Hi Everyone, J.G. Wentworth here.
Today, I’d like to discuss the importance of getting organized before selling structured settlement payments. Without this important step in the process, you could end up with an unbalanced monthly budget or a lump sum of money that doesn’t cover your needs. Here are some tips for getting your finances in order before signing on the dotted line to get the money you need.
Understand Your Structured Settlement
Do you know the terms of your structured settlement? Before you can make an educated decision about whether or not to sell, you must first understand every feature of your structured settlement, including its strengths and weaknesses. Only after you know what the settlement offers, will you be able to determine whether it fits into your life, or if you should explore other options, such as selling it for a lump sum of money. I know it sounds a little cliché, but making a list of the pros and cons of your structured settlement payments will allow you to visualize the benefits and drawbacks of your current situation.
Create a Detailed Monthly Budget
How much do you spend in a month? Are any of these costs variable expenses that can be cut back? How much of this number does your structured settlement payment cover? Do you have any other source of income? It’s important to create a detailed monthly budget that compares money that comes in, with money that goes out. If you determine that your structured settlement payments do not cover your expenses, even after you cut back wherever you can, then selling some or all of them for a lump sum of cash could allow you to get ahead on your finances.
If you would like to learn more about selling your structured settlement payments and how a lump sum of money could help you with your finances, get yourself organized and contact us today.