Sunday, June 11, 2017

4 Money Management Ideas to Employ When Injured and Out of Work

When you are injured and out of work, your finances will quickly take a big hit. Being out of work usually means having no health insurance, which further compounds your financial distress. 

These four money management ideas offer some help so that you can stay on your feet for as long as possible.

Applying for Worker's Compensation or Unemployment Benefits

If you were injured on the job, contact human resources and find out if you could qualify for worker's compensation. If you were let go because of your inability to do the job, find out if you could receive unemployment benefits. If your employer is uncooperative, consider a consultation with a worker's compensation or disability attorney.

Receiving a Personal Injury

Receiving a personal injury can be an overwhelming experience. You might feel frustrated, stressed and worried about what the future holds. Professionals, like those at D Chadwick Calvert Law Office, know that you should be sure to make the most of the insurance benefits that you have. 

Counseling may also help you to get through the experience of receiving a severe injury and loss of your job. You may also find a free support group in your community.

Cutting All But the Essentials

If your disability payments or unemployment benefits run out or never pan out, you could quickly run out of money. 

As soon as you are out of work, cut all but the essentials. Even if it means that you have to cut out the cable TV and other fun stuff, you can survive without it. Stick with the essentials at the grocery store and cut back wherever possible.

Find Work to Do from Home

There are only so many expenses that you can cut. At some point, you will have to be bringing some money into your bank account. Consider whether there is work you could do from home, even with your injury. 

Keep in mind that if you start working before a disability determination is made, the work could disqualify you from being eligible for the benefit. Some work options to do from home could include tutoring, sewing, dog sitting, house sitting or medical transcription.

When you are injured and out of work, take advantage of all of the resources available to you. Attorneys offer free consultations, and government employees at the disability and unemployment offices may be able to link you with community assistance. 

Focus on getting better and developing some new technology-oriented employment skills that could help you to find work that you can do as you recover.

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