Injuries from an auto crash or other accident can wreak havoc with your finances, leaving you scrambling to pay your bills while your injuries heal and your case settles. Even if you are fully insured, medical bills can pile up, and being injured can make you miss work or even cost you your job.
If you have a strong case and expect to get a generous settlement from your accident, the legal process can still take time, sometimes dragging on for months or even years. Meanwhile, you have financial obligations that need to be satisfied.
Being under financial pressure can affect your judgement, and you may be tempted to take a low offer from an insurance company and settle out of court. But the repercussions of your accident and injuries can affect your finances for years to come, and holding out for the largest settlement possible is your best option.
While you wait for your case to settle, there are several steps you can take to reduce your expenses and relieve financial stress so you can focus on healing:
1. Take a good hard look at your monthly budget. Most of us have monthly expenses we could live without. Entertainment probably tops the list, with cable television, streaming services, dining out and ordering take-out. You can most likely reduce your cell phone bill by changing your plan or your provider. And you can cut your utilities by monitoring and reducing your usage.
2. Take advantage of being out of work. You now have more time to cook meals from scratch, and money once spent on work-related expenses like gas, clothing, food and other items can be re-allocated to manage your monthly budget.
3. Sell things you no longer use. There are dozens of websites online that sell everything from gently used clothing and baby items to antiques, old records and more. This is a great time to get rid of clutter and build up your cash reserves.
4. Check your car loan, mortgage and credit cards to see if you have disability or unemployment insurance coverage. Many loans have provisions for reduced or delayed payments if you are disabled or out of work.
5. Arrange to have medical fees taken from your settlement. Rather than paying out of pocket, your medical creditors can place a lien against your settlement, relieving additional financial pressure in the short run.
6.Look for work online. There are multiple sites that hire short-term contractors for all sorts of tasks. You may be able to work from home, brining in extra income while you wait to get back to work.
7. Look for assistance from other resources like unemployment benefits, food stamps and other community resources and services.
If you have exhausted all your options and you still need extra cash to make ends meet, Cronus may be able to help with a pre-settlement cash advance. You won’t have to repay it until your case settles, and if you lose your case, you will owe us nothing. The application process is easy, and our friendly staff is here to assist you. Contact Cronus today to see if you are eligible.