Out on Workers' Comp? How to Take Care of Your Personal Finances

Thousands of wage earners go out on workers' compensation every year. The experience can be brutal because the workers generally lose the ability to earn money immediately. 

The following is some information about what happens to the personal finances and what a person can do take care of them during a workers' compensation period.

The Decline of Family Funds

Workers' comp cases usually put the family in shock right away because they are so unexpected and sudden. A family that does not have a good amount of savings can suffer immensely if these funds are not available. 

The bills like the utilities, mortgage and rent will continue to build up, but the injured person won't be able to pay them until the Worker's comp money comes in. 

Therefore, it may come down to eliminating some of the daily pleasures that your family enjoys such as cable, Netflix, and maybe even the internet to help you save money. 

You may have to budget out every grocery trip and even ration your daily meals. This may even require your spouse to go back to work. No matter how you look at it, until your workers’ comp comes through, you will be facing major financial changes and decisions.

The Worker's Comp Process

A Worker's comp case can go smoothly if the insurer approves the case. If the claim is

deemed invalid for some reason or another, the family finances could crumble by the time the situation resolves. 

Families will suffer horribly if they do not have a large portion of the money saved. To help you navigate this process and make sure that your finances are taken care of, you should contact a lawyer like those at Oxner + Permar, LLC. for assistance. 

Without a good lawyer on your side, you may not get all of the money you need to cover your expenses from workers’ comp. And while hiring a lawyer may ultimately cost you money, this will help you in the long run in making sure that you get the money you deserve from workers’ comp to take care of your family. 

Then you won’t have to give up those extra pleasures that your family enjoys on a daily basis.

What the Family Can Do

Making smart decisions before on-the-job injuries occur is the best way to avoid total devastation when something like this happens. Starting an interest bearing savings account is a good idea as well as making small investments. 

Both ventures can help a family to get through a crisis and it will help alleviate any financial strain that your family may incur during this trying period.

There are several things that the other family members can do once the leave begins. One thing they can do is start selling the items from the home that no one needs. 

Items like household goods and electronics may sell at online auction sites. Examples of things that can bring money in are items such as cell phones, computers, navigational systems, clothing and the like. 

Another thing that you can do is work some odd jobs. Short-term loans and pawnshop advances are tangible, as well. The best way to bring money in is not to borrow it, but it may be necessary.

The struggling family unit will make it if they follow some of the previously mentioned tips. The other tip is to file the workers' compensation cases as quickly as possible so that it can proceed quickly. 

The injured person must also do everything that the employer requires him or her to do.

UK Retirement Savings Map Shows Who's Saving and Who's Not Saving for Retirement

Dreams of a comfortable retirement are going to turn into a nightmare if you don't save money today. It's hard to believe many people are saving little to nothing in their workplace pension plans. Lately, there is a discussion going on in the media concerning this very issue.

In the infographic below you can see how the different regions in the UK are saving money for retirement. It's not very encouraging to see the neglect that many workers are taking to their retirement pension plans. Saving little to nothing seems to be the norm and not the exception. Check it out.

Credit: True Potential, A UK based company providing an online investment service

Debt Management: 7 Things You Should Be Considering Before Filing For Bankruptcy

Thousands of people file for bankruptcy each year when they find that the financial rut overwhelms them. Bankruptcy sometimes leaves a consumer with a poor credit score and file for up to seven years. If you are currently considering bankruptcy, you can consider these seven alternatives before you move forward.

Debt Settlement

One thing that you may want to consider before you file for bankruptcy is a debt settlement. You may be able to get an experienced counselor to negotiate a "pay in full" balance on some of your accounts that could render them as paid. 

If you can get that “pay in full” balance, then you essentially have a clean slate and you will be able to move on. With that said, you don’t want to go back into debt and you will want to be more careful about how you invest and spend your money in the future.

Debt Consolidation

Debt consolidation is a very common practice. You may just need to consolidate your bills so that they will be clearer to you. You can do a consolidation with a credit card, consolidation loan or a debt management plan. 

All three alternatives will allow you to make one low monthly payments. This should also help lower the interest rate on these payments making the burden of your debt a little easier to bear.

Debt Negotiation

Debt negotiation is the act of trying to persuade the creditors to give you a break on your debt. You can do that through an experienced attorney or counselor. You may be surprised at the leniency you receive if you make an effort to negotiate. 

However, you do not want to enter these negotiations without that attorney or counselor on your side. This will give you a better chance of getting some breaks on your debt payments.

Budget Consulting

Budget consulting is an educational course that a seasoned financial specialist like the ones at the Law Office of Barbara B. Braziel provide. Such lessons can teach different aspects of your financial profile and how you can avoid some of the most common pitfalls. 

If you go through such a program, you can learn how to cut your expenses so that you can have more funds for your savings and debt.

Debt Management Program

A debt management program can get you back on track without making you file for bankruptcy status. 

A counselor can help you to develop a monthly repayment plan that fits into your budget, and the counselor can even pay the bills for you each month for a small fee. Some consumers find such programs to be quite helpful.

Credit Monitoring

One of the best ways to keep track of your credit and how it has been impacted by debt is to monitor it. Monitoring your credit can keep you out of the bankruptcy court. 

You can dispute things that are making your credit report look poor and keep an eye on new developments. Monitoring software costs approximately $10 a month.

Credit Counseling

Sometimes it is just too difficult to manage your debt and budget all on your own. Sometimes you really do need the assistance of a professional. 

It may cost many to have a counselor or financial advisor on your side, but if it ultimately helps get you out of debt in the long run, then this is worth looking into.

Now you know of some alternatives to bankruptcy. Consider them and whether they can serve you well. If not, you can always speak to a bankruptcy expert.

Best Healthcare Technologies to Invest in as You Get Older

As you age, it’s not uncommon for simple tasks to become more of a struggle and the loss of independence can be quite hard to swallow. 

Technology is constantly advancing, and now there are different devices and systems that can assist with everyday tasks and improve the quality of everyday living. 

Here are some of the best healthcare technologies to invest in as you get older. 

The Tabsafe

The Tabsafe is a device that assists with medication consumption. It is a fully medication management system that can do everything from sending reminders on when to take medication and how much to take, to sending information to doctors when prescriptions are running low. 

This technology essentially assumes the role of a medication nurse and eliminates the need for any added fussing. One of the most useful features on this devices, is the fact that all information regarding medication and consumption can be accessed through a portal on any smart device or desktop – so loved ones, family members and healthcare professionals have easy access to any important information they may need in a case of an emergency.

The Grandcare System

The GrandCare device is a home system that has countless adaptable features. The system is a large tablet face with user friendly touch-screen buttons, which delivers instructions, reminders, medication prompts, social communications with friends and family and even videos. 

One of the most popular features is the Care Portal, which allows family members to stay connected with ease, by allowing them to exchange messages, and to access important information on things such as upcoming events, health indications and medication renewals. This technology is so versatile and user friendly that anybody could use it.

GPS

GPS technology systems are tracking devices operated by satellite locators. They are able to pin point the location of any receptive device, which can be extremely useful for the elderly. 

For example, this technology would be great in the event of an emergency, where a senior is suffering from a mental health problem, memory loss or confusion and leaves the house unattended. 

GPS tracking is easily accessed through smartphone devices and applications and can therefore allow the user to be situated and helped quickly. Technologies like sensors, GPS tracking systems and even senior focused social networking sites often mean that seniors can live at home and maintain a level of independence.