When an Accident Impacts Your Finance: 5 Tips to Help You During the Tough TImes

slip-up-danger-careless-slipperyAccidents can leave you too injured to go back to work right away.

Additionally, if medical bills are piling up and you have no idea how you’re going to pay them, understand that there are options available to you.

Take preventative measures if possible before an accident occurs to ensure you’ll be okay financially during your recovery.

Legal Reimbursement

When you’re injured in an accident and it was not your fault, you may be able to get legal reimbursement.

Accidents such as dog bites, slipping and falling, automobile accidents, or becoming injured from a defective product can all result in some form of compensation.

If you live in San Diego, Mike Pines offers legal help from qualified attorneys who will guide you through the process.


Have an Emergency Savings Account

It’s always a good idea to have an emergency savings account.

Even if you can’t put a large amount of money into a savings account right away, that’s okay. It’s best to have something to fall back onto, even if it’s just a little amount of money to help you get by.

If you don’t have a savings account right now, consider opening one and adding money to it each week. Financial experts suggest having approximately three to six months’ worth of expenses saved up, but not everyone can swing that.

Save what you can and add extra money whenever possible.


Ask for Help

Times are likely extremely stressful when an accident occurs.

Not only do you have the stress of being injured, but you also have the stress of wondering how you’ll manage financially until you can go back to work. It’s okay to ask for help.

If you have friends or family members, or even people at your church, let them know the situation you are in and see if they’ll be able to help you out in any way.

Consider crowd sourcing to seek a larger audience. Any amount of money you can earn will ease some burden off of you.


Cutting Back Expenses

Take a look at your finances and determine if there’s anything you can cut back on until you can go back to work.

Consider downgrading your cable, eating at home more instead of eating out, making your own coffee, and anything else that isn’t a necessity.

Budget your money carefully and make sure your priorities are covered.


Apply for Social Security Disability Insurance

Another option you can look into is seeing if you qualify for Social Security Disability Insurance.

This type of compensation is available to individuals that have accumulated a certain number of work credits or have a disability that will last more than a year and cannot adjust to another type of work until you’re well again.

You can also find out from your employer if you can go on short term disability, which is something your employer will be responsible for paying for.

These types of benefits will pay a portion of your paycheck so you can pay for the cost of living.


Final Thoughts…

No one wants an accident to happen to them, especially one that will leave them unable to work.

They can happen to anyone, though. Understand your options when you become injured and know that there is help available to you, you just have to know where to look.

If you become injured at work, you may qualify for worker’s compensation, just make an effort to report the injury as soon as possible. Save money when you can to work on building up a savings account for help during any rough periods in your life.

So what have you done help your finances when you’ve been in an accident?  Share your story, ideas, and comments below.


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