It’s not a situation many of us would want to be in, but unfortunately, it can happen.
Whether it’s a temporary illness or a long term disability, being unfit to work can have consequences on your life, and the lives of those around you.
But this is a situation you should try and make the best of, even if it seems like all is lost! In this day and age, there are no shortage of financial options available to you. There are plenty of ways to continue supporting your family, even if the worst should happen – and here are four of them.
Make use of your creative talent!
Since you’ve got it – why not make the most of it? Seriously – you could do a spot of freelance writing, make and sell crochet products, or work on Photoshop artwork for people. You’d be surprised at how many people, around the web, will be able to make use of a talent you have.
So if you have an injury that means you’re unfit to work and you have more free time, now’s your chance. You could even grow vegetables in the garden and sell them on at the local market. Get creative! The internet is chock-full of markets that allow you to offer your talents for payment, so take a look
In the event of a long-term illness or disability, the state will have your back. There are a variety of disability and sickness benefits you will be eligible to claim, so have a look into them.
By contacting your local council, you’ll get in touch with people who’ll help with getting disability payments for you. There are also state sick pay benefits which could prove useful in the long run.
Payday or short term-loan
Of course, this will only be viable if your injury/illness is for a short while. If you have a long-term disability, then racking up a bunch of credit debts would not be wise. But, if the end is in sight, a low-interest payday loan could provide you with the financial stability you need. Temporarily, anyway.
Just make sure you can afford to pay it back, and don’t borrow more than you need. That’s how the vicious cycle starts! Borrow, then borrow again to pay back the first one!
Pensions and equity
Did you know that you don’t always have to be retirement age before you cash in a pension? In some cases, you can claim it at any age you like, which could mean you have a lump sum waiting to use.
Similarly, if you have paid off a good chunk of your mortgage, you could try and cash in on the equity in your home. The equity refers to the value your house has built up over the years, and it could be tens of thousands of dollars.
Of course, by taking the equity, you have less to pass on to your kids in your will, but this allows you to support them now. If you’re unfit to work, a lump sum of cash is exactly what you need.