When you’re out of work with an injury, money can be a top concern. While worker’s compensation benefits cover 2/3 of your regular pay— that extra 1/3 will be missed greatly. You have bills to pay, groceries to buy, and a lifestyle to maintain. Therefore, budgeting post-injury might look a little bit different than it does on a regular basis. For this reason, it can be difficult to make those adjustments, and sacrifices. So, we’re here to help. In fact, we might be able to help you make even more money than you planned on.
Budgeting Post-Injury … and Maybe Making a Little More
Prepare beforehand
Everyone should have a savings account just in case. No one expects to be injured on the job. But, if you have savings to fall back on just in case— that injury will be a lot less stressful to deal with. This sentiment can apply to any circumstance, or unexpected expense. So, don’t save just with injury in mind. Save because anything can happen, at any point in time. Budgeting post-injury starts with preparing for incidentals before an injury ever even occurs.
Sacrifice a few luxuries
Finding small ways to cut your expenses is the first step to making up for the 1/3 of your missed wages. Monthly subscriptions are a great place to start. Maybe you pay for Netflix, Hulu, makeup subscriptions, or another combination of those things. Consider cutting most, or even all, of those expenses until you’re back on your feet. While it’s no fun, budgeting post-injury means getting rid of a few simple luxuries.
Cut the excess
We mentioned that there might be a few ways to even make money while you’re down and out. One great way to do that, is to let go off a few items that serve you no purpose. We’re all guilty of keeping clothes, shoes, bags, or things of the sort that we never use. Consider using some of your extra time to post your clothes or items on sale sites, such as Letgo, Ebay, or Poshmark. By doing so, you can make a little extra money, clear out your closet, and make use of all that idle time. By letting go of those unnecessary items, you might just make budgeting post-injury a little less stressful.
Consider the art of couponing
You’re looking for ways to spend less money than usual— but maintain your lifestyle. So, consider the benefits of couponing. Budgeting post-injury might mean letting go of unnecessary luxuries. However, groceries are essential. But, they are also quite expensive. That’s where coupons come in. Take some time, do some research, and learn from those who do it best. By following certain techniques, you might find that you get certain things at a lowered cost, maybe even free. In fact, some people even find themselves making money.
In short, budgeting post-injury is challenging, but certainly not impossible. When you get creative about saving and making money, you might find that you’re better at it than you thought.