Personal Finance Tips for Injured Plaintiffs

Financial Advice for Plaintiffs with Injuries

If you’re a plaintiff suffering from injuries, managing your everyday expenses can be a challenge. This financial hardship is often compounded by medical bills and a loss of income due to an inability to work. We at Uplift Legal Funding understand this struggle and offer a few tips to help you navigate this challenging period in your life.

First, get a clear idea of your income. Calculate how much money you receive monthly, including your regular income, benefits, and other sources. Knowing exactly how much money you have coming in will give you a better picture of what you can afford.

Next, identify your essential expenses. These are expenses you must meet every month to keep going. They may include rent or a mortgage, groceries, utility bills, insurance premiums, and medical costs, among others.

By comparing your income against your necessary expenses, you’ll gain insight into where to make adjustments, minimize unnecessary costs, or seek extra funding, such as the legal funding provided by Uplift. Read below to learn more.

How much income do you have?

Calculate your total monthly income. If you have to pay taxes on this money, be sure to subtract that amount from the total.

Has your injury left you unable to work? If you haven’t already, look into applying for welfare, unemployment benefits, Social Security, etc. Ask your attorney what support systems other clients have used in the past.

What do you NEED to get by?

There are some expenses that are necessary (food, housing, utilities, etc.) and some that can be cut or delayed (entertainment, clothing, eating out, etc.). The easiest way to cut expenses is by looking at the latter.

Cook! Only spend $20 per person per week on food

One of the easiest ways to save money is by cooking for yourself instead of eating out or buying frozen items. You should be able to spend less than $20 per person per week and stay full and healthy. Remember, if you want to cook regularly, keep it simple, flavorful, and fast.

Cooking for the week can be an extremely effective way to reduce the amount of time you spend preparing meals. If you spend one hour each weekend cooking, you can easily have meals for the entire week.

Focus on flavor — spices like garlic or seasoned salt can go a long way and make just about anything taste good.

You can do a lot to make cooking cheaper. Focus on ingredients like:

• Rice
• Beans
• Potatoes (especially sweet potatoes)
• Eggs
• Home-baked bread

Treat protein as a side dish instead of the bulk of the meal and focus on chicken (thighs are the cheapest) and pork or beef shoulder or pot roast.

Using a slow cooker, Dutch oven, or pressure cooker can make the prep process a lot shorter and usually leads to very tender meat, regardless of cut.

Housing

Apply for Section 8 housing if you qualify. Actively look for cheaper rent if needed. If your injury has led to homelessness, there is a wide variety of support services available. Look to your city, county, or state website for comprehensive lists of resources in your area.

Delay or Avoid Non-Critical Expenses

Avoid buying new clothing. If you do need something new for whatever reason, it may be a good idea to seek out used clothing or Salvation Army stores.

Get a cheaper cell phone plan. There are frequently promotions that allow you to get cheap rates on basic phone plans. Avoid data by using Wi-Fi.

Don’t go to bars, or avoid drinking alcohol at bars. This is a very easy way to greatly exceed your budget without even thinking about it.

If you’re going out for a special event at which you would otherwise imbibe, bring your own alcohol or drink in advance.

If you have a car, keep it in good shape. Focus on safe driving so that you don’t have to cover a deductible or worse.

Don’t buy lottery tickets, cigarettes, etc. These are all very expensive and lend nothing to keeping you alive and healthy. You can buy a few tickets if you’d like once you receive your settlement.

Medical Expenses

If you have insurance, these should be covered. If they aren’t being covered by your insurance, don’t pay out of pocket. Talk to your attorney about having medical providers take a lien against your case.

Uplift Legal Funding

Once you come up with a budget, if you are still cash negative, give us a call. After you’ve budgeted out what you absolutely need to get by, Uplift will be happy to help you cover the difference with lawsuit funding. You can reach us at (800) 385-3660 or apply online anytime.