Life happens fast. And more often than not, surprises sneak up on us when we’re least prepared to handle them. Whether it’s a busted tire or unexpected accident working in the yard that lands you in the emergency room, unplanned expenses are the bane of our existence. The unexpected is supposed to be fun and exciting, but it hardly ever brings anything but misery when it involves your wallet.
One way to budget for the unexpected is to put aside some cash every month. This is a great goal, but sometimes rainy day funds are difficult to accrue. Also, we often don’t think to do this until it’s too late and it’s almost impossible to catch up. We all know how much we make each month, and how much we spend on groceries, rent, gas, and other routine purchases. We budget according to our known income. If you are the recipient of a settlement, part of your total monthly income is that payment, but it can be leveraged into much more.
Leveraging your payments
If you’ve had to suffer through cold showers because of a costly repair that needs to wait another week until payday, then perhaps you’ve thought about a payday loan before. You should know that these cash advance services are a horrible deal. Sure they get you the cash you need now, but at an almost criminal markup. Indeed, Netflix even documented one of the worst offenders, an illegally structured short-term loan company headed by former Le Mans driver Scott Tucker.
Needing immediate cash is something we all experience, and often times we have to sell something, or raid long-term savings accounts just to cover a gap in funding. This isn’t something you should have to settle for, however. By leveraging your settlement payments, you can sell some future income you’re entitled to and make up the difference you need in the short term. It is important to find the right buyer, though, because if you choose poorly, you may end up paying more in the long term or settling for less than you deserve. So look out for more reputable companies like Settlement Giant if you’re seeking help with short term financial planning.
A wealth of options
Some settlement buyers try to negotiate or under-inform you in order to achieve the best deal for themselves. These are the types of companies you need to keep a keen eye out for. An ideal settlement company believes that an informed consumer is a good consumer. They strive to keep you up to date and completely informed of any changes to your status, and they’re also upfront about costs and timing. Ideally, they’re also open to buying only a part of your settlement as well, something that makes a huge difference in your financial plans. Many emergencies require a short-term infusion of extra cash, but what will you do once you’ve overcome it? Many companies will buy your entire settlement, leaving you to go without that potentially critical segment of your monthly income afterwards.
Settlement payments are a key part of many Americans’ financial security, but they can also be utilized to great benefit with a well-conceived plan of action and a team that works with you to your benefit rather than theirs. You owe it to yourself to discover the wealth of opportunities that may prove pivotal to your financial success.