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Stay afloat when you're unable to work

Stay afloat when you're unable to work

Last updated 1st Sep 2022

You can’t always predict when you’re going to be ill or unable to work. Having treatment for an illness or injury can put you out of commission, which means you’re not making money. This can come as a shock and hit you hard financially. There are fortunately several ways to can prepare for such situations, as well as deal with financial issues that arise while they’re happening. By being well-prepared and reorganizing your finances when you need to, you can make it a little less stressful to stay on your feet. Here are some of the ways you might make yourself ready for just such an eventuality.

Make sure you have good medical coverage

If you’re ill or injured, you’ll likely have medical expenses to cover. Starting with medical insurance or assistance will help you ensure that at least some of your costs are covered. Some people are eligible for Medicare or Medicaid, and you can also supplement Medicare with additional policies. Head here for more on how you could extend your Medicare to cover your medical expenses. However, your insurance won’t necessarily take care of everything. Having savings will also help you out, making it easier to take care of any expenses your insurance doesn’t cover.

Build your savings

Savings won’t just help you take care of medical costs. If you have some savings you can dip into, you won’t have to worry so much about not earning. Your savings can help to support you in a variety of ways, helping to pay for your living costs. If you can, it’s a good idea to save the equivalent of a few months’ salary. Then you can support yourself for several months if you need to, as well as have money for other unexpected costs.

Know where to get help

If you find yourself in a sticky situation financially, it’s useful if you know where you can go for help. Apart from any possible government assistance you might be eligible for, you can often find various organizations that will help you out. For example, charitable organizations or those related to specific illnesses or disabilities might be able to provide assistance. Churches, community groups and social organizations could help you too. They might not necessarily provide financial assistance, but they could offer food, help at home or anything else you might need.

Adjusting your budget

Another way to help yourself if you’re unable to work for a while is to take a look at your finances. Changing your budget so you spend less will help the money you do have to go further. There are many ways you could make some savings, from spending less on food to limiting your social activities. Adjusting your budget can sometimes make your life seem less interesting, but there are still ways you can make sure you enjoy yourself sometimes. Look for inexpensive and free ways to have fun.

You can’t always know when you’ll need to take time off work. However, you can try to prepare for it happening so you can stay financially stable.

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