Many people are currently facing what it’s like to be unable to work. When it’s impossible to work from home or your workplace has had to close down, it can be a very unsettling time, leaving you worried about your finances.
But a change to your circumstances can happen at any time, and not just due to coronavirus. An accident could just as easily leave you unable to work, leaving you with some tough choices to make about your finances. Finding ways to make it through can help make you stronger and more resilient, as well as better prepared for the future.
Whatever the reason you’re unable to work, take a look at the following advice to help you handle your money so that you can make it through.
Do the math
While it’s easy to start panicking about a drop in your income, you need to take action fast to stop it from affecting you. Making a budget can help you work out how much you need to pay your bills, and what’s left to live on. You might need to make some short-term sacrifices to free up more of your income, but at least you’ll know where you stand financially.
Find out what help is available
There are different kinds of assistance available if needed at this time. From workers’ compensation to payment breaks from your bank, there are ways you can adjust your finances if needed. If the reason you can’t work is because of an accident that someone else caused, you could get legal help and document your claim to help you get some compensation. Explore all avenues to make sure you get any help you’re entitled to.
Future-proof your finances
A drop in your income can be a wake-up call to the need to be better with money in the future. From getting the right insurance to putting savings in place, there are things you can do to protect your income in the future. Making investments can help you in times of crisis, so working towards a second property or other major investment could be a wise move for your future.
Make extra money at home
More and more people are looking to make some extra money at home, and it’s easy to see why. There are a lot of things you can do to bring in more income, such as blogging or virtual assistant work. Many people also turn hobbies into careers as a fun and enjoyable way to bring in a second income, or change careers. Explore the different options and soon you could be making a healthy second income from the comfort of your own home.
Whatever the circumstances that have left you unable to work, make sure you take action instead of burying your head in the sand. Talk to friends or relatives if you’re struggling, it’s important to get the help you need to help you make it through.