How to Make Ends Meet When You Can’t Work Due to Injury

If you’re seriously injured, you may be unable to work. That means you won’t have a paycheck coming in, and you may not have an opportunity to look for a different job. Even if you file a personal injury lawsuit, it could take months or years before you see the compensation money you’re due.

So how can you make ends meet in this situation?

File a Personal Injury Lawsuit

Your first step is to see if filing a personal injury lawsuit makes sense. If your injuries are the fault of another person, you may be entitled to compensation for any and all expenses related to those injuries – including lost wages from not working and pain and suffering.

Before taking any other steps, it’s a good idea to talk to a personal injury lawyer to see what they think about the case. If it’s clear that another party was at fault, and there’s plenty of evidence to substantiate that claim, they may work with you to secure a sizable settlement. When the settlement comes in, you may have more than enough money to pay your medical bills, cover your other expenses, and leave some extra as compensation for your pain and suffering.

There’s one big problem with this: It can take months or even years for your case to resolve. Then, after all the paperwork is signed, it could be an additional six weeks before you see the money you’re owed. What can you do in the meantime?

Secure Pre-Settlement Funding

One solution to this problem is securing pre-settlement funding. Pre-settlement funding is a type of loan. If you qualify, you’ll receive an amount of money based on the nature of your case and some other variables; you’ll get this money immediately and you’ll be able to spend it however you like.

When you ultimately receive your settlement, you’ll be responsible for paying this loan back. While some pre-settlement funding providers charge high interest rates that border on predatory, some pre-settlement funding providers only charge a small flat fee. Additionally, if you don’t win a settlement, you won’t owe any money to the funding provider, essentially making the transaction risk-free.

Of course, not all people will qualify for a pre-settlement loan. You’ll need to have a strong, winnable case and a reputable lawyer on your side. Still, if you qualify, this can be a great way to secure the short-term funding you need (without wrecking your finances long-term).

Apply for Disability

Depending on the nature of your injuries and the status of your case, it may be in your best interest to apply for disability benefits. Short-term disability and long-term disability benefits are available to people who are unable to work, assuming you meet other criteria. Applying for disability can be a long and frustrating experience – and you might not even qualify – so it’s not something you can count on reliably.

Prioritize Your Spending

Next, try to prioritize your spending. If you’re working with a limited, fixed income, or if you’re spreading yourself thin with borrowed money, it’s important to know how to handle your bills. You don’t want to spend all your money on a low-priority item and have nothing to cover your most important expenses.

  • Basic living expenses. Your basic living expenses need to be your top priority. It’s important to pay your mortgage (or your rent), pay for groceries, cover your utilities, and otherwise make sure you’re able to live a healthy, normal life.
  • Medical bills. Your physical health needs to be a priority as well – which means it’s important to attend all your medical appointments and secure treatment as recommended by your doctors. However, paying your medical bills shouldn’t be a top priority. Depending on the situation, your insurance may cover your medical bills while you await a settlement. You may also be able to work out a payment plan with your treatment providers. In any case, you’ll have plenty of time to pay these bills – and the funds to pay them, assuming you win a settlement – so don’t be afraid to wait to pay them.
  • Other expenses. While you’re in a difficult financial position, it’s a good idea to cut unnecessary expenses. It may be wise to cancel some of your subscriptions, cut back on entertainment expenses, and minimize your spending in other categories that aren’t a requirement for daily living.

Find Ways to Make Extra Money

Even if you can’t work in your previous career or in a mainstream living, you may be able to make some extra money in a variety of different ways:

  • Sell your possessions. Do you have valuable possessions that you no longer want or need? Selling your old electronic devices, an old car, jewelry you no longer wear, and other items can earn you several hundred or even several thousand dollars.
  • Rent a room. If you have plenty of space in your house, or if you have an apartment that you can sublet, you can rent a room for a few hundred dollars a month (or more). Dealing with a temporary roommate may take some adjustment, but you’ll get some financial security in turn. You may even be able to list your property on Airbnb or a similar platform.
  • Sell art or crafts. If you have a knack for creative arts, consider making artwork or doing crafts and selling them online. There’s a lot of competition in this space, but if you find a niche for yourself or sell high volume, you can make a lot of money this way.
  • Do freelance work. Freelance work comes in many forms. You can write articles, complete surveys, sell photos, or even do graphic design tasks for extra money.

Apply for Pre-Settlement Funding With Capital Now Funding

If you’re struggling to make ends meet after suffering a personal injury, one of the best tools in your arsenal will be pre-settlement funding. Apply now to see if you qualify for pre-settlement funding, or contact us for more information!