How to Manage Finances While You Wait For a Settlement

a person holding a stack of money

Financial stress can come in many forms. Chief among cash flow issues it the budgetary restrictions placed upon you while you wait for the finalization of a settlement payment. This could be in relation to a security deposit, a personal injury case, or the return of a disputed charge on your personal line of credit. Managing finances can be a tightrope act, even at the best of times, but recovering from fraud or injury makes this strain far greater. Here’s how to manage your finances while you wait for a settlement.

Hire an attorney to fight on your behalf.

Finding a great lawyer to secure your settlement from an accident or other lawsuit is the best way to speed along this process. Half the battle here is getting your money to you as quickly as possible. If you’ve been or should be awarded a settlement it can take weeks to receive your payment. In the event that this is earmarked for medical bills or you intend to use it for credit repayment then the wait time could be a major issue for your short-term finances. Having to lay down a portion of your hard-earned cash while recovering and unable to work can be an impossible ask for many Americans. At least half the country hasn’t saved anything and most of those who have been saving is working with a portfolio of less than $1000. This is nowhere near enough to cover an extended outage of funding while you wait for your settlement to come through. Seeking help from Dante Law Firm can help reduce this wait time and maximize the payout figure at the same time.

Asking for professional help is the best way to receive what’s owed to you. Insurance companies and the lawyers for the opposing side are well versed in keeping back as much cash as possible when negotiating the terms of a settlement. A personal injury lawyer in your corner is the only way to get these seasoned negotiators to cave and give you what you are entitled to.

Consider bridge loans in the meantime.

If you are due a large settlement, seeking personal loans Oregon or with a lender in your local community can operate as a functional workaround to any unforeseen or unmanageable delays outside the control of your legal team. A short term loan can make up the shortfall in your budgeting and you can repay it outright upon receipt of the settlement payout. This is a great way to keep yourself afloat, but you will want to be careful with certain types of short term borrowing habits beyond their primary use case. Securing funding from a loan broker or online lender you trust can be a lifesaver, but high-interest loans with unfavorable terms might cause more trouble than they are worth. Check out private lenders and decide on one that works for your needs.

Begin saving if you aren’t already.

There is no substitute for a savings account. Its purpose is for overcoming situations such as this. The pinch you feel today can be used as a great motivator to start saving if it isn’t already a habit you are accustomed to. Even just a few bucks here and there every week can really add up. An empty savings account is only empty until you begin to fill it. Start putting away your surplus every week and watch the cash quickly begin to pile up for a rainy day.

Dealing with the time it takes to pay out a settlement can be a difficult time for anyone suffering from a personal injury issue or other related setbacks. Make sure you prepare for these sudden changes of circumstance and do your research when considering ways to make up for the temporary outage.

Kaitlyn is one of our talented and experienced contributing writers, responsible for delivering well-researched, high-impact business and marketing articles and posts, in addition to crafting larger editorial pieces.

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