4 Ways to Manage Your Finances after Experiencing an Injury

Tuesday, September 26, 2017, 6:00 PM | Leave Comment

When you have an injury that reduces your ability to work, personal finance can become a big source of stress.

There are tactics you can use to make your dollar go further and save more money during this difficult time. The key is to not panic and to be careful about how you spend money.

4 Ways to Manage Your Finances after Experiencing an Injury

  1. Buy in Bulk Whenever Possible

    When money becomes tight, it can be tempting to start buying the smallest amount of each item that you need. After all, it costs less that day to buy one roll of toilet paper than to buy a whole pack of it.

    Buy household products in bulk whenever you are able. The per-unit cost of each item is much lower when you buy more volume of the product at once. You will save a lot of money if you buy your goods and groceries in bulk.

  2. Seek Compensation for Your Injury

    If it is possible to receive financial compensation as a result of your injury, do it. This is most common with workplace injuries where your employer may be liable for some of your medical bills and lost wages.

    There are also opportunities for compensation when you are injured at home or in the neighborhood. The next section provides a hypothetical example of this scenario.

  3. Ask Family and Friends for Help with Tasks

    When you are injured you may feel pressure to pay for services that an able-bodied person could do without help. These expenses can include house cleaning, cooking, gardening, and running errands.

    For example, imagine a person who is talking to a lawyer after being injured while helping their neighbor with yard work. They are often unable to run errands or lift anything heavy for a long time after the injury, and they discuss their options for compensation with a personal injury lawyer. This is a chance for friends and family to help while the legal process is underway.

  4. Write down All Your Expenses

    The best way to manage your finances after an injury is to pay closer attention to what you spend. A simple way to do this is to get a journal where you write down all your expenses at the end of each day. This will help you to avoid overspending without realizing it.

Don’t let your finances get the best of you while you are injured. Use the tactics listed above to manage your money during this difficult time.

Author BIO

Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.

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