Don’t Allow Financial Woes To Add To Your Health Concerns

by Adam on September 15, 2017

save moneyManaging your money can be stressful at the best of times.

Add to this the concerns you have about a long term medical condition that you’re suffering from and it’s even more crucial that your financial management skills are honed and implemented in the correct way. It can be even tougher if your ailment prevents you from working for any length of time. The burden of your mortgage, debt repayments, utility bills, food, and fuel can become overwhelming. However, there are ways that you can prevent your financial woes from taking over your life.

Set Up A Manageable Budget

Whether you have a disability, a long term chronic condition or a short term injury, it’s vital that you have a monthly budget. This allows you to utilise the money that you have at your disposable in a measured and structured way. This way you can allocate some money to the necessities, and you can work out how much disposable income you will have each month. You shouldn’t run into debt, and you can develop sound money management.

Ensure You Get What You Deserve

There is a stigma attached to claiming benefits. However, this antagonism is attached to those people who try to fiddle the system and claim benefits fraudulently. The benefits system is an allocated pot of money to help those people who are in need.

There are a wealth of conditions that are viewed as preventing you from working such as multiple sclerosis, arthritis, and diabetes. It is worth seeking professional advice when investigating the most effective way of getting disability benefits for diabetes. Like other long term conditions such as epilepsy and Lyme disease, diabetes can lead to secondary ailments such as glaucoma or kidney disease. It’s vital you know what you can claim and how you can claim it to avoid slipping into a financial abyss.

today is soon the past, the future is foreverFutureproof Your Income

If you are fortunate enough to have a little nest egg in a savings account, it might be worthwhile considering if the bank is the best place to house your cash. You may not want to take huge financial risks with your money and start trading in commodities or foreign currencies, but you may want to look at investing in bricks and mortar, downsizing your current home, or spreading your savings across a range of investment options.

By keeping the risk low, you could still see a more lucrative return on your hard-earned money rather than seeing it wallow in a savings account accruing minimal interest.

If you don’t bury your head in the sand and you are able to tackle your financial concerns head on, you have the best chance of being able to see the light at the end of the tunnel. Being out of work and feeling the strain financially can take a great toll on your mental health. Try to mitigate this with sound money management.

You need to do everything within your power to receive the money that you deserve and make it work in the best way possible for you.

 

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