You suffered a personal injury recently, one that happened off the clock, so it does not qualify for workers’ compensation. The injury was severe enough that you cannot work while you recover, so how can you protect your financial health in the meantime?
GreenPath offers tips for responding to a loss of income. Learn how to keep bill collectors off your back while meeting your financial obligations.
Look into employer support
Just because you cannot physically report to the office does not mean that you cannot work. Contact your employer to see if you can work remotely. Otherwise, talk to someone in HR about using your sick days and vacation time to keep money coming in. Your employer may offer short-term disability insurance for employees in your situation.
Prioritize bills and expenses
Examine your budget and income to decide which recurring bills and expenses to pay first and determine how long you can continue meeting your current financial obligations with your current financial resources. When looking over expenses, decide which you can do without for a while, such as a gym membership or subscription services. Strip spending down to the necessities.
Create a plan for tapping into assets
If you have an emergency savings account, now is the time to consider using it. You may also have little choice but to use a credit card or your retirement savings to manage essential expenses. No matter which asset you use, create a plan so you do not deplete it or spend it faster than your circumstances allow.
Communicate with your creditors
Now is the time to reach out to your creditors to let them know about your situation. They could have special programs that waive fees and extend due dates.