While the goal of a structured settlement or annuity is to provide income over a long period of time, it’s easy to get into the habit of spending more money than you should at any given time just because “the next payment will get there soon enough.“ Later, you have to deal with the stress of coming up short on a bill, or missing a payment. One great way that you can save that structured settlement money in the long term is to learn how to manage your finances. It doesn’t require having a degree or taking a class; for instance, there are programs and services that will help you track your spending habits from your phone or computer and help you to understand how to use your money in smarter ways.
One of the most popular of these financial app services is Mint. Mint lets you see the balances of all your credit cards and checking accounts in one place, and allows you to track your transactions in those accounts. You can even combine credit and debit cards together to track all the “plastic“ spending you do, versus the cash spending, in one place. It also lets you see from month to month how much you’re spending on the different categories that you might spend money on, such as groceries, bills, or entertainment. It also has features that allow you to budget, based on how much money you have coming in.
Phone apps let you enter the amount of money you have available each month, and subtract bills and other planned expenses. It then helps you plan what to do with the money you have left. The app also lets you set up alerts in case your spending is getting close to exceeding your budget—which can be a big bonus during months when you may not be paying as close attention to what you’re buying. Of course, if you’re in a situation where you need a cash boost to cover an unexpected bill or expense, one option that’s available to you is to request a lump sum payment for some of your future structured settlement or annuity payments.
By working with a company like DRB Capital, you can get help managing your money that way—making sure you have that little bit extra you need to replace the car, or to make repairs to your house, or cover tuition. What does it mean to sell payments and get structured settlement money? Because selling your future structured settlement or annuity payments is not a loan, it will not get you into debt. But, to manage your finances and month-to-month expenses, you may want to use a budget tracking service or app or simply keep a sensible budget on your own. These are all great ways to save money and put it towards the future when you might need it the most. If you have any questions about how you can get a lump sum for your structured settlement, please call us at 877-894-4541.