Recent studies have revealed that about 58% percent of all Americans have less than $1000 in savings. Worse, that same percentage is the number of people who have nothing set aside at all. This means that more than half of all Americans are not prepared for the future and will be devastated if something should happen. Living paycheck to paycheck makes it difficult for people to be prepared for emergency situations.
If you are injured in an accident, you can be looking at thousands of dollars for the initial hospital visit, and then you factor in the follow up visits, therapy, and surgery necessary, plus any medical equipment needed. If a lawsuit is being filed, then you may incur expensive legal fees. While you can help defer some of the costs associated with personal injuries, it is better to be financially prepared for emergencies.
Do Not Wait to Prepare
It is always a good time to start preparing for an emergency, as you never know when they will happen. A drunk driver could run a red light and hit your car or you might have a workplace accident. These situations are never expected. Most Americans do not start to prepare until the emergency has hit, when it is already too late. There are four ways to be better prepared for financial stressors.
- Start Saving Now
It is never too early to start saving and building a cash reserve. When you are looking at a good cash reserve, you are wanting a savings account that has enough money to cover all of your expenses for six months. This can be an overwhelming task when you look at your budget, so start small and slowly build up. This is easiest done by making a budget sheet and then figuring out how much you need to set aside so you are slowly setting money into your emergency fund.
- Have a Backup Plan
Most financial advisors urge Americans to get rid of all credit cards, and this is because most people do not know how to use them in a safe fashion. However, if you are in a crunch and do not yet have enough saved up, having an open line of credit can save you, temporarily. It is important to use the line of credit only as a backup and have a plan for how you are going to pay it off in a timely fashion.
- Have Superior Insurance
It is absolutely vital to have an investment in superior insurance. Insurance does have a lot of costs, but it will help you in the end. People generally shop for the cheapest insurance policy possible, but it is important to know that the better the insurance, the less you will have to pay in the end. When you are shopping for insurance, look for a comprehensive plan that covers as many costs as possible.
In some cases, insurance companies may not have the best interests of their clients in mind and will go to great lengths to protect their profits. They may delay claims or pay a smaller amount than you deserve. When injured victims are having trouble with insurance companies they should speak with an experienced lawyer and look into lawsuit loans to receive money that an insurance company owes them.
- Legal Funding
If you are pursuing a lawsuit for your injury, then legal funding can help you handle emergency expenses. Legal funding is an option for people who need cash for their case before a settlement is reached or while they wait for their settlement award to be processed. Eligibility for being approved for the loan is not based on your credit score or income.
Steps for Handling Emergencies
- First, put your budget in front of you and write everything down that displays where your money is going.
- Second, look at any expense that is a luxury and can be cut out. This includes eating out, going to the movies, or even drinking coffee at home instead of visiting your favorite coffee shop.
- Next, contact any of your creditors, including the hospital, and ask for payment plans or fees that can be waived. It may be possible to refinance and reach a limit that you can better afford for a few months.
- Check into investments such as a 401k and see if you can borrow money from yourself to float through an emergency.
- Finally, look at lawsuit settlement funding to help give you financial security during this difficult situation. The money you receive can be used to pay medical bills, rent, groceries, and other expenses. The Legal Funding Group provides financial help for plaintiffs who need money while waiting for a settlement to be reached.
Even when you are prepared, emergencies can strike at any time. It is important to know how to handle an emergency and have a plan so that you do not immediately panic and make poor decisions. The best way to handle an emergency is with a little thought and rational thinking.
Contact The Legal Funding Group
We here at The Legal Funding Group are dedicated to serving the needs of our clients, both the injured and the law firms assisting them. Your needs are our top priority. Our entire staff takes pride in helping those who need it in our community and we take great satisfaction in seeing our client’s financial, medical and legal needs being taken care of adequately.
Our application process is simple. Plaintiffs can fill out an online application or call one of our specialists. After we receive a signed confidentiality release we will then contact your lawyer and go over your case. We will also require information about the ability of requested damages to be paid by the defendant. The Legal Funding Group will also verify the calculations assumed by the defendant to ascertain whether they are reasonable or not. Once your funding is approved, we will offer the borrower several payment options to consider. Our goal is to have funding sent to the borrower in less than 24 hours.
Call us today at (912)-777-3997 or fill out our quick and easy online application to get approved.