How to Stay Financially Afloat After a Car Accident
A car accident causes a lot of problems in a short amount of time. You may lose the ability to work or move your body properly.
Then, you’ll lose your wages and not be able to drive as the car is being fixed.
On top of that, the bills pile up and keep you in debt long after the accident happened; therefore, work on being financially stable on a long-term basis.
Record Your Bills
A car accident comes with a wide range of bills that must be paid immediately.
Your medical expenses will pile up because of hospitalizations, doctor’s visits, physical therapy sessions, and other events.
Keep a record of every bill that you have, and know the total amount of money that you owe for medical services.
Record All of Your Expenses
In addition to accident expenses, you have to pay regular living expenses, such as rent, utilities, car payments, etc.
Record all of the expenses that must be paid every month in a monthly chart or list.
This way, you won’t miss an important rent or utility payment because you were too busy paying for repair bills or doctor’s appointments.
The benefit of working with car accident lawyers is they are not only interested in handing you a bill.
They help their clients to recover the wages that they lost after the accident.
They will either suggest that a client settle for a large lump sum or win a judgment that is awarded in court.
With a lawyer’s help, you can recover 100% of the expenses that you paid out of pocket for the accident.
Develop a Budget
Develop a budget to monitor the total amount of savings, expenses, and payments that are made.
This budget can last for a few months or until you get your finances back together.
Ideally, make a plan that lasts at least one year after the accident. That is the amount of time that is usually needed to pay off significant debts.
Review Your Debt Options
After a car accident, you’re likely to have debts that accumulate in the tens of thousands.
There are a few legitimate options to pay it all off. Debt consolidation allows you to combine multiple debts into one reduced monthly payment.
Debt settlement allows the borrower to pay off the entire loan in one reduced lump sum payment.
A good financial plan is needed to recover from an expensive car accident and prepare for the next emergency if it happens.
You have to visit the doctor regularly, pay your car repair bills and visit the mechanic often, as well.
Overall, it’s important to work on being financially stable in order to recover from a car accident.
Category: Family Finances
