pro finance blog
Menu
  • About Me
  • Hire Me
  • Contact Me
  • Submit a Guest Post
    • Privacy Policy
    • Disclaimer
Menu
Financial Advice

Financial Advice for the Newly Disabled

Posted on September 22, 2017November 25, 2020 by Tina Roth

Becoming disabled, whether from a workplace accident, auto or motorcycle accident, or an illness, is a drastic change to a person’s life. The ability to do things they once considered routine has been taken from them, and whether temporary or permanent, there can be a lot of consequences that come along with that. Outside of the emotional toll this takes on a person, there is the added question of finances. Most who are disabled aren’t able to earn the same income they once did. This will provide you with some advice on how to survive financially while disabled.

Financial Advice

File a Disability Claim

The very first order of business is to file a disability claim to try and receive financial assistance as you recover. There are several forms of disability claims you may qualify to apply for. If you were injured on the job, you’d need to file a workmen’s comp insurance claim to receive benefits. If you were injured outside of the job you would file a disability claim either through your employer paid policy at work or with the state. Last but not least, if you had personal disability insurance you can also file a claim with them. While you won’t receive as much as you did while working, it can be a huge relief.

Consider Contacting an Attorney

If you were injured at no fault of your own or by the negligence of someone else, you may be entitled to financial compensation beyond your disability benefits. You’ll need to find a personal injury attorney who specializes in the area you’re looking to file a claim in. For instance, if you were cut off by a car on a motorcycle, you’d want to reach out to a motorcycle accident attorney.

If you were injured on the job, but you feel that your employer could have done more to prevent it, you would need a workmen’s comp attorney. Based on the information you provide, they can determine whether or not you have a case. You could be entitled to receive compensation for lost wages, pain and suffering, medical bills, and more.

Create a Budget

Since you’ll be living on approximately 40% less than your usual income you’re going to need to learn how to budget – and fast. Budgeting will be your key to survival until you’re able to find a new way of generating income. Start by taking a real look at your bills and your spending habits. Are there things you can stop spending money on for the time being? Whether you downgrade your data plan on your cell phone or stop eating out for a while you will find that the money you have during disability will stretch a lot further. If there is a family you’re responsible for supporting financially, be sure that you have a talk with them about the importance of cutting back and spreading your money as far as you can.

Find a New Income Stream

While you may not be able to return to work or complete jobs you’re used to doing, there are a ton of things that you can do with a disability. The internet, in fact, has made it possible for anyone, any age, anywhere to make money online. You can sit and answer surveys all day, become an affiliate for major companies, start mystery shopping, develop websites, write blogs, and even post videos to make money from home. It doesn’t require you to be anywhere physically, and you can earn money on a schedule and at a pace that works best for you.

Be Mindful When Dipping into Assets

While it may be necessary for you to dip into your savings account to survive financially while you’re disabled, there are some accounts that you should think twice about before liquidating or borrowing from. Withdrawing funds from a pension or retirement account, for instance, hold significant penalties if you’re not of retirement age and could cause you to go further into debt. Borrowing on life insurance policies, taking out second mortgages, and even taking out a personal loan using your assets as collateral should all be done carefully and with understanding of the pros and cons of each.

Much like being fired from a job, becoming disabled can quickly leave you struggling to make ends meet. As you’re trying to physically recover from a disability, stress is the last thing you want to deal with. Not having the means to take care of your household can be stressful and slow down your recovery process. However, by following the above-mentioned advice, you can find avenues to provide financial relief as you continue recovering and adapting to your new normal.

Category: Personal Finance

Leave a Reply Cancel reply

You must be logged in to post a comment.

About Me

finance blogger

The idea of starting a blog has been hitting me for long; I took it seriously after falling into a spiral of debt and recovering from it.

I have been anxious all through the financial difficulties. I see that same anxiety in the eyes of people, whose ill fate has put them at odd with financial repose.

It makes me compassionate. Out of this compassion and goodwill, I started this blog. I wanted to help all those, who are facing financial distress..




  • Phuket Real Estate
    Why You Should Invest in Phuket Real EstateJanuary 24, 2023
  • Corporate Governance
    Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?December 17, 2022
  • Successful Retirement
    How To Plan For Successful Retirement At 50: 5 Steps To Get Started OnNovember 4, 2022
  • Online Money Transfer
    Do You Still Transfer Money Internationally With Your Bank? There Are Better Online Solutions For ThatOctober 14, 2022
  • finance
    Important Roles of the Minister of FinanceSeptember 16, 2022
  • Avoid for New Businesses
    5 Forecasting Faux Pas to Avoid for New BusinessesSeptember 16, 2022
  • Affecting Pensions
    How Inflation Is Affecting PensionsSeptember 2, 2022
  • Content Writing
    The Complete Guide to Improving Your Content Writing SkillsAugust 30, 2022

    ProFinance Blog is dedicated to help people who are struggling with their personal finances. We have learned the lessons first hand and know how real the struggle is. Being compassionate about the personal finances and blogging about is our way to help people know more about different situations and how effectively they can handle it. So take control of your finances now and take actions towards gaining financial freedom and security. Join us in the mission to self-educate, learn and help others by sharing valuable information on finances. Here you will find information, tools and techniques on various aspects of finances and learn how you can use the information and implement it to make your financial life better than ever.Join us in our mission to financial freedom.

    • Phuket Real Estate
      Why You Should Invest in Phuket Real Estate
    • Corporate Governance
      Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?
    • Successful Retirement
      How To Plan For Successful Retirement At 50: 5 Steps To Get Started On
    © 2023 ProFinance Blog | Powered by Minimalist Blog WordPress Theme
    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OKPRIVACY POLICY