How to Avoid Letting an Injury or Illness Completely Derail Your Budget
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Living with a chronic health condition or a deliberating injury isn’t easy. It can be difficult, or even impossible, to work a full-time job or find enough support. It isn’t enough to budget through tough times, as it’s safer to make a money-saving schedule that sticks with you no matter what.
How to Prevent an Injury or Illness From Affecting Your Budget
As many as 4 million workers are out of work due to long COVID, and many more can’t join the workforce due to injury or sickness. Here’s how you can keep a budget while out of work.
Seek Possible Compensation
If you’re able to link your injury or illness to a source (i.e., car accident or business), you can hire personal injury lawyers, like the experienced attorneys at Hutzler Law, to fight for you. A decent settlement will allow you to recover physically, emotionally, and financially in time.
Shop Around for Medical Care
If you’re facing a major medical expense, it’s worth shopping around to find the best price. You may be able to negotiate a lower price with your healthcare provider or find a cheaper alternative. Try to find a local provider and health plan that covers all your medical needs.
Look Into Rental Assistance
In the US, you can find emergency rental assistance programs that can help you stay in your apartment or home longer. For example, Phoenix, Arizona, has an ERA program, which provides eviction assistance and community support for all families, veterans, and the elderly.
Take Advantage of Tax Credits
You can claim dozens of tax credits based on your financial situation, which can help you ease some of your costs. If you have children, you can claim the Child Tax Credit, whereas people who live with a dependent can receive more off their taxes. Freelancers get more write-offs.
Consider Using Food Stamps
Food stamp recipients gain access to food and meals if they’re in a low-income bracket. There are also local meal programs that can feed you while you’re off work. If you have children, you may be able to pick up school meals for them, depending on what program you sign up for.
Get a Low-Interest Loan for Debt
If you have a lot of debt from multiple credit cards or loans, consider consolidating them all into one personal loan. Not only will this take the stress out of paying off multiple accounts, but it may make it easier to lower your debt. To start saving now, talk to your bank about your options.
Cut Any Unnecessary Expenses
If you’re struggling to pay for medical bills, it may be necessary to cut back on non-essential expenses in order to free up more money. This could mean things like canceling subscriptions, eating out less, spending more time at home, or cutting back on entertainment expenses.
Keep an Eye on Your Spending
Looking at your debit account can be a traumatizing experience when you have little money, but you need to check your accounts often to stay on top of your spending. If you can’t build this habit, enable notifications on your banking app that goes off whenever you spend too much.
Make Lists and Plan Ahead
It’s easy to overspend at the grocery store when you go without a list or a plan, so you need to know what you want to purchase ahead of time. Not only will you save more money, but you’ll also become more aware of your current spending habits, helping you make better choices.
