Post by EmilieMadison on Oct 22, 2014 21:10:08 GMT -5
NOOO! Do not use your homes (ever changing) equity to pay for the shoes you bought 8 years ago.
By what percentage did your taxes increase? You might consider contacting your tax assessor to see if your taxes can be reassessed if they have gone up a lot very quickly.
Medical bills can be negotiated. Call and ask to settle for less, or for a payment plan with a monthly payment you can afford more comfortably.
Cut back on other things you can- phone plans, cable, etc.
Look into selling your cars and getting cheaper ones.
Start looking for a new job with better benefits. Do you qualify for state aide for your son?
Can you sell other things around your house to make extra money?
How do you cash in on the equity? You may get more responses on MM. Sorry you're struggling:(
Maybe a HELOC (Home Equity Line Of Credit)?
NOOO. Listen, HELOCS are great when they are used to improve the value of the house, but equity should not be used to finance past debt or future debt that is not related to the house.
What if you have to sell the house in 2 years? You could end up owing money when you sell instead of getting a check at the closing.
NOOO. Listen, HELOCS are great when they are used to improve the value of the house, but equity should not be used to finance past debt or future debt that is not related to the house.
What if you have to sell the house in 2 years? You could end up owing money when you sell instead of getting a check at the closing.
I wasn't suggesting that she should, just trying to answer mofongo's question.
We did cut back on the cell phone bill by about $50/month and could probably trim back on the cable bill some.
I would cut the cable all together. Look at a streaming plan like hulu for TV shows. That could be a significant amount of money over the course of a year.
MM isn't scary, they love to help someone who really wants help.
I don't think that cashing in on equity (if that's even an option) is a good one. Banks have gotten much more careful about doing that after the markets crashed and people foreclosed on their homes.
Do you have a budget? Do you stick to it? Are you upside down on your cars? Would ignore make sense for you to sell one of them and buy a cheaper car with cash?
Is there a better insurance policy that you could get to cover DS? I'm so sorry that his medical bills have been a big contributor to your issues. (I'll stay off of my health care/insurance soapbox & just leave it at 'I'm sorry.')
Thanks, all. Can you sell a car if you're upside down? It's not by much but still a little over because of the warranty.
I have been selling some things but really need to step it up. I've sold little things like shoes and clothes but have some furniture I could sell.
I hd not considered contacting the tax assessor. I don't know exactly how much, just that our payments have increased and now the houses all around us are selling for much more.
We did cut back on the cell phone bill by about $50/month and could probably trim back on the cable bill some.
Is it an extended warranty? Did you also purchase Gap insurance? If you sell your car, you can pay off the difference of the loan, cancel the warranty (and Gap if applicable) and receive a pro rated refund.
Thanks, all. Can you sell a car if you're upside down? It's not by much but still a little over because of the warranty.
I have been selling some things but really need to step it up. I've sold little things like shoes and clothes but have some furniture I could sell.
I hd not considered contacting the tax assessor. I don't know exactly how much, just that our payments have increased and now the houses all around us are selling for much more.
We did cut back on the cell phone bill by about $50/month and could probably trim back on the cable bill some.
You paid for extended warranties on new cars? Ok. Do the warranties transfer if you sell the car? That could potentially be a selling point.
Go to edmunds.com to figure out how much your cars are worth (as trade ins and private sales). You might not be as upside down as you think.
If your house is worth considerably more than when you bought it, you might want to think about selling the house and moving to a smaller more financially manageable house.
The medical bills are only part of the problem, but you should also investigate getting better insurance through the state for your child if you qualify or through a private plan if your employer's policy is crap. If you're paying $12K out of pocket in one year, you definitely need to look into other options and absolutely call to negotiate these bills. Say "I can only afford $X. Can you work with me?"
Post by thedutchgirl on Oct 22, 2014 21:25:15 GMT -5
Agree with others. You don't want to turn unsecured debts secured. If you did that and then defaulted, they could take the house. With unsecured debts, if you default, you might get sued but you won't lose your house.
Do you have to be on your H's insurance? Can you look at alternatives through the ACA?
I'm not sure what aca is?
I am on my own insurnace through my company which is ok but suuuuper expensive. Ds is on h's ins but we are waiting to hear about the new plan since his company merged with a bigger one. Hopefully it will be much better. Right now his deductible is $7k, copays $65, 30% in network out of pocket and family max of $15k which we are about to meet.
We do not qualify for state aid.
aca= affordable care act Look into different plans.
Do you have to be on your H's insurance? Can you look at alternatives through the ACA?
I'm not sure what aca is?
I am on my own insurnace through my company which is ok but suuuuper expensive. Ds is on h's ins but we are waiting to hear about the new plan since his company merged with a bigger one. Hopefully it will be much better. Right now his deductible is $7k, copays $65, 30% in network out of pocket and family max of $15k which we are about to meet.
We do not qualify for state aid.
ACA is the Affordable Care Act (also known as Obamacare)
You might try looking at their plans. Open enrollment is coming so you should be able to compare plans and see if one of the better plans has a premium you can afford or would make your expenses less than $15K per year. Damn that's a lot.
Ah ok. That makes sense. We are financial idiots raised by bigger financial idiots (my 55 year old parents just cashed in their retirement for a down payment on a huge house). Not that it's an excuse we just really know nothing.
Recognizing that you have an issue & don't know what to do about it (but WANT to do something!) is a huge step! If you're not comfortable posting on MM right now, search some of the old threads for great advice!
I don't agree with all of it, but check out Dave Ramsey's Total Money Makeover from your library. (I hear great things about Financial Peace University, but I think it's $100/couple. It's good if you need someone to keep you accountable, though!)
Do you have to be on your H's insurance? Can you look at alternatives through the ACA?
I'm not sure what aca is?
I am on my own insurnace through my company which is ok but suuuuper expensive. Ds is on h's ins but we are waiting to hear about the new plan since his company merged with a bigger one. Hopefully it will be much better. Right now his deductible is $7k, copays $65, 30% in network out of pocket and family max of $15k which we are about to meet.
We do not qualify for state aid.
It's the affordable care act (aka Obamacare).
I would investigate if it's cheaper to go out on your own for insurance. H's new job is great in many ways, but the insurance for anyone but him is shitty. We are starting the process of finding alternative health insurance for me and K.
Your H's deductible is high, but it's the copays and out of pocket % that makes me think you could find something better. Open enrollment is usually in November, so I would start looking now.
I think it would be helpful if you posted your budget. Everything from your income, expenses, and debts with the aprs. When other people look at that stuff they usually can see something that you might not. And give suggestions on the best way to tackle it.
Post by underwaterrhymes on Oct 22, 2014 21:34:23 GMT -5
Also, you don't have to necessarily go through the ACA. You can google independent health insurance for your state to see what pricing comes up. You can find HSA options this way too that may also help.
Do you have to be on your H's insurance? Can you look at alternatives through the ACA?
I'm not sure what aca is?
I am on my own insurnace through my company which is ok but suuuuper expensive. Ds is on h's ins but we are waiting to hear about the new plan since his company merged with a bigger one. Hopefully it will be much better. Right now his deductible is $7k, copays $65, 30% in network out of pocket and family max of $15k which we are about to meet.
We do not qualify for state aid.
Sorry no help, just wanted to add YIKES You were right about shitty insurance!! Sorry you find yourself in this situation, OP
Agree with others. You don't want to turn unsecured debts secured. If you did that and then defaulted, they could take the house. With unsecured debts, if you default, you might get sued but you won't lose your house.
Yeah. One of the houses we're looking out is facing this very situation. The owner took out a loan for nearly half the value of the house but couldn't pay it off. Now he's in a race to sell it before the bank forecloses. It's really sad.
Post by Mrs. ChanandlerBong on Oct 22, 2014 22:02:35 GMT -5
Who is your cell phone carrier? Att has new "share" plans that are significantly cheaper than their old pricing structure. I only found out because I was researching how to lower our bills. Ours went from $140 a month to $80. We share 1 gig of data. yes, it's low, especially if you are used to using much more, but for the amount of money we're saving, we're making do. Also, cutting cable completely took us from $160 a month to $80 a month for internet only.
I get that it sucks to let go of luxuries like that. But for a savings of $140 a month we've learned to deal with it.
Can you list out your debt, other expenses and net income in general terms?
Ok I don't know specifics right now but here is a general overview:
Income (after taxes): $6500 Mortgage: $1585 Cars: $800 Consolidation of debt loan: $525 Student loan: $90 Car ins: $180/month Home warranty: $45 Cell: $160 Cable/internet: $130 Electricity: $300 (variable) Gas: $50 (variable) Water: $100 Daycare: $184/week Animals (pet insurance, food, meds): $250 Life insurnace: $50 Fuel: $300 Groceries: $400 Household: $50 Medical: $450 (repayments) Copays and other unexpected medical is usually around $400
I think that's it.
If I added the expsnes correctly that's $5649 per month. That leaves you about $800-900 left over per month depending on your utilities. Where is that extra money going?
Also, you are missing a lot of non-monthly items that pop up thorughout the year and really add up. For example: gifts (birthdays, wedding, graduations, Christmas, etc.), garabage pick up, travel, home repairs, etc.
Are you signed up on Mint? I don't have it myself but a lot of the people on MM talked about it before.
ETA: I missed that daycare was weekly, so your total expense are closer to $6200, still leaves you about $300 left over.
Who is your cell phone carrier? Att has new "share" plans that are significantly cheaper than their old pricing structure. I only found out because I was researching how to lower our bills. Ours went from $140 a month to $80. We share 1 gig of data. yes, it's low, especially if you are used to using much more, but for the amount of money we're saving, we're making do. Also, cutting cable completely took us from $160 a month to $80 a month for internet only.
I get that it sucks to let go of luxuries like that. But for a savings of $140 a month we've learned to deal with it.
We just switched from att to sprint. My h researched it and thought this was the better deal but he didn't mention that :/
ATT hasn't gone out of their way to switch people to these plans when their previous contract is up. We only found out about it when doing research on changing carriers because they were so expensive for us prior. I'd look into going back with them IF they'll buy out your sprint cancellation. Even if you get a 2 gb shared plan ( assuming you kept your phones from att) it's only $90 a month. If you have to eat the fees with sprint though, it'll probably be a wash. Are you on a 2 year contract with sprint? I found this...it might help with the decision: community.sprint.com/baw/message/835348#835348
Can you list out your debt, other expenses and net income in general terms?
I noticed "meds" in your pet line item -- we are pros at saving on animals! If you have any animal prescription meds, Costco is THE BEST and you do not need to be a member to use their pharmacy. For example, we get 3 months of levothyroxine for $17 (normally $20 for one month), and 3 months of zonisamide for $100 (normally $250 for one month). Sign up for 1-800petmeds coupons, and watch Dr. Fosters and Smith for flea meds.
What are your pet food costs? I'd be happy to do some research for you to see if we can find a comparable food for cheaper if you feel that is somewhere you could be spending less.
ATT hasn't gone out of their way to switch people to these plans when their previous contract is up. We only found out about it when doing research on changing carriers because they were so expensive for us prior. I'd look into going back with them IF they'll buy out your sprint cancellation. Even if you get a 2 gb shared plan ( assuming you kept your phones from att) it's only $90 a month. If you have to eat the fees with sprint though, it'll probably be a wash. Are you on a 2 year contract with sprint? I found this...it might help with the decision: community.sprint.com/baw/message/835348#835348
Yeah we just signed a two year contract a few weeks ago. Worth a shot though. Thank you!
Virgin mobile is $35 per month for unlimited data and txt, and 300 minutes. You have to buy your own phone but you can get cheap ones for $60 or so. Even buying out your contract you would save money over all in a year.
Your car insurance sounds high, but I know that depends on a lot of variables. Call one of the insurance broker companies like select quote to see if you're getting the best price. We did and for the same coverage it was HALF as expensive to go with Met Life than Geico. They can also check Homeowner's insurance.