3 Ways To Prepare Yourself Financially For Needing To Take Time Off Work
In your life, there may come a time where you have to take some time off of work. This may result from getting hurt and not being able to work for a time, taking care of a family member who is sick or suffering in some way, needing a mental health break, and many other things.
While being able to take this time off of work can be nice, not being paid to work can put a lot of financial stress on you. Luckily there are some ways that you can help prepare yourself for this and make sure you still have the financial stability you need.
To help you see how this can be done, here are three ways to prepare yourself financially for needing to take time off work.
Pad Your Savings As Much As Possible
If the reason that you’re taking time off of work is something that you’re able to see coming, like the birth of a new baby or an impending burnout, it’s wise to try to save up as much money as you can in the previous weeks or months.
By trimming back your spending leading up to your time off of work and keeping your expenses low while you’re no longer working for a time, you should be able to stretch out your savings and make your money last you for a longer period of time. If you can have about six months worth of savings ready by the time you stop working, this would be ideal.
Consider Any Benefits You Get From Work
Before you decide to stop working or take an extended break from your job, you should speak with HR to see if there will be any changes in the benefits that you’re allotted when you’re not working full-time anymore.
Sometimes, benefits like medical insurance and other things might be halted when you’re not working. Other times, you can continue paying into these benefits and see no change. So before you take time off, make sure you’ve thought through what benefits might now be more expensive for you and determine how you might subsidize the costs or find alternative solutions, because you won’t want to be surprised by this once you’ve already decided to take time off.
Learn What Other Financial Options You May Have
Just because you’re not going to be working doesn’t mean that you can find other financial options or ways to make a little money.
Depending on why you’re taking time off, you might have FMLA or other government programs available to you so that you can at least make a portion of your salary despite not working for a time. Additionally, if you can’t work due to an injury that wasn’t your fault, you might qualify for worker’s compensation or look into taking legal action for your losses and damages. For example, you may have had a slip and fall accident, meaning you’re able to open a lawsuit. What constitutes a slip and fall lawsuit? If your injury was caused by poor lighting, uneven or wet flooring, lack of handrails or other safety features, or an unmarked hole in the ground that resulted in broken bones, brain injury, mental trauma or loss of organ function, you’re likely eligible for compensation.
If you’re going to be taking time off of work soon, consider using the tips mentioned above to help you prepare yourself financially for this season in your life.
