According to CNBC, more than half of Americans (57 percent) have less than $1,000 in their savings accounts. One personal injury accident can do more than enough damage to wipe out those savings. That is why Certified Legal Funding provides plaintiffs with pre-settlement funding so that they can afford to pay their bills. However, even with pre-settlement funding, it is still important to be prepared for an emergency. This is so that you can still survive without pre-settlement funding. Take a look at three important steps to take in order to be prepared for an emergency.
Prepare Before The Emergency
Being prepared after the emergency doesn’t really help. It’s being prepared beforehand that helps. Most people start preparing for an emergency while they are currently in one. At that point it is already too late, but nonetheless now is the best time to start preparing for a future emergency.
1. Buildup Your Cash Reserve
Granted, building up your cash reserve isn’t so easy. But, doing so will be quite beneficial down the road. A general rule of thumb is to have enough money to cover about six months’ worth of expenses. However, if that seems like a daunting number, try aiming for three. Make this emergency fund a monthly expense that cannot be touched and must have money going in.
2. Have Credit As A Backup
Having credit available when you are in a pinch could be extremely valuable. But, only fall back to credit as a last resort. It’s great to have as a fallback, but only in cases where you absolutely need it.
3. High Quality Insurance
Invest by purchasing quality insurance. Choosing a cheaper insurance option means that when you are in an accident, you will have to cover more of the costs. Avoid that by instead choosing to find a more comprehensive insurance plan that has better coverage.
You can’t predict when an accident will occur. So, it is really important to be prepared for them before they do come along. There are a few things you can do to get out of the situation:
- Take a look at your budget and see what you can cut out.
- See what your options are when it comes to creditors. Also, discuss with them about repayment.
- Contact CLF to learn about how pre-settlement funding can help you get back on your feet.
Now is the time to secure your financial future while you await your settlement. Don’t settle for anything less than the amount you deserve. Make sure you receive the money that should be awarded to you by calling us at 1-800-922-7439 today. We are available 24/7, because we know the world doesn’t stop for anybody. So, let CLF have your back with pre-settlement funding.