Money Worries: When Poor Health Means You Can No Longer Work

We go to school, college and university to study for the job we want. We start at the bottom of the career ladder, work our way up and make many sacrifices along the way. Whether it’s working late, missed special events, strained relationships- at one time or another most of us have put something on the line to ensure our success at work. And so when we can no longer work due to an injury or illness it can be devastating. As well as the emotional aspect there also finances to consider too- a drop in money and a change of lifestyle. If you’ve found yourself in this tough situation, here are a few things to consider.

Do You Have Any Savings You Could Use?

It’s always advisable to have some emergency savings, and if you do this situation will certainly be a lot easier. If the drop in income is due to something temporary- for example, your condition is likely to improve after treatment- using your savings allows you to keep up to date with your bills and keeps a roof over your head for the time being. However if the situation is more long term or even permanent, you may need to consider one of the options below.

Are You Entitled To Any Help?

Have you had to resign and permanently stop working due to an accident or illness? Perhaps you may get better in the future but are likely to be out of work for some time. You may well be entitled to money to live on from the government. Each country and area have a different way of doing things so you will need to research the kind of help that’s available out there and then get the ball rolling. If you’re unsure, or are having problems (such as being denied benefits when you know you should be entitled to them) you could speak to a social security disability attorney. They will fight your case for you and ensure you get access to the money you should rightfully have. Don’t be afraid to reach out for help, if you’re unable to work because of your health your country has a duty to look after you. It’s sure to be a drop in income compared with working full time, but means you won’t go hungry or lose your home.

Could You Earn Some Money From Home?

You might not be well enough to get to work each day, but a flexible job that you can do from home could be an option. When you freelance, you can control the number of projects and the amount of work you do, meaning if you have a bad day health wise you can simply choose to not take on any work. There are lots of freelancing sites online, and if you have a skill such as writing or designing these could be utilized to make you some money. You could even start a blog or Youtube channel, and once it picks up speed begin monetising it. Its something you can do from your bed or sitting at a desk so useful even if you’re not very mobile, and can help to keep you busy and productive. Losing your job can be a difficult time, coupled with feeling unwell and being bored stuck at home it can lead to further issues such as depression and anxiety. Being able to keep busy and earn a little extra income is likely to be beneficial from both a health and financial point of view.

Buying a Car Online is it Trustworthy?

It is possible to buy almost anything online, and your next car is no exception to this. The main reason to buy online is savings in both time and money. But, is it a trustworthy way of making such a large and important purchase. The answer is yes, if you follow the same principles as you would for making any purchase on or offline.

Know what you are looking for

Start your car purchase by writing a list of the specs that you are looking for. Start with those that are essential, such as manual or automatic, number of seats, fuel type and engine size. Follow this with a list of desirable specs such as air conditioning, electric windows, central locking, blue-tooth connectivity. If there are any things that you really don’t want, then make sure you note these down as well. This might be something as simple as really not wanting a pink car, or not wanting to have to do any work on the vehicle.

Set your budget

How much do you have to speed on your vehicle? Ensure that you have an idea of your top limit, as well as how much you would prefer to spend. Remember that when you purchase your car, there may be extras offered, and that these will need to be figured into your budget if you want them.

Check out the seller

Whether you are looking at a private car seller, car dealership or a car lease company spend some time checking them out. Also check whether the car is with the seller, or if they are acting as a middle man for the actual owner. If it is a dealer they will have an online presence, including reviews and customer feedback. It is vital to look beyond the information on their own website, and to check reviews on independent sites.

See the vehicle for yourself

It is important to see the vehicle you are considering in the flesh so to speak. Take a good look at it both inside and out and under the bonnet. If you are unsure of what to look for take someone who does know with you. Make sure that the paperwork checks out as well. The details on the logbook need to match those on the car. If you are looking at a second-hand vehicle, then it is a good idea to also check the vehicles history. This will ensure that the car has not been subject to an insurance write off, has been scrapped, or reported stolen. If you are unsure of any aspect at this stage then walk away.

Money matters

Never part with any cash until you have seen it and gone for a test drive. Regardless of the reasons the seller gives, there is no reason to part with cash before you have seen the car, especially if you are asked to undertake a money transfer using a money wiring service. Make sure that you have signed paperwork even once you have seen the car before you leave a deposit to secure the vehicle. Get everything in writing, so that if there any questions later you have evidence of what you originally agreed.

By following these tips, you can ensure that the car you are looking to buy online is perfect for you, and is worth the money that you are going to spend.

Creating Your Financial Buffer: Your Emergency Fund

Whether or not you believe money makes the world go round, there’s no doubt how important it is. Being responsible and on top of your finances gives you control of your life and means a potentially stressful situation can be avoided. As well as making sure you have enough funds to cover your outgoings each month, it’s important to be prepared for whatever life throws your way, After all, life isn’t always sweet, so we need to be ready when things don’t go to plan! Here are just a few of the reasons you should have an emergency buffer.

Losing Your Job

There are plenty of reasons you could lose your job. While we’re over the worst of the recession, companies every day are still being forced into administration taking the jobs of their workers with them. You could face disciplinary action and be fired, you could be made redundant or become injured or ill. While there are personal injury lawyers who can work to get you compensation if it wasn’t’ your fault, you’re still not going to be able to work while you recover. Losing your job can be incredibly stressful and even demoralizing, the last thing you need on top of this is worrying about how you will pay the bills while you find something else.

Disaster Strikes

Investing in bricks and mortar is a wise choice, and does give you financial security and stability. However, it’s not completely foolproof. If something happens to your home, you can find yourself in a real pickle without an emergency fund. Perhaps a flood, fire or other natural disaster does some serious damage? Maybe even criminal damage like arson can leave your property in ruins. You could be burgled or your home could be seriously vandalised. While you should have all of the relevant insurances, if these things were to happen having an emergency buffer in the bank can make the process much smoother. You may need to stay in a hotel for the night or purchase a couple of essential items before being refunded by the insurance company. Most households claim they would be in financial trouble if a bill higher than $300 came through unexpectedly. Let alone if something more serious happens where you need to fork out thousands.

You Car Breaks Down

Car trouble is an absolute nightmare, and when something goes wrong with your beloved motor, you can bet it’s not going to be cheap to fix. Whether you’ve had an accident and your car has been written off, or it’s broken down to the point of no repair, a new car is incredibly expensive. If you rely on your car for work or other commitments, it’s not going to be something you can live without. Having some money saved allows you to cover any repairs right away, or replace your car entirely if it’s a write-off.

Do you have an emergency fund? If one of these situations were to happen, would you have enough saved up to be able to cover it?