You’re standing at the kitchen counter, keys still in hand, wondering if you’ve already paid the electricity bill. Now and then, your phone rings. You receive messages. You see reminders. Work reminded you about tomorrow’s conference call. And, you saw a missed call from the repair shop.
As for how long the actual accident lasted, it was probably a few seconds. However, how long the financial strain will linger after is anyone’s guess.
The Expenses You Will Have to Pay For Before You Even Begin to Recover
Most of the first expenses you’ll incur after a car accident are usually very apparent: towing, medical evaluations, medications, repairs for your vehicle (if applicable), a rental vehicle, gas money if someone has to drive you around due to injuries sustained during the accident, and childcare when appointments conflict with your normal schedule.
While some individual expenses will appear to be minor in isolation, collectively, these expenses could very well block or impede funds from flowing within your home as quickly as possible. A large number of people plan for education costs, food shopping, housing payments, insurance premiums, and regular payments on debts. However, there is little planning done by most for an unanticipated week (or weeks), with every one of the normal expenses continuing unabated, but new expenses that were unforeseen added into the mix.
Time Lost May Translate into Loss of Income
Even though an injury may appear to be “minor” or “insignificant”, there is potential for that injury to impact your income negatively. Depending on your employment status and available sick/vacation days, there may be opportunities for lost wages due to required doctor visits, necessary rehabilitation, automobile body shop repairs, police reports, or insurance-related documentation processing. If your employer does not offer paid leave, the time off could result in lost pay.
Additionally, many families rely on fathers and primary caregivers for scheduling school pickups/drop-offs, shopping, transportation, and household duties while simultaneously experiencing pain, fatigue, or anxiety stemming from the accident.
This is one reason documentation matters. Keep records of missed work, medical notes, repair invoices, transport costs, and every conversation with insurers or service providers. If you later speak with a car accident lawyer, those records can help create a clearer picture of what the accident actually cost you.
Having Enough Money in Your Emergency Account
An emergency account isn’t simply for major catastrophes. An emergency account should serve as a safety net that protects your everyday life from disruptions. When an accident occurs, having a cushion of funds can greatly alleviate the need to make hasty financial commitments, allow you to continue making timely payment obligations, and use funds designated for other essential items.
A realistic objective would be to save enough money to cover initial disruptions. That may include covering one deductible on your insurance policy, one week’s worth of gasoline, and the minimum costs of initial medical treatment for injuries sustained in the accident. You don’t have to build your emergency account overnight. Saving regularly for emergencies will still benefit you in the event of an accident.
Getting Back On the Road
The aftermath of an accident is seldom tidy when it comes to finances. Bills typically come in unexpectedly; claims take time; and most likely, you will have less energy than you normally would.
Not only is recovering from an accident about getting back behind the wheel, but it is also about creating stability in your life again by taking control of one step at a time.
