Managing Personal and Business Finances When You’re Too Injured to Work

Managing Personal and Business Finances When You’re Too Injured to Work

You’ve heard crazy stories about people getting hurt at work, being involved in a bad accident, or suffering a medical treatment mishap. You’ve heard about individuals who have to give up working while they deal with their personal health crisis. You’ve heard of these life-altering stories. But you never think it’s going to happen to you. The sad truth of the matter is that personal injury cases can happen to anyone. Whether it’s a workplace accident or due to the negligence of another driver on the road, in a split second your life can turn upside down. It can be a scary time trying to manage your injury while dealing with changes in your financial situation. It can be even scarier when that financial situation seeps into your business and affects others.

Just remember, you don’t have to go through this alone. You have family and friends to help lift you up and a team at your business that can help keep things running. It may take a few adjustments to your lifestyle, but you will be able to get through this with financial security. Just because you can’t work at your normal job, doesn’t mean there aren’t other creative ways to make some income. Sometimes you just need to think outside the box and let pride go so you can ask for help. Your personal injury may have changed your lifestyle for a while, but it won’t change your drive and your dedication. You got this. Here are just a few tips and tricks for managing your finances when you can’t work due to personal injury.

Ask for help with your business.

As a business owner, it can be scary to experience a serious injury, because you’re not just worried about yourself. What happens if your business starts to struggle as a result? A company that you built with a staff you really care about could be losing their jobs all because of a fluke accident or workplace injury. It doesn’t seem fair.

When you find yourself in a tricky spot, one of the best things to do is to simply ask for help to get out of it. Go to your suppliers, explain the situation, and ask if you can set up a new payment plan or something along those lines. Feel free to reach out to your community asking for extra support. Or even go to the bank to try and take out a loan to cover the expenses that are piling up. If you happen to be a franchisee, you may have specific options for franchise financing. Check out Franchise Lenders who help create personalized plans and solutions for you to get the funding you need for your franchise. With flexibility and niche experience, these lenders will make your life as a borrower quick and easy. Don’t let the fear of money keep you as a business owner distracted from curing your illness or working on your recovery. Let organizations with years of experience help you get back on track with a business loan.

Rely on your team to pick up the slack.

If you are running a business, you may be concerned about the next steps for your company as a whole. You may not be able to work, but that doesn’t mean your team has to slow down. In fact, this is the perfect time to rely on your staff and the community you’ve built to help you pick up the slack. Maybe it is time for you to take a step back from the day-to-day operations and let some other people step up to the plate. The key is to continue making a profit and generating revenue. Consider cutting back on some extraneous costs or ordering less than your normal supply for a month or two. But remember, your staff is the backbone of your company. They are helping to lift you up and get your company through a tricky time. Don’t cut their wages to make up the expense. You and your team still deserve to be paid for all the hard work you’re putting in.

Seek compensation for your injury.

Oftentimes personal injury cases are not the victim’s fault. Maybe you were involved in a workplace accident that left you with a permanent disability or another driver injured you in a devastating car accident. If you qualify as a victim in this situation, there is a good chance you are entitled to some financial compensation. Getting hurt at work means you can reach out to a workers’ compensation attorney who can help get you your acquisitions in a timely manner. You are entitled to workers’ compensation benefits whether they come directly from your employer or the insurance company. Consult the best of the best like a work injury attorney in Chicago to understand what you’re owed and what kind of payout may be coming your way. These personal injury lawyers will help you get on track financially while fighting for you to get the specialized care and support you need.

Look for other ways to make money.

It may be hard to switch directions with your career, but know there are plenty of ways to continue to earn an income even after a personal injury. This is where it helps to get creative and think outside of the box to discover ways to make extra cash. Certain websites even pay you for taking paid surveys and providing feedback on certain products. The best survey sites will pay you right away with free gift cards, a line of credit, or cold, hard cash. So, log on today and see just how much money you can make from the comfort of your home.

Beyond just filling out surveys, maybe you have a skill or talent you can sell. Jobs tutoring or teaching online classes can be flexible and help you make that extra money. You can also create artwork or DIY craft projects to sell on sites like Etsy. If you aren’t as interested in creating something new, what about selling what you already have? Recovering from a personal injury may be a great time to clean out your closet and get rid of things you don’t need. You’d be surprised how much extra stuff you have that you can sell for a profit. Even if you have extra space in your home, that can turn into a point of revenue. Rent out a room to a permanent tenant or on Airbnb. There really are plenty of ways to find extra income in new, creative ways. You just need to be willing to look for it.

Consider a few lifestyle changes.

A severe injury drastically changes your overall lifestyle. Not only are you worried about your finances, but you also may have new medical needs you are adjusting to. Considering some lifestyle changes may help you in both areas. Maybe you need to downsize to a one-story house or you can’t go on all the trips you were going on before. Cutting out extraneous spending will help give you more peace of mind that your current finances will stretch to cover your new expenses. Don’t think of it as losing out on your old life, but rather readjusting to find joy and happiness in your new situation.