Written by Workplace accidents are a fact of life. Even the safest work environment is likely to experience them. We can hope that it doesn’t happen to us, but that doesn’t mean we have to be unprepared for it. Specifically, we shouldn’t be unprepared for the financial strain that comes with it, and the severe impact it can have on our mental health.
Those immediate costs
First, there are the costs that come as a direct result of the accident. In particular, the costs of the hospital visit that aren’t covered by your insurance. If you’re still fit and working, you can give yourself some peace of mind by putting some cash protections in place. An emergency fund can help cover everyday expenses while you’re out of work, but it can also help with the major unexpected costs so that you don’t have to go into debt just to get treated.
Dealing with everyday expenses
After the initial costs come the difficulties of handling all your basic essential needs while you’re out of work. It can take time for any claims or reimbursement to process, so you should scale back your expenses as much as possible. One of the best ways to do that is to take a closer look at your budget with apps like https://www.gottabemobile.com/best-budget-apps/. Look over your bank statements and find the costs you can cut out. Scale back your luxuries a little and look, in particular, at online subscriptions and services that aren’t essential. Besides an emergency fund, you need to set up an emergency budget, so you can quickly reduce expenditures when you need to make your money last a lot longer.
The endless delays
As mentioned, you can be waiting quite some time for your insurance to pay out, especially if its disability insurance, or for the compensation as a result of a legal claim. Help from services like https://www.longtermdisabilitylawyer.com/disability-attorney/ can speed things along and ensure that you get the result you deserve. If you’re waiting for benefits that are rightfully yours, it can add a lot of uncertainty and anxiety. Expecting them can make them sting a little less, but that doesn’t mean you should tolerate them for too long.
Getting back on your feet
The timeframe of your recovery all depends on the injury and your doctor’s advice. If an injury results in a disability, you may not be able to continue with the career you once had. In that event, should you still be able to work in a different capacity, it might be worth looking at supplementing your income from working at home. Working online is no longer about risky schemes or being on the phone all day. There’s a huge range of remote careers that can make use of your specific skills.
The mental and emotional sides of financial strain are not often talked about, but they are a severe risk. Economic anxiety can lead desperate people to take drastic measures like payday loans that can dig them even deeper into trouble. Do what you can to protect both your finances and your mental wellness.
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