Savings and Finance

Money Management & Chronic Illness

If you suffer from a chronic illness, then you will know that there are many ways in which it can affect your life. This is the kind of situation that nobody particularly wants to be trapped in. But if you are, then soon enough you will come to realise the importance of making the most of the situation. Although that might be much easier said than done, it is likely to be essential, and a huge part of doing that is going to be looking after your finances. Just like every other aspect of your day-to-day life, your money can be hugely affected by your chronic illness. Let’s discuss some of the ways in which you can try to keep control of your money even when you are suffering from a terrible illness.


chronic illness and money management


Emergency Fund

One of the best practices for anyone, but particularly those with lifelong illnesses, is to keep money aside as much as possible. If you maintain an emergency fund, you should find that you are much more able to deal with any issues that may arise for you financially. It can be difficult to know how much you should keep aside – in truth, the answer to that is as much as you possibly can. For those suffering from chronic illnesses, there are a huge number of ways in which you can suddenly find yourself worse for wear financially. It might be that you suddenly need an operation, or to switch to a much more expensive medication, and so on. It is a huge relief if you are at least able to dip into an emergency fund if you need to.


Claim Everything You Deserve

Clearly, it makes sense to try and bring as much money in as possible. This might be especially important if your illness means that you are unable to work, or not able to work enough for a full income. Fortunately, there are a number of potential sources where you might be able to get more money from, and bearing those in mind should help you to bring more in whenever it might be necessary. You should bear in mind that you don’t have to put up with any poor treatment from medical staff, for a start – and if you do, then you might be owed compensation. Take a look at the likes of for more on this. Moreover, you should ensure that you are claiming any kind of benefits which might be applicable in your situation, as this can make a noticeable difference to your finances.



Keeping Records

Something that is important for everyone, but in particular those who need to focus more closely on their money, is the act of keeping records. You need to make sure that you are doing everything you can to keep financial records which are clear, detailed and legible. As long as you are doing this, then it is much more likely that you are able to keep on top of your financial life. Keeping records is easy as long as you know how, but many people don’t really know how.If you think that you could do with some advice in this area, then it might be worth asking for professional assistance from an accountant.

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