Staying on top of your health is hard at the best of times but it’s even harder if you have a chronic health issue that means you can’t work. It might be that you’ve been injured or work or you end up falling ill unexpectedly. Whatever the reason, going from regular work to nothing overnight is really going to throw a spanner in the works. Even if it’s just for a short period, not having a regular income makes life so hard for you. But don’t worry, it’s still possible to manage your money properly if you have a long-term illness or disability. Here’s how you can do it.
Help From Your Employer
You need to start looking for financial help if you’re going to get by. The first person to ask is your employer. You may be entitled to sick pay so you don’t need to worry about not having an income at all. Speak with them and ask exactly what you’re entitled to, you should also explain your situation to them and give them some idea of when you’ll be able to return to work, if at all. If you’re lucky, your employer may have a generous sick pay scheme which will give you enough money to get by, but not all of them do. In that case, you need to start looking for help elsewhere.
In some cases, you might have an insurance policy that covers you for long-term injury so you need to check. Get in touch with an ERISA lawyer, they deal with the laws surrounding insurance for long-term disability or illness. They’ll be able to tell you whether you’re entitled to any money. That money can be such a massive help if you’re out of work so make sure you do this right away. The process of claiming it can take a while so it’s best to start as early as possible.
If you’re unable to work, you’re probably entitled to some benefits. Some people don’t like the idea of claiming benefits because they’re too proud but if you’re out of work, you need that extra help. Get in touch with your local authorities and ask about what benefits you’re entitled to. Again, the process can take a while so the sooner you get started, the better.
Write A New Budget
Once you’ve claimed all of the money that you’re entitled to, you need to look over your finances and see exactly how much money you’ve got coming in. At this point, you probably won’t have as much money as you did when you were working. That means you’re going to have to make some cutbacks so you’re not spending too much. Make some simple changes and you can save money on food, cut down on your energy bills and stop making impulse purchases. It’s difficult to cut back on spending but if you’re going to be out of work for a while, you’ll need to make some sacrifices.
Managing your finances when you’ve got a long-term illness or injury is tough but if you follow these basic steps, you can manage it.