The Coping With Financial And Chronic illness – How to manage your money when you have a chronic illness simple tips.
Chronic illness
Living with a life-threatening condition is quite challenging. You’re never sure of tomorrow or probably the next minute. When I was first diagnosed with chronic cancer, I felt the end was so near. I thought of long treatment sessions and the financial implications attached to the condition. In my heart, I knew I couldn’t make it; why make it? It was unfair that it happened to me just when I started to live my life.
How to Manage Money When You Have a Chronic Illness
My family is very supportive; they give me a reason to live a new day. My first therapy sessions were challenging, but I went through them strongly. This drained a considerable part of the family’s income, a dent that will take years to replace. Chronic illness comes with a share of its problems unique to its kind. However, one must live and cope with each stress. It doesn’t affect your health only but the finances profoundly. It’s more devastating when you have no financial knowledge of managing your money during the illness.
In my case, I enrolled in a chronic illnesses program. Where they teach about financial management and living with the condition. The majority of my team members have worse conditions or managing children with a severe condition. It was a relief knowing I am not alone and I can cope with the situation. In the program, we learn to make money, save, and spending. We call it financial well-being, as we need to have peace of mind when it comes to money matters. I have acquired managerial skills, budgeting, and proper investment. I don’t forget that I have a threatening condition, which might one day take me to my everlasting sleep. So I save heavily to secure my children’s lives.
The aim of enrolling in a program is to learn about long-term health care and financial planning skills. I have gained confidence and work to ensure all my worries are settled. Today, which is five years after my cancer diagnosis, I have achieved many goals. I am happy with every financial step I am taking. I can advise other people going through complex phases of life as I do.
1.Financial Knowledge
Knowledge is a crucial factor in financial freedom. The money topic is never taught in school, and one has to maneuver through finances without guidance. However, once you get some literacy on money management, you can improve on many aspects. You don’t need to enroll in the program as I did, but you can get a financial planner or advisor to guide you through. Also, read books and websites on money management skills.
2.Protecting you and your family (financial protection)
Even though we all require money protection. People with chronic illness need to make it their priority. I know each condition has unique features which demand differently. This should push you to invest more for better protection. You require the following financial and health protections.
- Life insurance cover: the cover is financial assurance for your family. In my case, my children and husband are covered under the life insurance policy. The financial planner or program will guide you on the best life insurance policy to undertake.
- Health insurance: It’s wise to have health insurance cover, so employers offer employee health insurance coverage. Ensure to take advantage of any protective cover.
3.Emergency Fund
An emergency fund will save you a great deal. It’s recommended to have 5 to 10 months of savings to help you on terrible days. These should be a priority, especially for people with a chronic conditions. Sometimes the illness gets serious, prompting you to stay home or hospitalized. I quit my job and started a blogging business for most of my time at the hospital. I couldn’t burden my bosses with the constant leaves. My husband has been saving more in an emergency fund kitty to avoid any frustrations. You can save the funds in a bank account, maybe a fixed account. The logic is to have money for emergencies, but you can access it for any other reason.
4.Debts
Don’t risk having any debt as it drains a massive percent of the finances. Remember you need money for your medication and home expense. Adding a debt (credit card debt, mortgage) will deteriorate the situation even more. If already you’re in debt, ensure to start clearing, slash all your expenses, and direct the funds towards the debt. Don’t go past your credit card limit to avoid credit card debts. I consider my credit card as a debit card, and never do I go beyond 30 percent usage of the card.
5.Extra Investment Plans
Get more money from side hassles and invest in projects that can grow your wealth. I know not everyone is a share market expert, but you can get a different method to increase your funds. Some people invest in saving accounts which has a reasonable interest rate. This means you can save and earn money at reasonable rates.
6.Protecting Your Property
It’s okay to secure what you have created. This is best to direct your loved ones on treating you and your property when you are incapable. A living will and power of attorney will help manage all your hard-earned money and assets. Again don’t ignore the fact you have a chronic condition which you’re never sure of what will happen. I have made it easier for my family to access my property in case I pass away. You can request your lawyer to help in:
- Writing a will or estate planning.
- Special needs trust to cater for your children after you pass on.
- Medical paperwork document to help your family and medical experts know how to handle you. The medical paperwork appoints who can speak on your behalf.
I know it’s challenging to live with uncertainties, but you can live a planned life. You don’t require to bother family members with your medical bills. It’s also nice to have a better way to manage your finances and family.