Thursday, June 15, 2017

4 Tips For Recovering Financially After Suffering A Serious Injury

A serious injury that occurs at home, on the job or elsewhere can leave you without an income for days, weeks and even months. Given the high cost of healthcare, medical treatments can drain bank and savings accounts rapidly. 

Whether you have fully recovered physically from your injury or not, it's time to improve your financial situation. Follow these four tips to start the financial recovery process.

Evaluate Your Career

If your doctors feel that you can eventually return to work, make certain that you or your caregiver asks your employer to guarantee that your job will be waiting for you. Otherwise, start looking at other career options. 

Send out email or postal mail employment inquiries as soon as possible during treatment so that you can start working and making money immediately after you recover.

Set Aside Savings

Once you have a steady income, put more money into financial products that accrue interest like savings accounts and certificates of deposit. With a savings account, as little as $10 a week can add approximately $520 to savings a year on top of accrued interest. 

If you receive money for your birthday or as a get well gift, put it into savings instead of using it whenever possible. Every penny counts and can help you recover financially faster.

Sell Off Property

Most people have property that they don't use, such as old clothing, collectibles, furniture, tools and craft supplies. 

Use online yard sale groups on social media and classifieds sites like Facebook, Yahoo and Craigslist to sell items or set up an offline yard or garage sale on a warm weekend. 

Another option: Pick up a hobby that you can do on the side that creates tangible items you can sell offline/online, such as painting, sewing or woodcraft.

Seek Legal Counsel

If your injury involved an accident or negligence caused by another party, such as your employer, a driver or a doctor, talk to an experienced legal team like the one at Oxner + Permar, LLC about compensation. 

Some lawyers even provide advice about financial recovery assistance, such as charitable organizations and government programs that help pay utility and medical bills and debt consolidation programs.

You don't need to continue to suffer financially after you've suffered physically. Simply make certain that you understand your physical capabilities and options. 

Once you have that information, you can easily start rebuilding your finances. If necessary, ask a caregiver to help you with these tips.

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