Tips for Managing Financial Stress While Waiting on Settlement Money
If you’ve been involved in a car accident or suffered another personal injury accident, you have probably dealt with some significant trauma and may be in serious need of settlement money. You may be in pain, unable to work, and dealing with the emotional impact of the incident.
On top of all that, you may also be suffering from financial stress. If you have a good lawyer, you’ll likely be well-positioned to get a settlement to compensate you for your expenses, pain, and suffering. But it could be months, or even years before that settlement money comes in.
How can you cope with the financial stress in the meantime while you wait to receive your settlement money?
Getting a Settlement Loan
One of the best things you can do for yourself is to get a settlement loan. The way it works is simple: you’ll apply for a settlement loan, and if approved, you will receive the approved amount of money as a loan or advance against your future settlement. You can then use this money to cover anything you need, such as medical expenses, your mortgage payment, or your groceries.
One great thing about settlement advances is that you won’t owe anything until the case is resolved – and if you don’t win a settlement, you won’t have to pay the loan back. If you do win a settlement, the great news is with Capital Now Funding it doesn’t matter how long your case takes to resolve because we never charge recurring interest, so your payoff is fixed for the life of the lawsuit.
It’s a very low-risk financial maneuver, since you won’t be on the hook for the money if the case fails and you won’t owe any recurring interest. And if you do get the settlement loan, it can immediately relieve some of your financial burden.
The Importance of Medical Treatment
Some people who have been injured get so nervous about their financial situation that they skip out on medical treatment, believing they may not be able to pay their bills. However, this is dangerous for a few different reasons. First and foremost, your health needs to be your top priority. This isn’t something you can afford to compromise – and besides, treatment and medical bills help increase the value of your case which is only going to benefit your future settlement amount.
It is important to remember that if you don’t follow medical advice or pursue treatment, it could weaken your case. Make sure to talk to your lawyer about this and follow your doctor’s recommendations.
Making Extra Income
Depending on your situation, you could relieve stress by making some extra money on the side. In some cases, you may be injured or disabled to the extent that you can’t return to your previous job. But no matter what, you can likely find a way to pick up some extra money. Many modern side gigs can earn you a decent income without requiring much from you physically.
Tightening Your Budget
If you haven’t already, consider tightening your budget. Cutting unnecessary expenses, like entertainment subscriptions and going out to eat, can make a big difference in your bottom-line financial situation. It may be uncomfortable or unpleasant, but it’s only a short-term measure until you get back on your feet.
Tapping Into Emergency Savings
In extreme cases, it may be worth tapping into your emergency savings, or even your retirement account, to cover your short-term expenses. If you’re in a position to win a settlement that can replenish these funds, it may be worth making the financial move now – and reducing the stress and pressure you feel to make ends meet.
Talking to Your Lawyer
If you’re suffering from severe financial stress, consider having a frank conversation with your lawyer about the situation. They may be able to provide you with perspective, or alternative options to relieve your financial burden temporarily. At the very least, they should be able to reassure you about the chances of winning a substantial settlement.
Mental and Emotional Coping Strategies
There are also a variety of mental and emotional coping strategies you can use to get through the financial strain.
- Stay positive - It’s frustrating to hear how you should “stay positive” after being injured or disabled and going through a difficult, time-consuming lawsuit. However, the power of positive thinking can help you manage your stress appropriately. Remain optimistic about your chances and look at the “silver linings” of the situation whenever you can. Positive self-talk can also help you remain positive about your situation.
- Be patient - Try to remain patient. Lawsuits are often complicated and time consuming, taking months to fully resolve. Take things one day at a time and focus on the problems that are affecting you in the present; worrying too much about the future or being angry about the lengthy process won’t get you anywhere.
- Talk to friends and family members - Take the time to talk to your friends and family members about what you’re feeling. Chances are, they’ll be happy to listen to you vent and provide you with some perspective – or a helpful distraction. If you don’t have many friends or family members to lean on, this could be a good chance to reach out to a new group or community.
- Physically exercise - Even if you’re significantly physically injured, there’s likely some way you can get physical exercise. Exercise has the power to relieve stress, improve your feelings of wellbeing, and could even help you in your journey to recovery.
- Meditate - Meditation is one of the best ways to relieve stress, and you can call upon its power at any time. All you have to do is focus your attention on the present moment exclusively and filter out distractions. It’s tricky the first few times you try it, but with practice, it gets easier.
- Take small steps - You don’t have to resolve your financial situation or get rid of your stress all at once. This is a process that takes time, so don’t hesitate to focus all your energy on baby steps.
Are you interested in getting more information about lawsuit funding? Capital Now Funding has all the answers you’re looking for. Contact us today to learn more about your options – and relieve your financial stress!