5 Ways to Look After Your Money When You're Injured
/When you’ve been in an accident - be it a head injury from a car crash or a broken ankle from a fall - it can be an incredibly stressful time. Accidents remind you how precious - and precarious - life is. So, while it’s important to make sure your finances are in order in preparation for any unpredictable life events, it’s also crucial to know how to look after your money when you’re in the middle of the storm. Here are some simple steps to help you navigate looking after yourself, your money, and your family when you’ve been injured.
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1. Take stock of the situation
First of all, you need to analyze your current situation. Can you carry on working, or will you have to take leave? Will your leave be paid for by your employer, or will you have to consider governmental support, or leaning on savings? These are all very important questions to answer before you can make any kind of plan for the future.
2. Explore different ways to make money
If you are unable to work in your traditional field, or you need to boost your income to pay for treatments, or you’re waiting to receive money from a settlement, there are lots of ways to make some extra money. These options range from selling your belongings online - sites like eBay or Facebook Marketplace are great options - to picking up freelance work using websites like Upwork. For more ideas, check out our article covering 22 ways to make money from your couch.
3. Seek professional help
Taking time to stop, rest and recover is definitely key when you’ve been injured, and you’re out of action. However, it’s also important to consider the situation you’re in and consider whether you should take any next steps. If you feel comfortable - and, of course, if it’s appropriate, depending on your accident - consider seeking legal help to see if you’re entitled to any compensation.
4. Undertake a financial audit
If you’re not working and you find more time on your hands, consider undertaking an audit on your personal finances. This is the time to review your financial situation and consider where you can make changes or move money around. This will also be helpful if you are looking to reduce any potential expenses in the future. There are online tools and apps that can help you elevate your financial wellbeing.
5. Find a tax expert
If you do find you’re entitled to a settlement, there may be certain taxes imposed on the money. If that’s the case, it can be quite complex to do yourself, and meeting with an accountant or tax advisor can help you understand what you may owe.
The legal and accounting links above are not endorsements nor are they affiliated with Money & Mimosas. Please do your own due diligence before engaging with services.
