Whether you’ve been injured in an accident, or have a long-term medical condition, spending long periods of time away from work isn’t as much fun as people think it will be. No doubt you’ll miss the day-to-day routine and feel bored and anxious to get back to work. However, one of the most stressful aspects of being off work is having to balance your finances.
Here are some tips for organising your money when you’ve had a drop in your income.
See if you can claim compensation
If you’re on long-term sick leave because you were involved in an accident or were injured and it wasn’t your fault, then you might be able to claim compensation to help you cover your loss of income. Look for a firm that specialises in brain injury claims in Ireland or your local area, and they’ll be able to advise whether it’s worth pursuing. It’s essential to get legal advice to get the best possible outcome for your claim.
See what benefits you can claim The amount of sick pay you’ll initially get will depend on what’s in your contract. Some employers will give you full pay for a few days, but then you’ll have to apply for Statutory Sick Pay (SSP), which entitles you to £94.25 a week for up to 28 weeks. Other employers may still pay you for a while, but this might be at their discretion.
If you’re going to be off sick for a while, you may want to get in touch with the Citizens’ Advice Bureau or a similar organisation to see if you can claim Universal Credit, which might get you help with paying your rent or day-to-day costs. Those who need help with everyday tasks may be able to claim PIP – a Personal Independence Payment, which can help with living costs.
Not used your holiday allowance this year? Your employer might be willing to let you use your holiday entitlement while you are off sick, which is your normal rate of pay. This may help you out for a few weeks, but your employer doesn’t have to let you do this.
Reduce your bills
When you’re on sick leave, your expenses may be a little lower, as you won’t need to commute and won’t be doing as much socialising or going out. However, it can be difficult to juggle things such as your mortgage and any debts, as payments still need to be made.
Asking for a mortgage payment holiday might ease the burden a little, and if you speak to creditors, you may be able to make smaller payments or defer them for a while. It’s important to be honest and stay in touch with people rather than ignore their calls, and to pay the important bills as a priority such as rent, council tax and utilities.
Being off sick is never easy, but if you can get your finances in order, you’ll feel less stressed and can then focus on your recovery.
