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How You Can Recover Financially Following A Serious Injury

A serious injury can quickly put you in financial jeopardy. Between forcing you to miss work and depleting your savings, it can make you lose whatever financial security you had finally achieved. One thing a serious injury doesn’t have to do, however, is ruin your finances forever. There are ways to recover both your body and your wallet.

Make a New Budget

Your old, pre-injury budget isn’t going to help you get back on track as quickly as a new budget will. Create a new spending plan with recovery in mind. Push yourself to make greater sacrifices than you have in the past and keep your injury in mind to motivate you.

Meet with a Personal Injury Attorney

Depending on the detail of your serious injury, you may be entitled for compensation from damages and expenses. By meeting with an attorney you can find out what you might qualify for. Boise personal injury attorneys can help you with every step in the legal process.

Don’t Indulge in Emotional Spending

An injury can sometimes lead to depression and that can trigger an urge to spend more in order to feel emotionally better. If you want to get back on your financial feet, ignore this urge.

Sell Property

If you have furniture, books, clothes, electronics, movies, and other possessions that you no longer need, you can sell them and put the proceeds right into savings.

Transfer Debt

If you qualify for interest-free balance transfer offers and the fees are affordable, this could save you a significant amount in interest. Additionally, it can allow you to get your debt paid off much faster, then you can put what you’ve saved in your savings to help improve your overall financial security.

 Consider Refinancing

If you can refinance your home to a lower rate after an injury, you may be able to make more room in your budget for savings. You can also refinance with a thirty year term, effectively stretching out your payments and reducing your monthly costs. This isn’t always a good move, however, so make sure you look at the numbers before completing the refi.

People often feel hopeless after a serious injury devastates their health and their finances. You can overcome this if you focus on savings, stop spending on things you don’t need, and strategically rearrange your debt. Meeting with an attorney can also clue you in on any damages you’re entitled to when the injury was the fault of another person or business.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.

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