GPI Financial Services Blog
You’ve recently been involved in an automobile accident. Regardless of who was at fault, you will probably be footing some kind of bill, at least for the time being. Crashing your car can be a traumatic experience for many, and the added toll of a hospital visit and having your car in the shop for weeks can add even more turmoil after the initial collision. You are probably filled with questions about the best path forward, and knowing that the bills are about to stack up, you might be wondering how you will be able to balance these new unexpected costs. Here are a few things to keep in mind when getting back on your feet financially.
Readjust Your Budget
Now might be a time you really wish you had an emergency fund. If not, don’t worry. There are still ways to repair your wallet and recover financially. Your first step will be to make a few changes to your budget. Now that you have additional payments to make, you will want to move your excess money around to help compensate for the loss. This may mean dropping unnecessary expenses for a while, such as renewing your Netflix subscription. Next you might consider picking up some extra odd jobs when you can for some additional funds to help pay off hospital or repair bills.
Taking Out Loans and Protecting Your Credit
As the bills begin to pile up all around, you may feel like taking the leap and accepting a loan to help shoulder some of the burden. While loans can be great in a pinch, you need to be very cautious when accepting them. Many loan-sharks will try to prey upon you in your time of need, and offer you quick cash in exchange for unbelievable fees and interest rates. Your bottom line should be to protect your credit score at all costs. Don’t apply for loans that will hurt you in the long run, and try first to budget your way out of this situation. A better solution for you might be crowdfunding your bills. These sites will help you reach out to family and friends and ask for donations. If your crowdfunding page gains enough traction, you might just get enough cash to really help ease the pressure for the time being. The great thing about crowdfunding, is that once you receive the money, you are not obligated to pay it back.
Considering Taking Legal Action
If your accident has led to unforeseen complications, such as later hospital visits, or missing several days of work without any payment, you might just have a case for compensation. Taking legal action can be a lengthy, and sometimes grueling process, but if you are faced with no other solution, and feel like you are owed money from either the other party in the crash, or your insurance company, now may be the time. If the other party involved in the accident was under the influence of drugs and alcohol you might be able to earn compensation for your vehicle damage, medical bills, and missed income. If you were injured in your car accident, taking legal action may also qualify you for contingency payments, which will cover your medical costs until your trial ends.
At the end of the day, you will want to do your best to save as much money as you can. If you were injured in a car accident, or if your livelihood depends on a car that’s now totaled, you need to take whatever steps necessary to ensure that you get back on your feet. Involvement in a car accident can be a draining experience, but if you are insured, and informed, it doesn’t have to be a drain on your wallet.
Author: Jim McKinley
Photo Credit: Pixabay