Before You Raid Your Piggy Bank, It’s Time To Collect Your Dues!

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Before You Raid Your Piggy Bank

No matter how well you plan your finances, there may still come a time when you find yourself low on funds and in need of a cash injection. Whether this occurs as a result of an unexpected expense like car trouble or a leaky roof, or whether the rising cost of living simply gets the better of you, it’s time to take decisive action. However, in your resolve (or panic) don’t make the mistake of failing to claim your dues. Before you take a hammer to your piggy bank, raid your savings account, cash in your shares or apply for another loan or credit card take a moment to think… Is there anyone out there who owes you money. You may be surprised by how much you are due when you go back in your memory.

Depending on your recent experiences there may be a pool of funds out there that’s ready for the taking. It’s up to you to take the appropriate measures to grab it!

Loans to friends and family

When it comes to our friends, family and loved ones we tend to be quick to lend and slow to recover the debt. After all, the last thing we want to do is sour a relationship with someone close to us. As a result we can let debts slide, fail to chase them up and act as though they never happened. However, in times of financial hardship, you can’t let sentiment prevent you from collecting your dues.

Of course, this doesn’t mean you have to sabotage your personal relationship with your debtor. There are a number of tactful yet effective ways in which you can ask someone who’s borrowed from you to pay you back without being an ogre about it or enduring life-threatening awkwardness.

Personal injuries / accidents

If you’ve been injured in an accident that wasn’t your fault, you may have held off on contacting a personal injury law firm to make a claim. Perhaps you didn’t want to be perceived to be part of “claim culture” or perhaps once your wounds have healed you may not feel that you have sufficient grounds to make a claim. Nonetheless, whatever doubts you may have, it’s worth at least making a call or enquiring about a free consultation. Most personal injury attorneys operate on a “no win, no fee” basis, so you have absolutely nothing to lose by making the call.

Workplace injuries

Just like personal injuries, you may hold off on claiming for a workplace injury because you may not have sufficient grounds for a claim if you are injured at work because someone else wasn’t doing their job properly. Or perhaps you may not wish to make an enemy of your employer. Nonetheless, if you were injured at work because of someone’s incompetence or negligence you have up to 3 years after the injury to make a claim. Once that door closes, you could lose out on money you are owed.

Does your employer owe you a raise?

Finally, maybe your employer doesn’t owe you any worker’s comp, but could they owe you a raise? While no employer is legally obliged to give you a raise (unless they’re paying you less than minimum wage), you may be surprised how amenable your boss is to the idea if you make a case for yourself. Often the cost of a raise will pale in comparison to the cost of advertising your job, recruiting and training your replacement.