For majority of people, if you’re unable to work your entire livelihood will be changed dramatically. No more eating out, no more vacations, no more treats for the kids, but most importantly, no more bills will get paid. Being off work due to an injury or illness is hard enough as you have a whole new way of life to adapt to, but when these stresses are compounded with the notion of not being able to make your next mortgage payment, the pressure can become too much. Below are some ideas of how you can still get your bills paid on time if you can’t work due to injury or illness.
Guard Your Money
Protecting your income should be just as important as protecting your assets and your children. An income protection policy is the best way to ensure you’ll still be able to pay your bills on time if you’re injured or ill and can’t work because of it. You don’t have to go through the big banks and insurance agencies. There are smaller insurance providers like www.superclaim.com.au that are more nimble and better equipped to work one-on-one with customers.
Seek Compensation
If you’ve suffered an injury on the job that stops you from being able to work then hiring a personal injury lawyer like those at https://www.killianlaw.com/ can be crucial in seeking the compensation you deserve. These legal experts specialize in navigating the complexities of workplace injury cases, from gathering evidence to negotiating with employers and insurance companies. By hiring legal help, you gain an advocate who will fight to uphold your rights and secure fair reparation for medical bills, lost wages, and other damages. With their expertise, you can focus on your recovery while they work to hold those responsible who are accountable for a lapse in safety, resulting in injury.
Super Access
Many people don’t realise that the money you put into your superannuation every pay can actually be accessed early if circumstances call for it. Although you might not want to touch this precious fund until retirement, the relief it will bring knowing you have that money there as a back-up will be enormous.
Cancel Non-Essentials
Cancelling non-essentials might not solve all your problems, but it may be a huge help in the short term. It might not feel like you can get through a day without Foxtel, but the truth is, you actually can! Make a list of all the essential items such as phone, internet, water and electricity, then go through and cull as much of everything else that you can. You can always sign up again once your regular income is back on track, but for the moment it’s doing nothing but wasting precious funds.
New Payment Plans
By contacting the companies you owe money to – or will owe money to down the track – and letting them know what your circumstances are, you might be pleasantly surprised at just how understanding they are. You are not even close to being the first person in these circumstances, so by being upfront you will be able to discuss alternate options such as payment plans, extended deadlines, or deferred payments.
The feeling of not being able to pay your bills or support your family financially can be completely debilitating. The main thing is to not let it completely overrun you. Yes, it is going to be hard, yes, it will take its toll, but if you don’t make a plan to deal with it directly you will only make the situation worse for yourself and your family. Be proactive about solutions and take stock in the fact that there is light at the end of the tunnel.
How did you or someone you know cope with their own financial difficulties when absent from work due to an illness or injury? Leave your comments in the space below.
