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Browsing posts in: Saving Money
Aug 24, 2023    |       4 comments

Medical Expenses and a Debt Update

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Medical emergency and expenses

© captainvector, 123RF Free Images

This month, we’ve had a lot of routine medical expenses that have all hit at once. My partner went for an annual physical and had some blood work done, which cost us about $300 after insurance. We both have dental appointments coming up as well. Mine is just a cleaning, but my partner needs a filling and a mouth guard. We just got the financial estimate in the mail and the total co-pay after insurance will probably be $400.

ADHD Medication

We’ve also had to pay for a few new medications this month. I just started Vyvanse to treat my inattentive ADHD. My doctor put me on a very low dose (10mg) so I can get acclimated to it. Luckily my insurance was willing to cover it after a prior authorization, because the full retail price is in the hundreds. I ended up owing $60 out-of-pocket for a 30-day supply.

So far the medication seems to be helping, but I probably need a higher dose. The first day I was on it, I cleaned the majority of my 2,000 square foot house, did a 40-minute workout, and got some writing work done. But over the next few days, my body got used to it and the effects weren’t as pronounced. I’m back to having trouble focusing and feeling spacey. Luckily I have another appointment with my doctor at the beginning of next month, so I can ask about adjusting my dosage then.

Steroidal Inhaler

My partner has been having some lingering breathing problems after a cold and got a new prescription for a steroidal inhaler that’s supposed to help. However, when we arrived at the pharmacy we learned it wouldn’t be covered by insurance if we filled the prescription. The cost was $200 out-of-pocket, so my partner decided to go without it for now and try to get a cheaper alternative. We’re waiting to hear back from the doctor about possibly getting a prescription for a more affordable medication the pharmacist recommended.

If we end up having to splurge on this inhaler, luckily it will only be a one-time thing. My partner has a cheaper rescue inhaler that gets refilled monthly that only costs us about $15. My understanding is that this steroidal inhaler works like a breathing treatment. It helps knock out acute symptoms and brings you back to your baseline, so my partner shouldn’t need any refills.

Medical Emergency

Sadly my partner’s grandmother is also in the hospital for breathing issues. She’s in her eighties, so it was alarming to hear she was unwell.

My partner already booked time off from work this week for our concert in Detroit. Although I offered to change our plans so my partner could fly to Florida to be with her, we decided to stick with our original trip. We just arrived, so hopefully we’ll be still able to enjoy our time here.

My partner hasn’t visited grandma in a while because of the pandemic, so this was definitely a wake-up call that we need to start saving up for and planning a visit. Luckily it seems like it was a minor cardiac event and she’s stable now. But this trip to the ER was a reminder that life is short and you can’t put off visiting loved ones even if you’re trying to save money, or else you may have regrets.

Debt Payoff Update

I thought I’d end this update with happier news. We have a little under $130,000 left on our mortgage now. We were excited to hit the $120s because it feels like we can taste the $100,000 mark! Hitting $129,000 definitely gave us the extra motivation we need to buckle down and get aggressive about paying off debt as we enter the fall and winter season.

It’s much easier to save money during the off-season when all the tourist attractions are closed and we’re buried in snow. So I’m excited to see how much debt we’re able to pay off in the second half of 2023.

How are your debt payoff goals going? Let me know in the comments!

Read More 

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Medical Bills Rolling In

My Medical Costs May Be Lower Than Expected

Stuck In A Financial Emergency?  Here Is How To Get Out Of It.

Aug 21, 2023    |      0 comments

Tips to Help You Get Out of Credit Card Debt

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Many Americans are struggling to pay off their credit card debt. Unfortunately, making late payments or not paying at all results in interest, meaning you have to pay the credit card company more money. Even if you have a small debt, it can quickly spiral into a big one when you fail to make payments. If you are struggling to get out of credit card debt, here are some tips to help.

Create a Payment Strategy

You need to develop a payment strategy when trying to get out of debt. Do you have more than one credit card debt? What is your strategy to repay them? It can be frustrating when creditors are calling you because of missed payments. In extreme situations, they can use you. Even though you can’t be arrested because of debt, you can go to jail for disobeying a court order.

For example, if the court orders you to make payments but you don’t, you can be arrested. In certain circumstances, contempt of court is considered a felony. A Texas State Jail felony can result in a minimum of six months and a maximum of two years in state jail, plus a fine of up to $5,000. The last thing you want is to get the law involved with your finances. Create a smart payment plan to avoid legal issues.

Pay One Debt at a Time

If you have debt on more than one card, try handling one card at a time. How about starting with the card with the highest interest rate? You will still be paying a minimum monthly payment on all your credit cards, but you will direct extra cash into the debt with the highest interest rate. Once you finish off that debt, you go to the next debt with the highest interest rate. Keep doing so until you eliminate all your debt.

Review How You Spend Cash

Analyze your spending. How much do you spend on housing, fuel, groceries, vacation, outings etc? Start looking for areas you can reduce your spending. For instance, if you order takeout often, start preparing food. You may be surprised how much money you’ll save in a month.

If you go for Botox treatments every three months, increase the duration to five or six months. This cosmetic procedure isn’t exactly cheap, yet it’s the most common in the U.S. According to Gitnux, in 2020, the United States witnessed more than 4.4 million Botox procedures. By reducing the frequency of these treatments, you can save more money and direct it to your credit card debt.

Use Savings

Most people have a savings account for rainy days. While this is great, you could use that money to get out of credit card debt quickly or eliminate your debt entirely. The first way to do this is to stop directing money to your savings accounts. Instead, use that cash to start paying what you owe the credit card company. The other alternative is to withdraw your saved money and use it to clear or reduce your debt.

Consolidate Your Debt

Consolidating your debt involves combining all your credit card debts and paying them off with a new credit card. Maybe you have been paying your debts diligently and have a good credit score. However, an emergency throws you off balance, and now you have credit card debt. For example, you or your child may have needed orthodontic treatment. This isn’t uncommon, considering statistics have found that 50% to 75% of people need orthodontic treatment.

Since you already have good credit, when you consolidate your debt, your new debt will likely have a lower interest rate than your credit cards. Find cards with a 0% introductory period where you don’t pay interest in the first few months or even a year. This will help you pay your debt without paying interest on this new loan.

Being in debt doesn’t just affect your credit but also your mental health. The constant worry about managing your debt can be a source of distress. By using these tips, you can start your journey to a credit card debt-free life.

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