Ways to Deal With Expenses While Recovering From an Injury

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Ways to Deal With Expenses While Recovering From an Injury

If you experience an injury that prevents you from working, bills and other costs can pile up swiftly. Failing to keep up with bills can lead to poor credit and other financial issues, so it’s important to find out how you can take care of money problems in the meantime. Here are several ways to deal with expenses while recovering from an injury. While none are surefire ways to take care of all your bills, they may be able to help you to get ahead of any minor problems before they become major ones.

Pre-Settlement Funding

If your injury is due to a workplace injury or other personal injury and you’re currently pursuing a lawsuit in hopes of receiving a settlement, pre- and post-settlement funding is a possibility. You and your attorney can deal with a financial company that lends cash so you can pay your living expenses while you go to court. Pre-settlement funding isn’t a loan because you’re borrowing money according to the eventual settlement and only pay the company back when you win the case. Ask your attorney for further details and whether it’s a promising idea for you.

Government Disability Insurance Programs

Some experts suggest looking into the possibility of seeking money through federal disability insurance programs like Social Security Disability Insurance or Supplemental Security Income. Not everyone qualifies for this benefit; it can take a while to be approved, and there are stipulations regarding what is considered a disability. If you do qualify, however, it’s possible to receive about $1,500 a month on average. Not enough to live on, but it can certainly address some expenses.

Go Spartan

Here’s another one of the ways to deal with expenses while recovering from an injury. Scrape down expenses to the bone. Assess what you’re spending money on and see what is too expensive and what you can do without. Entertainment options should always be the first thing to do. Get rid of streaming channels you’re not watching, magazines you’re not reading, and other subscription services that are more luxuries than necessities. Make fewer trips, cook at home more, and start shopping for second-hand clothing and household items and bargain groceries. Life may be a little duller, but it’ll help you to pay off what you owe until you get back on your feet.

Review Your Insurance, Financial, and Banking Records

Take the time to talk to your insurance company and review your policy and expenses to see if you’re receiving the coverage that you’re due. Make sure you’re making interest on your bank deposits and note if any service and other charges turn up that seem out of the ordinary. Look for instances where you’re being overcharged or nickeled and dimed and talk to the people at those institutions about getting better deals. Consolidating your bills can also help, but you should speak to your attorney or financial consultant about the best possible institutions to deal with.

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