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When you’re feeling unwell, coping financially is the last thing on your mind. However, the truth is it’s important to take the time in advance to think about your financial health. If you fail to make financial arrangements while you’re off sick, you may end up struggling financially as a result. This is also true if you’re away for an extended period of time which makes coping financially particularly difficult.
That’s why it’s so vital that you take the time to think about your finances sooner, rather than later. First, make sure that you have an action plan in place for how you will cope if you’re unable to work. Factor in how you will pay the mortgage or rent, how you will cover the bills, and how you will put food on the table.
Are you wondering what steps to take for coping financially? To help you get started, here are some guidelines for everything that you must know.
Ways of Coping Financially When You’re Off Work
Understand Your Sick Pay
It’s important that when it comes to sick pay you understand what you are entitled to. While there are certain guidelines in place that cover all job roles, depending on how many hours a week you do, and how long you’ve been working in a role for, the amount of sick pay (and when it can begin) may differ. Therefore, your best bet when it comes to sick pay is to speak to your company’s HR department to find out what you are entitled to.
If you work in a freelance capacity as opposed to being employed, then you need to look into the sick pay options available for you. There are a number of routes that you can go down: it’s just a case of taking the time to research them properly.
Start Budgeting
If you don’t already budget, now could be a good time to start. You may not be keen on the idea of having to budget your funds, but if you are potentially going to be off work for a while, then you may need to start being more mindful about how you spend your funds.
Learning to budget isn’t always easy, especially when you’re used to living in a certain way. However, if you want to give yourself the best chance of making sure that your funds will last, then you need to think carefully about how you are spending your money. If you need help with effective budgeting, there are a number of useful smartphone apps that you can take advantage of, such as Bean, for example.
Consider Taking Out a Loan
Not sure if you will be able to survive financially without your income? Then you might want to look at your other options. Could you borrow money from a friend or family member to help tide you over? Or, if you don’t have anyone that you can ask, perhaps you could look into taking out a loan from somewhere like Cash Lady, for instance.
If you are going to take out a loan, it’s important to ensure that it’s affordable and you will be able to pay it back once you are back to work again. Otherwise, borrowing money could just make a bad situation worse.
Look at Remote Working
Another option could be to consider remote working. If you’re too unwell to go into work, perhaps your employer would allow you to work remotely from home. That way you could still earn while you are off sick, and your bank balance won’t have to suffer.
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About the Author: Ashley Edwards
