Getting a settlement after experiencing a personal injury can make living life a lot easier. It can help cover your bills, medical expenses, and more while you recover.
Unfortunately, you aren’t likely to receive that check quickly. According to Marzzacco Niven and Associates, “it could take more than a year for the injured party to receive compensation for their monetary losses, pain, and suffering.”
That’s a long time to wait while your bills pile up.
Fortunately, there are things you can do to get the cash you need while you wait for your personal injury settlement check.
Reach Out to Friends and Family
Don’t underestimate the power of asking your friends and family for help. Although it can be uncomfortable, they want to help you. After all, if a friend or family member approached you for help, wouldn’t you want to help them?
You don’t have to ask for money either, if it makes you uncomfortable. Ask if they might be willing to drive you to the grocery store so you can save on gas, or if they would be willing to cook dinner once a week.
If you worry about it being one-sided, think about what you can offer in exchange. For example, maybe they buy the ingredients, but you cook dinner.
Look for Charitable Organizations and Programs That Can Help
There are a lot of organizations out there that are willing to help, as long as you know where to find them.
The federal government offers a wide range of programs that include:
- Housing help
- Food assistance
- Help with utility bills
- Health insurance
There are plenty of local organizations too. Stop by your local food bank and ask if they have a bulletin board or a list of resources, or ask around at your church.
You can also ask friends and family. You might be surprised to learn about charitable organizations and programs that they have used in the past when money has been tight.
Apply For Disability
You may want to consider applying for disability. It may be able to provide you with at least some of the money you need while you wait for a settlement.
However, there are a few things you’ll want to keep in mind.
First, receiving disability benefits can take a long time too. It’s only a good option if you expect your settlement to take a year or longer.
Second, social security disability benefits aren’t a given. Your claim may be denied. It’s still a good idea to find other ways to get money while you want for your settlement just in case you can’t rely on disability benefits.
Get Creative With Ways to Make Extra Money
You may not be able to return to work, but that doesn’t mean there’s no way for you to make money. There are more ways than ever before to make a little extra cash.
Ridesharing, food, and grocery delivery apps are popular with those who are trying to make a little extra money, but there are a lot more ideas out there that include:
- Take a freelance job online, like data entry, or become a virtual assistant
- Take surveys online and get money through sites like SwagBucks and Survey Junkie
- Make something you can sell on Etsy or at local craft fairs
- Sell unused gift cards at CardCash or GiftCash
- Rent out a spare room or storage space in your garage
- Sell items you no longer use, like clothes and electronics
- Monetize your YouTube channel, Twitch channel, or a blog
Consider a Pre-Settlement Loan
If after all that you still find that you’re falling short each month, you may want to consider a pre-settlement loan.
A pre-settlement loan, or lawsuit settlement loan, can provide you with cash ahead of a pending settlement. It can provide monetary relief and peace-of-mind, but not without a cost.
Interest rates can be high, which means you’ll end up paying what you borrowed, and then some, which can leave you with very little left over from your settlement.
There’s also the possibility that your settlement doesn’t work out the way you expected. If you are awarded less than you requested, or your settlement is completely denied, you still have to pay back the loan. Only, you’ll have to do it with your own money.
It can be frustrating to have to wait for funds from your personal injury settlement. Ease some of the stress of having to pay your bills by following the tips on this list to fill the gap until you finally receive your check.