Helpful Tips For Staying Debt-Free While Out Of Work

There might be times in your life when you end up out of work. This can happen for a variety of reasons, from redundancy to having to quit due to illness. Even though you aren’t in work, it is still possible to live a debt-free life. Want to know how to get through a difficult period of unemployment? Here are our helpful tips for making it work for you.

Redundancy

Sometimes a company lets some of their employees go if they are going through financial difficulties. It may be a bit of a blow, but there is still a silver lining to being made redundant. The company will be legally obliged to give you a redundancy package. This will include a sizeable lump sum if you have been working at the company for at least two years. Once you receive your lump sum, you should move it into a high-interest savings account. The sum should slowly grow as monthly interest is added to it. You will need to cut back on certain spending in your social life. But once you do, you should be able to live off your lump sum until you find a new job. TO help you out, you could also sign on for unemployment benefits while you search for work. You can start the job hunt online: https://jobsearch.direct.gov.uk/JobSearch/Browse.aspx

Illness

All employees are entitled to take sick leave if they fall ill. However, if your illness is quite severe, you may need to take more time off. Unfortunately, your employer isn’t obliged to pay you any extra sick pay once you have gone over the statutory limit. But you might still be entitled to other sick benefits from the government. If you have a family member who is your full-time carer, they will also be eligible for money from government benefits.

Accident

If you have been in an accident, you might also have to take a prolonged period of time off work. There will be various benefits available to you depending on the situation with the accident. If the accident occurred at work and you weren’t at fault, you might be able to get some compensation from your employer. If your boss is reluctant to pay you the compensation, you should contact an employment tribunal. If the accident occurred outside of work, you will also be able to claim compensation if you weren’t to blame. If you were a victim of a road traffic accident, speak to lawyers who specialise in claims against dangerous road users. You can see what they offer online at sites like https://ukclaimlawyers.co.uk/. While you are taking time off to recover from an accident, you should also be able to claim sick leave from your employee.

No matter why you need to take time off work, there will always be ways to live your life without falling into debt. Having plenty of savings will help. However, if you don’t have savings, you’ll be able to apply for plenty of benefits.

Simon OatesHelpful Tips For Staying Debt-Free While Out Of Work

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