort to borrowing but that leaves them under a mountain of debt that is so difficult to get out of. The good news is, you shouldn’t need to do that if you’re smart with your finances and you should be able to survive until you’re well enough to work again. If you’re unable to work due to an injury, these are the best ways to handle your finances.
1. Speak To Your Boss About Sick Days.
If your company offers paid sick leave, you need to talk to your boss about it. If you’ve been working there for a while, you should have built up some paid sick leave that you can use. In most companies, you won’t get that many and it will only cover you for a few weeks, if that, but you need everything that you can get right now so make sure that you’re using any paid sick leave that you’re entitled to.
If you recover quickly enough and you have a good amount of sick days, you don’t need to worry too much. However, if you don’t have any paid sick leave or you only have a few days and your injury is going to take a lot longer to heal, you’re in a more difficult position.
2. Claim Compensation.
If your injury was directly caused by somebody else, there is a chance that you have a compensation claim and that’s definitely something that you should look into. You can file a compensation claim via Wilson Law Group or other similar law firms that deal with personal injury cases. Get on to a lawyer right away and explain your situation to them and they’ll tell you whether you have a case or not.
Evidence is very important in these cases so it’s a good idea to take photographs of your injuries so you can show the initial damage. You’ll also need medical reports from your doctor to show the extent of the injuries and how they have impacted your daily life.
Start collecting all of this evidence and get the wheels in motion right away because these cases can take a while to go through court.
If you win your case, you’ll get money to cover all of your medical bills, plus a settlement on top, which will be a huge help if you lose your income. That extra money should be enough to survive on until you’re well enough to go back to work.
3. Audit Your Finances.
Once you’ve claimed any sick leave and compensation that you’re entitled to, you need to do an audit of your finances so you know exactly where you stand. See what you’ve got left in your emergency fund (assuming that you have one) and factor in any compensation payments and sick leave that you’re entitled to. This will give you an idea of how much money you have to play with. Then you need to add up every single one of your monthly expenses and see how much your outgoings are each month, and don’t forget to include your medical expenses because even if you have compensation, you may still have cover the costs initially.
After you have added everything up, you’ll have an idea of how many months you can survive for before you run out of money. If you have enough to last until you are recovered, you don’t need to worry too much. But if you’re likely to run out of money long before you’re fit to go back to work again, you’ll have to rethink your spending.
4. Write A New Budget.
Your budget when you’re earning is very different to your budget when you don’t have an income and you’re working with a limited amount of money. A lot of the things that you can usually afford are probably going to have to go out of the window for now. Look through all of those expenses and decide which ones are necessary and which aren’t.
That means things like eating out or ordering in, TV subscriptions, and any other luxury purchases that you make. Once you remove all of the unnecessary spending and just stick to the things that are absolutely vital, you should be able to make your money last a lot longer.
5. Focus On Recovery.
The faster you can get back into work, the easier it’s going to be to manage your finances, which is why it’s important that you focus on your recovery. There are a lot of ways to speed up recovery like eating a nutritious diet, stretching properly and doing light exercises to build strength, and most importantly, getting rest.
It’s important that you don’t rush your recovery and you always take the advice of your doctor so you can make sure that you’re really ready before you return to work.
Managing your finances when an injury puts you out of work is hard, but if you follow these steps, you should be able to avoid borrowing and putting yourself in debt.