Staying on Track Financially if You Are Badly Hurt in an Accident

Being involved in a serious accident is something we hope will never happen to us – there is never a good time for an accident to strike. Especially if our children are young or we have events we are looking forward to coming up. 

Most people are lucky. If they have an accident they are not hurt or only suffer minor injuries. Meaning that, usually, they can continue to work. But what do you do if you are so seriously hurt that you cannot work, how on earth can you cover your bills? Fortunately, there are options open to you and help available. Below, I tell you about some of them.

Seek pre-settlement funding

In some cases, it is possible to use your upcoming compensation payout as collateral for a loan. This is done using something called pre-settlement funding (for a description of pre-settlement funding, click the link). 

If you do think this option is for you, take your time when making your decision. Make sure that you understand the full costs and ask plenty of questions so you go forward informed and happy with your choices.

Let your friends and family help

Don’t be afraid to accept assistance from others. Oddly, the times when we desperately need help are when we are most likely to refuse it. You need to recognize this tendency and actively work to counter it. Reading this article will help you to do that.

If a friend offers to look after and feed your kids after school, try to let them. You can use the time to rest up instead of cooking and cleaning. That is one less meal you will have to find the money to provide. Later, when your compensation has come through, you can repay the favor by treating your friend’s kids to a few special trips.

Let your dad pay your electric bill for a few months if he offers to do so. He is offering because he wants to do something practical to support you through what he knows is a difficult time.

Seek help from the state

If you are entitled to help from the state, actively seek it out. In most places, there are charities and other organizations that might be able to guide you through various processes – search online to see what is near you. 

Continue to track your spending and live within a budget

Lastly, try to continue to keep track of your finances. Seeing your savings dwindle will not be pleasant. But, knowing how much money is coming in and out is just as important after an accident as it is at any other time. Keep track of it all and everything should turn out alright.

Jeff Campbell

Jeff Campbell is a father, martial artist, budget-master, Disney-addict, musician, and recovering foodie having spent over 2 decades as a leader for Whole Foods Market. Click to learn more about me

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