Planning For a Financial Crisis In Case of an Injury | Get Financial Freedom Tips | Transform Your Financial Future


Tuesday, September 25, 2012

Planning For a Financial Crisis In Case of an Injury

Being financially secure is important in today’s shaky world, as it is difficult to lead a comfortable life for yourself without a reliable financial situation. This means a steady job, and bills that you can afford as they appear. Many families seek immense financial security so that they can raise their kids with no worries, and even help them to pay their way through college. Before an injury occurs, you need to search through various personal injury lawyers to find one that matches your income; this way, you have one less worry if you do become injured in the future. The security of having a lawyer on hand makes the entire injury process much easier to digest and deal with.

Planning For a Financial Crisis In Case of an Injury

To help your family to be more financially secure in the event of an injury, you should follow a few steps to ensure security. These tips will go a long way when an emergency arises.
  • First of all, your family should have a savings account set up. This account should be added to every time a paycheck comes, so that you can build up a large sum of money over time. It is ideal to set back at least 10% of your pay, if not more. Initially, you should make larger contributions. This will help you to build a decent sum of money in a short amount of time, in case you need it in the near future.
  • The next time you have the opportunity to, you should check with your employer to see what procedures they have in place in case of severe injury. 
  • Along with a savings account, a stash of emergency money is also recommended in the home. It is advisable to start a large change jar. This way, you can empty your pockets of all coins and small bills every day that you come home. This money can build up surprisingly fast, making it a great idea as well. Within a year, you can accumulate a few hundred dollars with this method; and more if your spouse contributes to it as well.
  • You should educate yourself on all possible options that are available to you in case of an injury, as well. 
  • When shopping, try to buy items in bulk. This way, you have a large stash of household items on hand. If you become injured and finances become strained, this will be a huge help; especially since toiletries can become expensive on a strained income.
  • Your entire family should become aware of savings accounts and budgeting in general. If every family member makes the decision to follow through, there could be a larger combined savings between everyone. Families should be able to work together during hard times, so be sure that your family is able to do this successfully.


  1. Having a full savings account is simply a smart idea in case something unexpected occurs, so meet with your professional financial advisor to devise the most effective way of putting money away without leaving you strapped.

  2. Great suggestions. I've always heard that the majority of people are only 1 paycheck away from bankruptcy, and a serious illness or accident would really break most people.

  3. A rule of thumb I've always heard though have never been able to implement myself is having 2 months salary in the bank. Todays one would need much more than that I believe.

  4. Don't use a lawsuit as a way to gain extra cash. However, don't fail to consult a lawyer when another person is truly at fault for your injuries.