For Americans especially, medical expenses are spiraling out of control. Massive bills mean that bankruptcy can happen with just one bout of ill health. Anyone in any country can have this happen to them, however, which is why crowdfunding for medical expenses has become a popular option to rescue personal finances.
Many people wind up being disappointed by the results of their fundraising campaign, however, so be sure to keep these tips in mind as you debate the pros and cons of medical expense crowdfunding.
1. Don’t Set Yourself Up For Failure
The average amount that is raised from a personal needs crowdfunding campaign is a little over $1,000. 3 out of every 4 medical expense crowdfunding campaigns set goals that are less than this amount. This is because for most people, pledges come directly from their intimate support networks.
2. Market Your Need Throughout Your Local Community
There are a lot of people who may be willing to support your medical need with a few bucks, but they need to know about your need. That’s why it is important to expand your network to your local churches, support groups, and other professional contacts is so important.
3. Create A Connection With People
Those who get the most funding tend to create emotional connections with their supporters. People tend to give more when they feel a personal relationship with someone. By being able to identify with specific circumstances or by having a compelling story that moves people, more funds for those necessary medical expenses can be obtained.
4. Go All-In With Your Crowdfunding Campaign
Just putting up a crowdfunding campaign isn’t going to get you the support you want. It isn’t easy to approach people to ask them for money, but that’s what you’ve got to do so that you can be successful. Over 60% of bankruptcy filings are related to medical expenses, so you’ve either got to ask for cash or have the court system wipe the debt out for you and ruin your credit rating. Which is the better option?
5. Get Your Campaign On The Right Platform
Many users with medical debt will go on GoFundMe for their crowdfunding needs because it is well known and regularly visited. There’s a better chance of getting random support from a stranger if your campaign can become featured. Other options, like YouCaring, have advantages because they don’t charge platform fees or offer better marketing alternatives.
Running a crowdfunding campaign for medical debt is a lot like eating a piece of humble pie, but when managed correctly, can help you stay debt-free. Use tips like these to design your campaign and you’ll set yourself up for success instead of failure.
Strong proponent of individual liberty and free speech. My goal is to present information that expands our awareness of crucial issues and exposes the manufactured illusion of freedom that we are sold in America. Question everything because nothing is what it seems.