Frugal Living

Solving Money Worries When Recovering From Illness Or Injury

It’s impossible to escape headlines and stories about the rising cost of living. Most people have noticed an increase in their bills and the cost of buying fuel and food. It’s difficult enough to balance the books if you’re able to go to work every day, but what happens if you have to take time out to recover from an illness or injury? If you’re concerned about your finances following an accident, or you’ve been ill and unable to work, here are some tips to help you solve money worries. 

Check the terms of your employment

The first thing to do when you have to take time off work due to poor health is to check the terms of your employment. Read your employment contract from start to finish and make sure you’re aware of your entitlements and rights in terms of sick pay and leave. Every company is different so you’ll need to check your individual contract. If you have any questions or queries, speak to your boss or contact the HR department. In most cases, employees receive a set sum of money for a specified period. 

Seek legal advice if you think you may be eligible for compensation

Many work accidents are inevitable, but some people sustain injuries as a result of preventable incidents. If you’ve been injured at work, or you’ve developed an illness as a result of poor working conditions, for example, and you think your employer or somebody who represents the business is at fault, you may be eligible for compensation. Seek legal advice from a firm that has experience in personal injury compensation cases. Some lawyers specialize in specific areas, such as Amazon workers compensation while others work with a wider range of clients. If you qualify for compensation, you could use the money to cover medical bills, pay for rehabilitation services and support, pay household bills and bridge the gap between paychecks if your earnings drop. 

Adjust your budget

Most of us make a monthly budget based on our income and outgoings. If your income falls, it’s wise to adjust your budget and try to reduce spending. Analyze your statements and highlight areas where you could make cuts. Start with luxury items. If you usually treat yourself to dinner out on the weekends or you pay for a subscription you don’t really use or need, cancel contracts and lower your budget for non-essentials. Try to save as much as possible and avoid using credit cards and loans. 

Ask for help

If you were already living on a very tight budget before your accident, or you have outstanding debts, it’s natural to be worried about how you’re going to muddle through on a lower income. If you are stressed, ask for help. Speak to financial advisers or charities that offer free consultations. There may be options available to you to pause or lower payments or reduce debts. You don’t have to struggle alone. 

Recovering from an illness or injury can be tough enough without financial worries. If you’re on the road to recovery and you’re concerned about paying bills or getting into debt, follow these steps. Check your employment contract and make sure you understand your rights and seek legal advice if you think you may be entitled to compensation. Ask for help and adjust your budget.

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