Family First: Do You Have a Plan in Case an Injury Occurs?

Family First: Do You Have a Plan in Case an Injury Occurs?

Accidents happen in the least likely place and often at the most inconvenient of times.  When an accident occurs and results in damages that have to be paid for, whether to you personally, your property, or someone else’s, it can cause severe economic hardships for you and your family.

Having a plan in place to prepare for the eventuality of an accident is a smart move that is designed to protect your family from economic liabilities should a personal injury happen to you.

Have a Savings Account

Personal injuries can result in time out of work, medical expenses and other changes that can be quite costly.  In many cases, your job benefits and insurance coverage alone, if you have any, is not enough to pay your basic living expenses.

Financial advisors recommend having three to six months of coverage for basic bills such as mortgage, electricity, and phones saved up in a savings account to protect you in the event of an emergency.

Track Your Finances Closely

While it may not seem like a huge deal to keep your payments to your creditors on time and invest in building your credit, it can be a major determining factor in whether or not you lose your home or your car while you are struggling to make ends meet after a personal injury.

To keep your family from having to deal with the stressful situation of possibly losing items that are important to them, monitor your finances regularly and stay on top of your credit.  That way, if a personal injury occurs and you are out of work for a while, your creditors will be more lenient and willing to work out payment plans with you.

This applies to utility companies, phone companies, and other businesses that provide ongoing services as well.  However, during the time that you are out of work you should also consider cutting back on things that are not basic necessities such as your cable bill and extras on your phone.  Try not to use your credit cards during this time unless it is absolutely necessary.

Find a Reputable Attorney

Opening the table to a lawsuit is often the last thing people are looking for when they are injured, but in many cases this is the best way to provide your family with stability and security.  

The right personal injury attorney can guide you on what rights you are entitled to, how to deal with creditors as you may be out of work for extended time periods, how to avoid losing your job entirely, and even whether or not you are entitled to monetary retribution for your specific injury.

Develop Your Plan Ahead of Time

Securing the financial stability for your family is likely going to take time.  Starting today to begin working on your finances and developing an action plan is the first step to protecting them.  With you doing your part and the right attorney doing their part, you can focus on recovering from your injury with as little additional stress as possible.