Saving Your Financial Future During Accident Recovery
Michael Babboni
Car Accidents
While a car accident settlement may be required immediately following an accident, this is not always feasible. The unfortunate reality is that these settlements can take time. What’s more, depending on the insurance provider you are working with or the severity of your accident, that period can drag on.In the state of Florida, one will typically take their damages to their insurance provider regardless of who caused the accident. The only exception is any particularly severe accident that requires more than what personal injury protection (PIP) insurance can offer. While you may believe that your insurance provider is there to help you as much as they can, many find that this may not be the case when it comes time to file a claim.
It is important to remember that insurance providers are first and foremost a business. This means that their top priority is their bottom line, their profits, and paying out the least amount possible in order to retain as much of your premiums as possible. For those reasons, a lot of individuals have trouble taking their claims to their insurance provider. They end up going through lengthy negotiations to finally get the compensation they need.
If you are waiting through negotiations after a car accident, or if your settlement is taking longer than expected, this is when financial struggles can start kicking in. You may be out of work with mounting medical costs, and it gets more difficult to make ends meet each week. Here are a few tips for saving your financial future while you are waiting for a car accident settlement:
• Save Your Entertainment Budget – The average person tends to spend quite a bit on entertainment purchases each month, even when they do not realize it. While you are recovering from a car accident, take what you would normally spend on entertainment and stow it away for necessities and emergencies. Even if you are able to attend entertainment events like nights out, concerts, or trips to the movies, it is best to avoid those in the meantime so you do not compromise your injury claim. This budget space can help you pay bills and keep your costs covered until your settlement comes in.
• Go Generic With Your Groceries – By taking this route, you will be able to save a few cents here and there. Eventually, those savings can add up and allow you to have larger grocery shopping trips. They can even make dealing with your other expenses easier.
• Cancel Any Planned Trips – If you have a planned weekend getaway, see if you can get credit for your trip that you can use later. Even if you are unable to get a full refund, you will save what you would have spent in your destination. The credit may be used at a later date when you have recovered and your settlement has come through.
• Pick And Choose Your Subscription Services – Subscription television services like Netflix and Hulu might make television entertainment richer than ever before. However, if you are struggling to make ends meet, choosing your favorites and subscribing only for a short time can help you save money without giving up too much. A small sacrifice today will be a big help in the near future.
How Long Will My Claim Take?
Every auto accident situation is different. This means that the length of time it may take to get your settlement may vary as well. With a seasoned St. Petersburg car accident attorney at your side, you will be guided throughout the process and informed every step of the way.