How to Manage Your Money When Injured
From having a car accident to falling down the stairs, there are many ways in which you can injure yourself during your everyday routine. Whether you break your leg or strain your neck, it can be all too easy to suffer financially as well as physically while recovering. Because of this, you need some smart money management techniques to use so that you can easily get through these difficult times without any cash-related hurdles. In this way, you can focus on getting better as soon as possible.
Calculate the Costs and Losses
The first step is to determine how much you will need to pay to get through your injury. While these will mainly be medical bills, they fall into several categories:
- Doctor’s fees
- Medication costs
- Rehabilitation rates
- Ambulance charges
- Administrative fees
Thus, you’ll need to work out how much you owe so you can then pay everything back. This can include tapping into your emergency fund and using the cash there to cover costs. It can also mean making a claim for personal injury compensation. Whatever you choose, you will have to make sure that you have the finances to cover all expenses so you can then focus on your recovery without having to go into debt.
You will also need to consider the losses you experience when it comes to being injured. If you have to spend a lengthy amount of time in hospital or at home, chances are that you will lose income as well. Your spouse may also suffer financially if they have to take time off work to look after you. Here, you will either have to tap into your savings to supplement your income during recovery or you’ll need to talk to a suitable expert about making a claim. This leads us to the next section…
Talk to a Compensation Lawyer
If the accident wasn’t your fault, you may have a chance to get some recompense for what has happened. Let’s say that you suffered an injury because of someone else’s negligence or stupidity. In this case, you can talk to a suitable lawyer about the best way to file a personal injury claim. If you win the case, you will gain enough cash to cover your medical bills and your income losses. Of course, you’ll need the right amount of evidence to prove that you weren’t at fault with regards to the accident. This means that you may have to supply your lawyer with:
- Contact details of witnesses
- Photographs of your injuries
- A detailed account of the accident
After this, they can then make a case for you and give you a better chance of winning the compensation that you deserve. This will make it much easier to manage your finances while you are injured. Just remember to look for a solicitor promising a “no win no fee” agreement so you won’t have to cover legal costs either.
Look to Government Assistance
The last step to financial freedom after an accident is to look to the government for help. The details of this depend on the country you are living in. Those in the UK can apply for the Employment and Support Allowance (ESA) however. This scheme provides financial assistance if you are unable to work after an accident. This can be useful if you don’t have the emergency funds to back you up or if the compensation claim you’ve taken out doesn’t cover all medical costs.
If you live in another country, you’ll have to contact the relevant government agency to see what kind of support you can get while you are injured. If you’ve suffered significantly due to a severe accident, you should be able to find a support scheme that boosts your income during this critical time. This can then allow you to focus on your recovery without any financial stress.
Following these above tips, you will then stand a better chance to get through any personal injury with ease. With the right planning and some assistance from a lawyer and the government, restoring your life after an accident need not be that difficult. Simply manage your money and get some support, and the rest will then fall into place.
About the Author:
Russell Worth are personal injury claim solicitors in the UK that aim to help clients in getting the compensation they deserve. They cover all kinds of claims, whether it be for whiplash, motorbike accidents, slips, trips, car crashes, or sports injuries.
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Category: Financial Planning
