Don’t Let An Accident Or Illness Derail Your Finances | Get Financial Freedom Tips | Transform Your Financial Future


Tuesday, December 5, 2017

Don’t Let An Accident Or Illness Derail Your Finances

The truth is that no one ever thinks that it will be them who is injured in a serious car accident or falls foul to a devastating illness, but the fact is that no one knows what is and isn’t going to happen. We cannot see the future, as much as we might like to believe that we can, we have no idea about what is going to happen next year, next month, later this week, or even later today - anything could happen at any time. That is why when it comes to your finances, being prepared for the worst, even if you don’t think that it will happen, is important.


Bearing that in mind, the question is: what can you do to ensure that an accident or illness does not derail your finances and make life more difficult for you than it has to be? For all of the best advice for ensuring that regardless of what happens, your finances remain on track, read on.

Things that you can do now:

Take out adequate insurance cover. If you don’t already have health and life insurance cover in place, now is the time to take these two forms of protection out. When looking for a health insurance policy, make sure to choose an option that not only offers healthcare cover but also provides both short and long-term cover and financial support, should you require it. While some accidents and illnesses will have no long-term impact on your life, others will and could lead to you being unable to work, which is why having adequate insurance protection in place is so important.

Set money aside each month. To ensure that no matter what happens, you always have enough money to get by on, it is important to set aside a certain percent of your paycheck each month. Ideally, it should be ten percent of your paycheck that you put aside, but if that amount is too high and is unaffordable, five percent can also work well. The crucial factor is not how much you can afford to put aside, just the fact that you are putting money aside each month. As by ensuring that you have money set aside for any emergency situations that may occur, you can make sure that no matter what happens, you have funds to fall back on.

Be frugal. When it comes to how you spend your money, being frugal is a great habit to get into. You may not necessarily need to lead a frugal life right now, but even so, attempting to spend as little money as you need to, to get by, could be a good habit to get into. That way, not only will you not overspend and waste money, but you will also learn to get by with a smaller amount of money each month, which should you ever have to live off a smaller income, could be a vital skill to have.

What should you do if an accident or serious illness occurs?

Seek expert help. The first step that you should take if you are injured in an accident or become seriously unwell is seek expert advice. If the cause of your accident or illness was not your fault, then you should be able to get plenty of financial help. Say, for instance; you were injured in a road traffic accident because another driver was drunk or driving too fast, you could opt to contact The Law of Offices of Casey D. Shomo for help and advice about the steps that you would need to take to make a claim against the driver. The fact is that if you have ended up in the hospital through no fault of your own, then the chances are that you will have a case for compensation, as the accident or illness was not your fault, but was caused by someone else’s negligence. Whether it’s short or long-term damage that has been done, you should be able to receive the funds that you need to ensure that your finances remain on track and that you are able to live your life to the full.

medical advice

Get proof. Obviously, in cases where someone has been injured or fallen ill as a result of someone else’s actions, such as developing COPD or other lung problems because your employer has allowed you to work with asbestos without the proper precautions in place, then you may need to ascertain proof that your illness or injury is not your fault. There may already be proof, such as a lack of other safety precautions taken by your employer, or you may need to do your research and find the proof that you need.

Make changes to how you lead your life. If you are unable to return to work after an accident or serious illness, it is important to take steps to make changes to how you lead your life. Regardless of the amount of compensation that you are able to get, it is important to make changes to your life and lead a more frugal life, to ensure that any funds that you have or receive last well. After all, when you are no longer able to work, your whole life changes, as you do not have the luxury of earning more money each year, unless of course, you choose to retrain and change career paths.

The truth is that a serious accident or illness has the potential to totally and completely derail your finances, having a huge impact on yours’ and your family’s life. However, that does not have to be the case, if you are smart about your finances and know what steps you need to take to protect them and your way of life, then an accident or illness does not have to have a negative impact on your financial security. It’s just a case of knowing what it takes to effectively get by when you are no longer earning, or when you are not earning for a while as you recuperate and recover.

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