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Covering the Costs of a Car Accident When You’re Broke

February 28, 2020 By Justin Weinger Leave a Comment

As life would have it, you’ve just been involved in a serious accident. To top it all off, you’ve sustained injuries that will certainly keep you out of work for some time. You’re already strapped for cash, so you’re probably freaking out about how you’re going to survive the next couple of months (or years). Before you add tension to an already stressful situation (and prolonging your healing process), you should know that there are ways to manage – even if you’re broke.

Costs of a Car Accident

Not many people consider the true cost of a car accident. Outside of possibly paying an insurance deductible, you could also be responsible for repairs, medical bills, and medical-related expenses (i.e. co-pays or medical supplies). There’s also the added fact that you’re not able to work until you get clearance from your doctor. This leaves you hemorrhaging money that could result in you not being able to pay your regular bills. Ultimately, knowing where to turn in times of a financial crisis such as this is key to your survival.

Hire an Attorney

If you believe the accident wasn’t your fault, you should consult an accident attorney immediately to discuss your case. If there is sufficient evidence that you were not the at-fault party, a trained attorney may be able to use this information to help you get a considerable settlement from the insurance company or by filing a personal injury lawsuit and pleading your case in court. You could get money to cover your medical bills (past and present), medical-related expenses, and the time that you’re out of work if you win your case. This, of course, would take a load off your shoulders (and your pockets).

Dip Into Emergency Savings

An emergency savings account is an account where you set money aside for a rainy day or unforeseen circumstance. Getting into an accident is certainly an ideal time to use those funds. If you have several months’ worth of income saved in the account, you could find peace of mind in knowing that your bills are covered for a little while until you come up with other financial solutions.

File for Disability

If the injuries you’ve sustained are serious enough, you may be able to qualify for temporary or long-term disability coverage. This would provide you with a monthly income that can be used to cover the bills. It can take several weeks to get approved, so be sure to apply as soon as possible. You’ll likely need your medical reports or notes from your doctor to explain your injuries and ideal time in which you can return to work.

Look Into Assistance Programs

There are plenty of programs available for those going through hard times or living on a limited income. They are free to apply for and could provide you with peace of mind. There are programs to help with healthcare, car insurance, food, housing, childcare, and even transportation costs. Check with your local board of social services to find out how to apply for such programs.

Cut Costs

If you’re really struggling financially you’re going to have to get serious about your spending. Cutting back on your costs could help you save several hundred bucks each month. Cut your cable subscription, cancel monthly subscriptions for products and services you don’t need, or cook at home instead of eating out. You should also use methods like waiting 72 hours before making a purchase to ensure it’s something you really need.

Downsize

You may not like this next bit of advice, but if your injuries are long-term or permanent, downsizing may be the only way to survive financially. If you’re already broke or living on a shoestring budget, eventually, you’ll find yourself accumulating more and more debt and causing a plethora of financial trouble for yourself. If necessary, move to a smaller house or more affordable apartment, or consider living with family to give yourself a financial break.

You never thought you’d find yourself dealing with the aftermath of a serious accident, but here you are. Though overcoming this situation requires more than finances, when you’ve got bills piling up and can’t afford the bare necessities, the stress really adds up. As increased stress only intensifies pain and prolongs physical and psychological healing, it is ideal to have solutions to help you cover the costs of the car accident. With such a big stressor lifted, you can focus your energy on your physical and emotional well being.

You Can’t Become Debt-Free Without Changing Your Mindset

February 28, 2020 By Justin Weinger 1 Comment

Some people have the skills early in life and understand the importance of saving money. While others live life for the moment without giving any thought to the future. Unfortunately, the majority of the workforce falls into the latter group. Without changing your ways, you won’t be able to ever successfully achieve stability when it comes to your finances and enjoy the fruits of your efforts. The good news is that it’s never too late to change your mindset and learn how to save money.

Borrowing Money

When you spend everything you make, you’ll need to borrow money often. This cycle of borrowing is costing you a prosperous financial future. Before long, you’ll owe money to family, friends and banks. Once your credit drops, your ability to borrow more money from a lender becomes nearly impossible. There are other lenders with less stringent guidelines for small amounts of money such as short-term installment loans. Another thing you should be doing when you’re thinking about borrowing money is evaluating your options. For example, if you’ve got a huge amount of credit card debt, you might be better off looking for home equity loans.

Controlling Your Spending

The first step to becoming and remaining debt-free is to control your carefree spending. It’s easy to order lunch out and opt for take-out at home for dinner a couple of times a week. However, the money you’re spending is preventing you from having money in the bank for other things. Bringing your lunch and eating out just once or twice a month will help you reel in your spending and have money on hand for things you really need.

Misuse of Credit

Credit is a wonderful thing if you use it correctly. However, you should always think long and hard about any purchase, especially before placing it on a credit card. For example, some people have cards that offer rewards for use. They use them to buy airline tickets, pay for hotel rooms, buy dinner at restaurants and pay for groceries at the supermarket. However, when the bill comes in, they pay it in full and avoid paying interest while still achieving the rewards. If you use credit cards correctly, you can benefit. However, many people get credit and misuse it. They view it as extra money and begin to think of ways to spend it. Soon, the credit card is maxed out, and the bill comes in. Now you have more debt with interest accruing.

Live Within Your Means

You have a decent job but you still struggle to make ends meet at the end of each month. This is an unpleasant fact for many families across the US. You own a home at the top of your price range, have two cars with payments and several credit cards with hefty balances. Living within your means is the only way to live life comfortably. When you start out life with piles of debt, you’re setting yourself up for financial ruin. Unfortunately, banks are similar to fairweather friends, when your credit score is good, they want you, but fall from grace and you’re no longer welcome.

Crafting a Budget

If you’re ready to change your spending habits and live within your means, you’ll face a bright financial future. Luckily, there are many budget apps online for free. Select the one that best fits your current collected debt. A budget is more than simply a sheet of paper with a bunch of numbers. It gives you a clear accounting of your financial status. You get to see not only the amount of your debt but also from where it derives. This is important. Sometimes seeing how much money you waste can be a real eye-opener.

If you want to become debt-free, it takes a commitment to change your spending habits and how you view money. With a different mindset, you can move forward and learn the importance of saving today to fund tomorrow.

Best Ways to Get a Pay Raise

February 20, 2020 By MelissaB Leave a Comment

If you’ve been employed with a company for a few years, two things have likely happened. First, you generally have a good feel for the company culture and likely fit within that culture. Second, you are likely good at your job. You may have even added more tasks beyond the scope of your original work as people leave the company. Because most companies now don’t rush to fill a vacancy, you may be doing the work that the person who left used to do in addition to your own job. As you work harder and better, wanting more compensation is completely normal. But before you ask the boss, first consider the best ways to get a pay raise.

When You Shouldn’t Ask for a Raise

Before you start the process of preparing for a raise, take a look at your work history and where the company is now. When asking for a raise, timing is everything. Now might not be the best time to ask if either of these things are currently happening:

Your Work Record Isn’t Stellar

Did you botch a big project? Has your child had the flu and you’ve missed a number of days of work? If you’ve had any life events that have disrupted your work, now might not be the best time to ask for a pay raise. Work hard and focus on being the best employee for a few more months before you ask for a raise.

Is Your Company Having Financial Difficulty?

How is your company doing financially? Have you noticed that the budgets are tighter? Have a few people gotten laid off? When employees are let go, you may have to pick up the slack. If you’re doing more work than ever, you may feel you deserve a raise, but that doesn’t mean you’ll get one.

If the company is struggling financially, now is likely not the best time to ask. You want to pick an optimal time when your work is good and the company is on solid financial footing. If that is not the case now, then wait a few months.

The Best Ways to Get a Pay Raise

If your work history is solid and the company is fine financially, you’re ready to take these steps in preparation of asking for a raise.

Keep a List of Accomplishments

Best Ways to Get a Pay Raise — Photo by CoWomen on Unsplash

Before you ask for a raise, keep a list of all of your accomplishments. What have you done within the last few years to help others and advance your company? These accomplishments are easiest to remember if you keep track as they happen. However, if you want to ask for a raise now, take at least a week to remember all of the things you’ve done since your last raise and to write them down. This will be your best evidence that you do indeed deserve a raise.

Research How Much Others in Your Area Are Paid

How much are others in your area paid? Is your salary equivalent? Is your salary lower than the average for others doing the same type of job? Researching how much others in your area are paid helps you see if you have a case to ask for a raise. If you’re at the high end of the average, then maybe now isn’t the right time to ask. If you’re at the low end, you know your request is valid. Doing this research also gives you an idea of the amount you’d like to request for your raise.

Set an Appointment with the Boss

When it comes time to set the appointment with your boss, don’t just ask if you can chat for a minute. Instead, ask if you can make an appointment to discuss your career. This will let your boss know that the discussion may take more than a few minutes, and he or she can schedule enough time accordingly.

Praise the Company

When you’re in the meeting, be sure to first praise the company. Let you boss know what you like about the company and your job as well as how much you’ve grown since you’ve been employed there.

List your Accomplishments

One of the best ways to get a pay raise is to highlight for your boss the significant accomplishments you’ve made for the company. While you don’t want to go through a laundry list of every little task you are responsible for, you do want to impress upon your boss how vital your role in the company is.

If you can prove to your boss that you’re essential to the company, you have a better chance of getting a raise.

If Your Pay Raise Request Is Denied

It happens. Sometimes you come to the boss with evidence why you should get a raise, and you’re denied. If that happens, you have two choices:

Accept It

You can just accept that you won’t be getting a pay raise this year. Maybe you can ask again in another six to twelve months. This is a good option if you really enjoy your job and think there’s a chance you’ll get a pay raise in the future.

Apply for Other Jobs

Even if you have no intention of leaving your current job, you can apply for other jobs and see what the market is like. If you interview well, you may even get an offer from another company. If the offer is higher than what you are currently getting at your job, you can use that offer as leverage to ask your boss for a raise. However, if you go this far, be prepared to walk away from your job if your request is again denied.

Final Thoughts

Asking for a raise can feel intimidating, but you’re your own best advocate. If you feel that you are an asset to the company and that you’re being undercompensated, use these best ways to get a pay raise to improve your chances of being successful. Remember, if you don’t ask, you likely won’t get a raise. Be confident in yourself and your skills and abilities and make the case that you deserve a raise. Your boss may be appreciative and reward you with a raise.