Family Finance: How to Take Care of Your Money after Suffering a Workplace Injury
Many workplace injuries are relatively minor, and the individual affected can quickly recover and get back to work. Other injuries may be serious, and they make take weeks or months to recover from. Some injuries are so serious that they result in a permanent disability.
When you are unable to work for even a short period of time, your family’s finances can be seriously impacted. More than that, you may also have expensive medical bills filling up your mailbox. Protecting your family’s finances in this type of situation is critical, and these steps can help.
Cut Back Where Possible
One of the best steps that you can take initially after being injured on the job is to reduce your expenses as much as possible. Identify frivolous extras that may be inflating your budget unnecessarily, such as cable TV.
Look for alternatives that may be more affordable, or remove unnecessary extras from your budget altogether. Many families may save hundreds of dollars per month by taking this action as soon as possible.
Your Spouse Goes Back to Work
If your spouse has been a stay-at-home parent for the last several years, it might be wise that they go back to work for at least the time the other is out on disability. The reason for this being is that your family will suffer from a major income loss with not being able to work even though you may be able to collect from disability, workers’ comp, or another form of financial assistance.
With the other spouse going back to work on some level, even if it is just part time, that will be able to help your family weather the financial storm that is a workplace injury.
This will help you be able to pay off monthly expenses, keep food on the table, and a roof over everyone’s head. And while you still may have to give up on some of the luxuries you had before, it will be far fewer with one of you working than neither of you at all.
File a Workers’ Comp Claim
Workers’ compensation is designed to pay for employees’ medical bills and other related expenses while they recover. The amount of a claims settlement can be tremendous in some cases, but you will need to manage your funds properly to ensure that this money stretches as far as you need it to.
While you may receive some money from this type of claim, be aware that you may not always feel as though your claims settlement is fair. Legal assistance may be required if you believe that your claim was not handled properly.
Seek Legal Assistance
Some workplace injuries are the result of negligence or even intentional actions of others. For example, you may have been involved in a workplace injury while operating a forklift, and the forklift may have had a serious flaw caused by fault manufacturing techniques.
Consulting with a law firm like Bellotti Law Group, P.C. about the issue can tell you if a personal injury lawsuit against the responsible party may benefit you. Not all workplace injuries may be feasible for a workplace injury, so take time to learn about the options.
Through a personal injury lawsuit, you may obtain additional compensation that could ease your family’s financial problems at this time.
Depending on your situation, you may be able to use one of these financial methods or a combination of them to help you manage your family’s budget during this time. Examine all options carefully so that you protect your financial situation as much as possible.
Category: Family Finances
