We’ve all heard the adage: “Life is what happens when you’re busy making other plans.” It’s a cliché that often appears on mugs and wall art, yet it carries a profound truth. In my family’s journey, last January’s aspirations to reduce my demanding work hours quickly shifted in February when my partner received a diagnosis of brain cancer, forcing them to stop working indefinitely. Suddenly, life hit hard, and I found myself in a position where I needed to step up financially.
While I take pride in supporting my family and am grateful that we can still reside in our home and care for our children, the financial burden of a serious illness is immense. Over the past year, we’ve faced hundreds of thousands of dollars in medical expenses to give my partner a fighting chance at life. Insurance has covered a significant portion, but that’s just the beginning. Like many Americans, we didn’t have an adequate emergency fund when disaster struck.
Reflecting on this situation has made me more appreciative of friends who chose to stay home with their children. If this unfortunate event had to happen, I’m thankful it was me who had a stable, well-paying job to rely on during this tumultuous time. It’s crucial for all parents—working or stay-at-home—to devise a financial plan in case of a partner’s inability to work. Here are some strategies that could prove beneficial:
Understand Your Financial Options
Many financial assistance programs exist to aid families facing such crises. While disability benefits alone may not suffice, they can provide a useful buffer. Research your state’s disability payments and don’t hesitate to negotiate medical bills. Often, these bills can be adjusted; a few phone calls can lead to reduced costs. If you can persuade a toddler to wear their shoes, you can certainly negotiate with a billing representative.
Build Your Support Network
I had a solid childcare network in place due to my job, but it proved inadequate for the demands of frequent hospital visits and treatment sessions. It’s essential to have trustworthy individuals who can look after your children. If you lack this support, now’s the time to connect with potential babysitters. Additionally, check if your city offers apps where you can book vetted sitters on short notice. Even compiling a list of nearby friends and family who can assist is a proactive step.
Keep Professional Connections Alive
Even if you’ve left the corporate world, staying in touch with colleagues can be invaluable if you need to return to work. Maintain regular communication, stay informed about developments in your industry, and keep your resume updated. These small actions can significantly ease your re-entry into the workforce when the time comes.
Explore Alternative Income Streams
There are various ways for parents to earn money without returning to a traditional job. While some might dismiss them as pyramid schemes, many women successfully build businesses selling products they are passionate about. If a friend invites you to learn about these opportunities, consider exploring them. Sample products to see if they resonate with you. Understanding your options can provide additional financial security without sacrificing your role at home.
I wish I could say that the likelihood of needing these strategies is minimal, but the reality is that life can be unpredictable. If it happened to us, it could very well happen to you. So, prepare yourself, parents!
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In summary, being proactive in understanding your options, building a support network, maintaining professional connections, and exploring alternative income sources can help mitigate the financial impact of a serious illness on your family.