Getting hurt on the job can cause you to deal with a lot of physical and emotional stress, especially if you have a lot of monthly bills. Fortunately, there are some things that you can do to reduce your expenses without dramatically altering your quality of life. Keep in mind that many of these money-saving alterations will not need to be permanent, but it is critical to prevent yourself from racking up a lot of debt after an injury.
How To Save Money After a Workplace Injury
1. Contact Your Creditors - If you opted into the right programs, you might be able to get your credit card bills frozen for up to a year after your injury. Although this will not reduce your overall debt, it will enable you to avoid making payments and incurring interest fees for a specific period of time.
2. Reduce Your Cable Bill - The average American household pays $160 a month for their combined cable, Internet and telephone bill. However, it is not necessary to have such a large bill. As long as you are not locked into a contract, you should strongly consider changing your cable package to cut your bill in half.
For example, if you have a cell phone, there is no reason to also have a landline, so you should cut that portion out of your package. Additionally, premium channels such as HBO typically cost up to $10 a month. Instead of paying for this, you could switch to an instant streaming platform such as Netflix to save money.
3. Eat at Home - According to a survey that was conducted by LivingSocial, the average American eats out 4.8 times a week. Unfortunately, even fast food is typically much more expense than making your own food. Therefore, as long as you are physically capable of preparing food, you should make your own meals every day.
4. Talk to a Workers' Compensation Lawyer - Although legal expenses can be very expensive, it is still important to consider whether or not it makes sense to speak to an attorney. After all, if your workers' compensation claim is denied, you will most likely lose a lot more money in benefits than you would spend on defending your legal rights.
5. Simplify Holidays - If you have children, you will need to help them develop realistic expectations about events such as Christmas and their birthday so that they understand that everything is going to be simplified for a while. Keep in mind that providing your children with a lot of presents for Christmas in lieu of paying for your bills is a huge mistake that could have serious ramifications.
Reducing your expenses might seem difficult at first, but there are several creative ways that you can save money. In some cases, your family might even prefer cheaper options. For example, getting instant access to thousands of streaming movies and TV shows can be much more entertaining than channel surfing.