If you're reading this, I'm earning money. Thanks for helping to feed my family. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not a CPA, lawyer, or doctor, although my parents wanted me to be all three. So, talk to a professional before acting on anything you read below.
Worried about managing your money after an injury?
As what we all know, an injury incurred by a person will have a great impact on their everyday lives. They may not be able to work or do their everyday routine because of his or her injury. Because of this, they may also face a critical condition regarding their finances. But how should you manage your finances after an injury? What are the things that you should do to survive in times that you were not able to go to work?
Getting an injury can leave you scrambling about your bills in the period that you are recovering and your case settles. Even if you are fully insured, your medical bills can still pile up. You won’t be able to go to work as well because of your injury. Or if worst comes to worst, you may lose your job because of this injury.
Related: How To Pay Off Debt and Save Money
If you have a strong case and you are expecting a great settlement from your accident, this can still get some time or even months before you can get the settlement that you are expecting from the accident. This is because the legal process for your settlement is a very long process.
Being in the situation wherein you are in a financial pressure can have an effect on your judgment. One scenario is that you might be taking the risk of accepting a very low offer from an insurance company. You might also be thinking that you might get the settlement out of court instead. Keep in mind that in this kind of situation, having a large settlement would be your best option.
Now, while you are waiting for your case to be settled once and for all, there are some things that you can do to minimize your expenses. This will surely relieve you from any financial stress and can also help you in focusing on your healing process.
Let's take a look at our 9 tips for managing your money after an injury:
Tip #1: You should take a look at your expenses for one month. Most of us could have some expenses every month that we cannot live without. Some of these expenses could be in terms of entertainment like streaming services, cable television, eating in a restaurant or ordering take-out foods. You can also try to lessen your phone bill by downgrading your monthly plan or yet changing your service provider. You can also try to monitor your utilities every month and try to reduce it.
Tip #2: You can try to take advantage of your present situation that you unable to go to work. Think about the things that you can do like cooking food from scratch since you have more time. You can also just spend money on your necessities like gas, clothing, food, and other things that you need. This way, you will be able to manage your expenses.
Tip #3: You can also try to sell some of your things that you no longer need. You can start by posting those things online. Through it, you will be able to sell your stuff from slightly used, baby items if you have any that you no longer need, antiques, old records for those people who collect it, and more. This is also a great way for you to dispose of all the things that you no longer need around your house.
Tip #4: See for any car loan, mortgage, and credit cards. Check whether you have a disability or an unemployment insurance that can get you covered. Several loans do have some provisions for any delayed or reduce payment if you are not able to work or if you are disabled.
Tip #5: You also have to ensure that you get a medical fee that you can take from your settlement. Instead of you paying your medical fee out of your own pocket, your medical creator can make a lien against your settlement. This would definitely give you a relief on your financial situation.
Tip #6: You also have the option for you to work online in the comfort of your home. There are several sites wherein you can find an employer who can hire you for short-term for several tasks. You can do this and work at home while you are still recovering from your injury.
Tip #7: Seek for an assistance from any resources that can help you. You try to look for any unemployment benefits, food stamps, and several other community resource and services.
Tip #8: Consider on saving up your money for some special occasions. This is for you not to feel down. This is also a good thing for you to enjoy your life as you are recovering. It will help you ease any pain physically and emotionally.
Tip #9: Monitor all of your expenses. Make sure that you only get the things that you need and not the things that you want. You will be struggling financial problem for months during your recovery or healing stage. Be thrifty enough to save your money until you get your settlement or until you go back to work.
In case that you have already done everything, you can to manage your money and you are still in need of extra cash, you can contact Hershey Law to help you with any pre-settlement issues regarding your injury. You can go ahead and visit their website at https://www.hersheyinjurylaw.com/ for any inquiries or for you to know more about them.
Remember that being injured can have a great effect on your life especially on your financial status. There are many things that you are not able to do now as you are recovering from your injury like going to work. So, make sure that you monitor every expense that you are going to make while you are not able to work. Try to find more ways for you to earn extra money for the time being that you are recovering. Life is not easy when you are unable to many things but there is always an alternative solution to every problem.
10 Budgeting Tips To Save For Your First House
3 Key Steps Involved In A Law Suit
Top Reasons to Choose Federal Credit Union over Banks as Your Financial Partner in Omaha
Protecting Yourself For the Worst Financially
A Quick Objective Look at Trade Agreements
What You Need to Know About Chargebacks
Dealing With Envy Or Worry In Your Financial Life
Key Facts About Tax Liens That Every Taxpayer Should Know
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.