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Posts tagged with: childcare costs

Financial Ups and Downs

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We already know that this month is tough – emotionally and financially!

Here are the latest happenings in this roller-coaster called life…

Good: I got called to do a campus visit interview for the job I recently talked about. It’s really kind of odd. They told me to pencil in 1-4 on a couple different days and they’d get back to let me know which day works for the committee. Very different than my other interview experiences where I’ve had a full day worth of meetings and activities, complete with detailed itinerary and dinner with faculty. I’m hoping this has more to do with the last-minute nature of this job posting and is not a red flag of a potentially low salary (no salary range was listed in the job posting, it just said DOE. I’m very nervous about a surprise super low salary offer, where we might be too far apart to even negotiate).

Bad: Hubs’ truck was making a super scary noise and not braking correctly so he took it into the shop. We were hoping brakes were the issue (they were recently replaced and are still under warranty), but nope. It was related to power steering (he told me more specifics, but I can’t recount the issues here because I’ve already forgotten the names of the leaking/broken parts). Price tag = $1350. Could not have come at a worse time.

Good: We had nearly $900 in our car repairs saving account! I’m going to pay for the repairs on a credit card so I can buy myself an extra month until it has to be paid (note: I still use the credit card for large purchases for the extra assurances and to earn some credit card rewards points, but I always pay it in full when the bill is due). I’ll be able to put $900 toward it from the money we already currently have and the other $450 will come from next month’s budget (since the bill won’t be due until next month). Wiping my brow, thankful we have that savings to cover the majority of the expense!

Bad: I cannot get my husband into the dentist. Cannot do it. Does anyone have any tips on this? From a logical perspective, he totally agrees he needs to go and should really have better oral hygiene – taking more preventative measures instead of waiting until things hit “crisis” level (aka: root canal) and being hit with a much larger bill. So – that’s not the issue. He “gets” it and he agrees. Part of the issue is work-related. Especially with the lower income he’s been drawing he really wants to focus 100% of his energy on work and not take time off for dental appointments. The other part is more psychological. He hates the dentist. I want him to go to a new dentist (an awesome local family-run office who has cut me deals for paying cash and works with me on price), but he refuses to get another dental x-ray. After his health scare in late 2013 when he had a million medical procedures performed, he’s very aversive to any additional procedures. He’s especially reluctant to have new x-rays done because he thinks he’s going to get cancer from all the exposure. He did try to call and have his dental x-rays transferred from his old office, but they send some file format that can’t be opened by the new dentist. The new dentist would even do it for FREE, so it’s really not a cost thing. It’s all about hubs’ fear of dentist/x-ray/dental work and his reluctance to take any time off work. Suggestions? I’m at a loss.

Good: We were officially accepted to a new preschool starting in mid-August! I will be very sad to leave the JCC. They truly have an incredible program! But I really like the new school too and I will LOVE the close proximity to our house and the lower cost! One caveat is it only operates during the school year (not year-round), so I may still enroll the girls in summer camp at the JCC next summer (which, of course, means summer months will be more costly for childcare since JCC costs more). I do like that as a possible compromise though.

What are some good (or bad) things that have impacted your finances lately?


My Babies

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I apologize for the only tangentially debt-related post. But it’s certainly relevant to our monthly spending as well as my income.

 

I’m so tired. So, so tired.

I don’t want to be all “poor me” and pity partying – especially when there are people with real problems all around.

But sometimes it just seems so hard. Life, that is.

And if I survive the “terrible two’s” it will be a miracle.

If I can survive the terrible twos while only having the girls in childcare 2 days a week it will be a miracle of epic proportions.

So, yeah. I’m struggling. And my work is taking a hit as a result. Which is not something I can afford.

Soooooo, I’ve started looking into other childcare options. I just feel so defeated about it. There’s no such thing as a “perfect” solution (I guess unless you have Mary Poppins in the family or as a neighbor). We have toured about a million different places and none of them give me the warm fuzzies. I take it back. ONE gives me the warm fuzzies….but it’s a solid 30-40 minute drive each-way and costs even more than we’re paying now. Exorbitant, I tell you (not to mention the 2+ hours of driving per day just to pick up/drop off at daycare).

I’m at a loss for what to do. Nothing is changing now, so we’ll keep on paying an arm and a leg for our current “meh” best-of-what-we-can-do-right-now situation. Granted, they always seem like they’re having a blast when I go to pick them up at the end of the day. And its very clean and new and nice and all. But it doesn’t pass the “warm fuzzy” test.

I’m probably being too stringent in my criteria. But it’s my children, for God’s sake.

So, yeah.

 

Tell me this gets easier.


Ch-Ch-Ch-Changes!!!!

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There are a couple of big financial changes happening over here. I’ve been hinting at these, but I wanted to wait until things were official before sharing with you guys.

Let’s start with the first financial change….

  1. I’m starting to pay on my student loans now. This is actually something that was brought to my attention when Liz from Great Lakes posted on my very first debt update (nitty gritty debt details. Side note: some of you thought we should declare bankruptcy when you first saw those numbers! My, how things change in 4 short months!). I don’t even have Great Lakes as a carrier of my loans, and I know Adam had mentioned issues with them (and I’ve seen other commenters complain about payment problems), but I am very grateful for that post.

Liz mentioned that I may qualify for Income Based Repayment (IBR) to get a lower monthly payment. The real “cincher” though, in me deciding to sign up for IBR, is this: the total cost of my student loans continue to rise every month due to accumulating interest. Under IBR, “the government will pay your unpaid accrued interest on your subsidized loans for up to three consecutive years from the date you begin repaying your loans.” (see here: http://askheatherjarvis.com/blog/pay-as-you-earn-hotter-than-IBR). That means I can continue focusing on paying down my car debt without my student loans continuing to gain interest.

There is some controversy about IBR plans. Under this plan, any remaining student loan balance is forgiven after 20 years of qualifying payment. Obviously people have a lot of strong feelings about this. Let me be perfectly clear: I fully intend to have my loans paid off well before the “20 year” period. This means I intend to pay my loans in full without relying on the government for any forgiveness (big exception = forgiveness of some unpaid interest, but none of the principal). Additionally, I will actually pay for most of the interest because, after the car is gone, we will start attacking the student loan debt more seriously and will be paying above the minimum IBR payments. But in the meantime, I really appreciate that my loans won’t continue racking up interest.

What does this mean for my budget? Overall, the amount we pay toward my student loans is going to go up (since most are currently in deferment). The monthly payment is going to be in the $500ish range (about $250 each toward Sallie Mae and ACS). But that’s a far cry from $1100 (which is what it would be otherwise after deferment ends), so it’s a fair trade. Instead of waiting until February when my loans come out of deferment, I’m starting repayment with IBR now. (side note: see current budget here)

  1. We are starting a new childcare situation. This is the change I really didn’t feel comfortable talking about until it was “done.” And, because of this whole situation, I also really don’t feel comfortable explaining my reasoning and rationale for this. We’ll simply have to file it under the “personal” label of “personal finance” and roll from here, knowing that this is what is best for our family right now.

Unfortunately, our childcare changes have come at a cost. A BIG cost. Instead of paying $50/day, we’ll be paying $125/day. Yep. A BIG increase. To try to offset these costs a bit, we’ve reduced our child care to two days a week (instead of 3). This means we’ll be paying more, but for less care. Instead of $150/week (for 3 days of care), we’ll be paying $250/week (for 2 days of care). Just to continue with the math for you, this means our monthly cost will be roughly $1000 (for a 4 week month), instead of only $600.

My hope is that this will not be the situation forever. Once the girls (who just turned 2) are potty-trained, a bunch of additional and more cost-effective options open up. My goal is to try to get them potty trained by about 2.5, so we’ll be able to switch to a different place in about 6 months and pay significantly less. We shall see.

So I hope this explains some of the vagueness of my posts the past couple weeks while I’ve been trying to sort the whole childcare situation out. I am not going to lie – going down to 2 days a week has already been tough work-wise. I’m having to work a lot more late evenings when the girls are in bed and just generally trying to be more efficient. If this were a “forever” situation, I don’t know that it would be viable given my work-load. However, I keep reminding myself that this is a temporary, relatively short-term solution (for hopefully only about 6 months). Also, my work-load is extra heavy right now as it is summer session for the courses I teach, which is much more condensed than the regular semester. When the Fall semester starts, my grading will be spread out further, meaning the courses won’t be quite as demanding as they currently are.

In the meantime, I apologize for some of the babbling and otherwise hasty posts you may be seeing from me! I used to have the luxury of spending much more time writing and editing posts and now I feel more of a need to get them thrown up quickly so I can move onto my next task.

In this spirit, I need to get going.

I hope you all have a Happy Friday and a safe and happy weekend! See you on Monday!!!