Injured and Out of Work? 5 Keys to Staying Financially Afloat
Long and short-term injuries affect all aspects of your life, including your ability to work and, consequently, your finances. The last thing you need while trying to heal from an injury is the stress and worry of money problems.
But, there are ways to keep your finances in check, even if you have no income and existing debt. Below you’ll find five ways to stay financially healthy until you obtain further help, such as social security disability pay.
Prioritize Your Spending
Many people often find it difficult to adjust or change their personal spending habits, but little else helps your situation as much as re-evaluating where the money goes. Even if it means downsizing your current lifestyle, such changes will help you maintain your finances while you’re in between jobs.
If you rent a house or apartment, consider getting a roommate to help with the cost of rent. Even those paying a mortgage may save their home with the help of a live-in renter.
Other options include selling your car for a smaller or more modest model. It’s also a good time to take a look at your food budget. How often do you go out? Focus on smart grocery planning to make more affordable meals at home rather than spending money to eat out.
Don’t Discount Odd Jobs
Although your injury might prevent you from working full-time, consider jobs that will bring in any sort of income. Even if it means digging back into your resume or neglected skills from years ago, don’t underestimate the power of a little income here and there.
Avoid Payday Loans
You might find it tempting to get an advance on your paycheck for one thing or another that you just need to buy right now, but these schemes cause more trouble than they’re worth.
Separate your needs from your wants, and plan and budget so you have the money to meet your basic needs. Don’t create more issues just for a short-term loan of easy money.
Consider Debt Settlements
Collections agencies and others persist in required payments regardless of whether you have the ability to meet them or not. Despite your injury, few creditors consider this a reason to give you more time.
Even if you obtain extensions on minimum payments, the interest always increases. Pay of what you can now by asking creditors to consider debt settlements. You’ll likely decimate your savings, but you’ll relieve the stress that comes with mounting debts.
Consult a Disability Attorney
Along with attempting to settle debts now, you’ll find that the best way to obtain disability payments comes through the use of an experienced lawyer. Few people manage all the stresses of unemployment and injury on their own, and you deserve an advocate to help you through this time. For more information on consulting with an attorney, click here.
Remember that many disability attorneys require no payment until you’ve received compensation. All things considered, these five steps will help you deal with the issues that come with injuries and a loss of income.
Category: Family Finances
