Tips For Keeping On Top Of Your Finances When Out Of Work

If you are out of work, it can be extremely worrying, especially if you have no idea how to deal with the financial side of the issue. You may also feel angry and depressed and may start to panic about how you will pay your bills.

The most important thing is to stay calm and in control and to not panic. Don’t despair, there are plenty of ways you can keep on top of your finances while out of work.

To help you deal with your finances while being out of work, we have put together a guide containing all of our top tips. To find out more, keep reading below:

  1. Why are you out of work?

The first thing to do is to think about why you are out of work. Did you lose your job because of redundancy? Were you fired from your job? Are you out of work due to an accident, illness or injury? It is important to think about why you are out of work so that you can work out what your next step is.

For example, if you are out of work due to sickness but plan on returning, then you may not be able to claim certain benefits, like job seekers allowance. Whereas, if you were made redundant, then you would most probably be eligible to claim job seekers allowance.

  1. Apply for benefits

The next thing to do is to apply for benefits, to help you keep on top of your finances. Although you may not be eligible, apply anyway and see what the result is.

If you have been made redundant or fired from your job,  depending on your personal circumstances, you may be able to claim job seekers allowance.

If you are off work due to medical reasons, as long as you are able to return, then you cannot claim job seekers allowance. But, there may be other benefit schemes and grants that could help you with your finances. To find out more, visit your local council office for advice.

  1. Make a claim

If you are off of work due to an accident or injury that was not your fault, such as a car crash or an injury in the workplace, look into making a claim. This is an excellent way to supplement your income while you are out of work and make up for any work you have missed due to the injury.

To find out more about making a claim, get in touch with a personal injury claim lawyer and make an appointment to discuss your injury. Make sure to opt for a law firm that offers a no-win, no-fee policy.

Before starting off the claim process make sure to check with your lawyer whether they believe you have a good case.

  1. Consider dipping into your savings

If you are desperate and are really struggling to stay afloat, it might be a good idea to think about taking some money out of your savings account to help you.

You may not want to dip into your savings, but using them to keep on track with your finances and stay out of debt is an excellent idea. Plus, you can also build up your savings again once you are back at work.

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Master of the budgets. Provider of the tips. Author and owner of Dumbfunded.co.uk.