Whether it’s a car accident or slip-and-fall, a serious injury can hurt you in more ways than one. In addition to causing physical pain and trauma, an injury can hit you in the wallet. Knowing how to stay financially afloat in the wake of an incident like this will prove critically important. In a perfect world, money would have nothing to do with recovering from an injury. Unfortunately, we don’t live in a utopian society. To ensure proper recovery and care for your family in a responsible manner, you have to give some thought to your personal finances.
Here are a few tips that may help your situation:
1. Obtain a Good Lawyer
If you’ve been involved in an accident or sustained injuries as a result of someone else’s negligence, don’t delay in hiring a lawyer. Even if you think you were partially to blame, there’s still a chance that you can recover some damages. A good lawyer will ensure you get what’s rightfully owed.
“Making sure you are pushing for the compensation you need is vital,” Dickson Kohan & Bablove explains. “If you forget a major expense or leave off any non-economic damages, you could end up with a smaller settlement than you deserve.”
You have to remember that it’s possible your injury will have a long-term residual impact on your health. Every dollar you receive in compensation is another dollar that can go toward your short-term and long-term medical expenses.
2. Establish a Budget
If you didn’t already have a household budget prior to your injury, you’re definitely going to need one now. You’re almost certainly working on a limited income at this point, and all of your financial resources need to go toward your medical expenses and legal fees.
Don’t cut any corners with your budget. You need to have a clear idea of exactly how much money is coming in and how much is being spent on every expense. The more accurate you are with your projections, the better off you’ll be.
3. Find New Income Opportunities
If you’re debilitated and unable to work your normal job, your income is probably hurting. Sure, you may qualify for disability, but it’s only a fraction of what you’d normally make. Finding new income opportunities that fit your current situation and limitations will prove beneficial.
Thanks to the Internet, there are always opportunities for making money from home. The key is to do your research and avoid getting sucked into gimmicky systems that aren’t worth your time. If something smells fishy, it probably is. Spend the extra effort looking for legitimate opportunities, and they’ll eventually emerge.
4. Don’t Turn Down Help
When you’re injured in an accident, your friends and family members will probably offer to step up and help. If you’re the sort of person who is highly independent, you’ll feel an urge to turn down the assistance and instead handle everything on your own. Don’t do this. Never turn down help in a situation like this. Not only does it hurt you, but it also does a disservice to the people who want to give.
If someone wants to bring over meals, write you a check, or set up a crowdfunding campaign on your behalf, let them. You should never be too prideful to accept assistance. There will be a time in the future when you can return the favor. That’s what living in community with other people looks like. It’s a give-and-take situation where everyone looks out for one another. You aren’t above needing help from others.
Finding Hope in the Future
People commonly suffer from severe anxiety and even depression after experiencing serious physical injuries. If you’re feeling the burden of stress and an overall feeling of helplessness, you aren’t alone. You should, however, cling to the fact that there’s hope in the future.
You’re in the midst of a particularly rough period of your life, but it won’t always be like this. By putting things into perspective and controlling what you can control, you’ll be far better off down the road. Your finances are just one piece of this puzzle.
