Are you really spending $250 a month on pet care? Call and ask for a better rate on your cell and seriously consider cutting cable. If sell at least one of the cars if not both and getting cheaper cars.
Yes. One dog gets recurrent pancreatitis and the other has a chicken allergy so their food is expensive ($125). The insurance (Banfield plan) is $100 and medicines are around $25. this is not accounting for unexpected illness and surgeries
My dog has chicken allergies too. We did the Rx food for a year and then discovered that Costco's Natures Domain has a salmon and potato formula and a beef and potato formula( 100% no chicken!). They are between $25 and $35. We switched and haven't had any problems! Much cheaper!
Also any idea why your electric bill is so high? I'd look into that and see how you can work to bring it down. If you have extra things that are powered by electricity for your son's health issues? If so call your power company and explain they may be able to give you a special rate because of that. I know we did that when my mom was sick.
Post by sillygoosegirl on Oct 22, 2014 22:53:01 GMT -5
If your medical bills are over some percentage of your annual income (I think around 7%), you can write them off on your taxes. Make sure to look into that at tax time.
If your medical bills are over some percentage of your annual income (I think around 7%), you can write them off on your taxes. Make sure to look into that at tax time.
I think it's 10% of AGI. But yes. You should start saving every receipt and utilize the tax savings allowed. You will want your CPA to look into and make sure it's worth it for you not to take the standard deduction.
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.
Thanks! We get the Benadryl for them from Costco but the RX we get from the vet. I will look into Costco though! It's PPA, which is around $22/month at the vet's office and a little more now through 1-800-pet meds. We used to order from them but they recently raised their prices.
The food is $58 every 2ish weeks? The best deal I found for it was on Amazon prime. It's wellness grain free low fat food.
I will look around for comparable foods, and you check out Costco for that script!
Oh god. I should know that since I'm indirectly in the medical field.
I actually hadn't considered it because I know a lot of physicians aren't taking it yet and he really needs the doctors he goes to right now but I will ask them if they are contracted and look into it
Selling the house is a good idea as is getting rid of cable altogether. I just hate it because my h works soooo hard and really loves his cable but he can deal with it short term I suppose.
The exchanges from the ACA are plans by major insurance companies so doctors are taking them.
Also- many dealerships are desperate for used cars and may give you more than you think.
How do you cash in on the equity? You may get more responses on MM. Sorry you're struggling:(
Home equity loan
No! Do not exchange unsecured debt (CC/medical) for secured (home)!!!! If you can't pay the HELOC or refi'd mortgage, they'll take your house. If you can't pay the CC they'll just send you to collections, which sucks but at least they can't take your house.
No! Do not exchange unsecured debt (CC/medical) for secured (home)!!!! If you can't pay the HELOC or refi'd mortgage, they'll take your house. If you can't pay the CC they'll just send you to collections, which sucks but at least they can't take your house.
I wasn't suggesting it! Just answering the question of how you "cash in on home equity". I completely agree it's a bad idea to do it.
Post by cinnamoncox on Oct 23, 2014 6:24:23 GMT -5
I'm sorry. This sounds incredibly stressful.
Is the electric also heat? $300/mo seems high to me, that's why I ask. I would cut cable for now and use. Netflix if some such thing. Maybe amazon prime video if you already have prime, it corms with it.
I agree that the car situation needs to change, whether you sell one and be a one car family (is that possible where you are?) or just downsize.
Can you downsize your house?
Good luck. I also agree with looking into any foundations for your son's condition for guidance/assistance.
I tried to get my dogs' heart worm prevention from 1800petmeds when I was on bed rest and couldn't get out to vet, and the vet calked and said he doesn't deal with online pharmacies because there's no way to know what they're sending is authentic, and he actually brought the meds to my house rather than use that 1800 so I don't know anything about it beyond my vet not using it.
I hope you can sort this out soon, that's a lot to have on your mind. Take care.
Have you looked into getting a secondary coverage for your son? I can't remember which one of you insures him, but the other should look into the cost/savings of putting him in their plan as well. It should help cut down copay costs, at least.
Also, if your son has a medical diagnosis, look into Medicaid for him. You and your husband may not qualify, but that doesn't mean that he automatically won't.
Many public hospitals have what's known as HCAP- health care assistance program, which follows state guidelines. It's for assistance primarily or people with insurance but high deductibles or copays. It's income based, but its not all or nothing, there are different levels of assistance, so that may be worth checking into too, at least for future medical issues.
I didn't read all the replies and am unfamilar with your DS's medical needs.
If they will be ongoing, maybe that's the hole in the boat that needs to be filled. If his condition is considered "chronic" perhaps your state has a Katie Becket option that would help pay his bills going forward. You could also check out to see if your state offers free/reduced cost insurance for children.
Post by iheartbanjos on Oct 23, 2014 7:21:28 GMT -5
First ((hugs)). You're going through a lot.
If I were in your position, I would sell the cars and get $1500-2000 cars. I would also potentially sell my home.an expensive house and cars will not provide the happiness that financial security will. Once you get back on your feet, you can save up the money to pay cash for better cars. Good luck!
I commend you for being so open to all the suggestions. Is there a reason you're renting the pump? You could buy one for a few hundred dollars instead of $75 a month. I know that's spending more upfront, but it'll save you in the long run.
I commend you for being so open to all the suggestions. Is there a reason you're renting the pump? You could buy one for a few hundred dollars instead of $75 a month. I know that's spending more upfront, but it'll save you in the long run.
I assume she's renting a hospital grade pump which is typically around $2k to purchase.
Op- I would really look into selling one or two cars and getting cheaper ones. You don't have to get a shitty $2k car but something cheaper. You are paying nearly $1000/month to before you even drive them (just in payment and insurance).
What about entertainment, diapers, toiletries, haircuts, etc.?
Makeup, haircuts, etc. are when I get a full paycheck. I don't budget for those things because I almost always have to miss and day of work or more for him being sick or a day of appointments. Diapers I stocked up on before the baby. When I do have to buy them, they are on sale and come out of the grocery budget.
I think this is a big part of your problem though - you have to know where all of your money is going. You have a lot of missing line items in the budget that you listed. Things like tillie mentioned above and I mention in my other post. Throughout the year it feels like you aren't spending much but it adds up so fast and might shock you!
You've gotten a lot of great advice regarding things to try with medical expenses. Plus I think it's worth looking into more seriously to get your car and mortgage expenses down. Your car payments alone are eating up 12% of your monthly budget! Also, it really is worth looking into to cut down on luxuries for a year or two like getting rid of cable, reducing your cell phone data, etc.
Finally, is it at all possible for you or your H to pick up a part-time job? It's going to be hard doing it, but it won't be forever. You could even set a goal that you could quit after the cars are paid off or whatever goals you'd like to set.
I'm going to second a lot of the suggestions above.
The first step is to write out a complete budget, including the sinking funds/irregular expenses that you're not accounting for (like hair cuts, home maintenance, car maintenance, etc.). I just started doing this and while it seemed counter-intuitive, like we were saving less money because of it, it's made such a huge difference in the comfort of our budget. Check out this forum here:
I know it's Baby Center, BUT the people who post on that particular board actually have some great suggestions for detailed budgets and finding wiggle room in your budget to pay off debt.
Some other suggestions - - Do you get a big tax refund? If so, can you adjust your withholdings so you have more money in your checks each month?
- I really think you should sell your cars and buy two inexpensive cars since that's such a huge item in your budget. If you're only underwater by $1000, could you save that much up to pay the difference at the sale? See if you can get a small car loan from your local credit union or PenFed.
- I'm by no means a Dave Ramsey fanatic, but I do think he has really great advice for those getting out of debt. So I second the recommendation to read Total Money Makeover. Maybe check out his podcast too.
- Do try to cut the cable cord - at least until you feel you're back on your feet. Missing sports was a big concern for us when we cut cable, but we've actually found ways to watch a lot and not feel like we're missing out on stuff. We literally just got this antenna yesterday - www.amazon.com/dp/B00DIFIP06/ref=pe_385040_121528360_TE_dp_1. There's a $30 version that might work if you're close to the cable towers.
Ditto the Nature's Domain food from Costco, it's really good for allergy dogs.
My good friend has a 6 year old with fpies and had to do the $$$ formula. She's gotten so much better as she's aged and it's gotten easier. She's grown out of a lot of it I believe. I'd be happy to contact her on your behalf for any tips if you'd like.
I'm sorry you're going through this. It's hard enough for me to deal with a dairy/egg allergy, I cannot imagine the stress of fpies. Good luck!
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.
You're getting great advice about your situation so the only thing I'll add is get a copy of Smart Couples Finish Rich by David Bach. Short, easy read with excellent, basic financial info.
This may be obvious, but have you looked at the fpies foundation to see if you can get some guidance on getting formula or other services at a reduced price or free?
Sent from my SCH-I535 using proboards
The formula I didn't list as an expense on the budget because I am still breastfeeding so we supplement with it. I mentioned it because we have hs to dig in to our pocket for around 10 cans or so over the last year, but all of his doctors get samples of it and are more than willing to give them to us. I also finally found a way to get his insurance to cover it through a DME that's contracted. But that will start over in the new year when we have a new deductible.
I will contact them though to see if there is any way they know of to get more help. Thanks:)
If your medical bills are over some percentage of your annual income (I think around 7%), you can write them off on your taxes. Make sure to look into that at tax time.
I think it's 10% of AGI. But yes. You should start saving every receipt and utilize the tax savings allowed. You will want your CPA to look into and make sure it's worth it for you not to take the standard deduction.
Are you able to contribute to a HSA or FSA?
You can so deduct mileage and parking fees. Since you have a lot of monthly appointments, this could add up quickly.
Were either of you in the military of have family that was? DH is a veteran and we were paying about $150 in car insurance but got $65 through USAA. I haven't had to file a claim yet so I don't know if they suck to deal with but the premium was much cheaper.
If you haven't yet checked into the Afford. HC you may be surprised. We have it after having no insurance for over a year, its through BCBS and I have no issues with Dr. taking it. I have a lot of heart issues and its been fine, kind of high deductable, but its good on RX.
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.
I'm way late on this, but when you do this sort of thing, make sure you are comparing the same coverages. All of this varies by state, but companies like Geico and Progressive sell you policies based on your state's minimum coverages. For example, in Kansas, our state minimum coverage of $25,000 per person for bodily injury, $50,000 max for bodily injury per accident and $10,000 per accident for property damage. This doesn't go very far and leaves you liable personally for the rest. I used to work for an insurance agent and I would always explain to the clients that we want to save them money, but we don't want them to have issues pop up later if something horrible were to happen. I will definitely ditto Virgin mobile as well - I used them for a few years and while the no contract sucks because I had no way to get them to warranty my phone purchased through them when they delayed my claim, I had no issues with the service.
Are you on the lowest payment plan for your student loans? That might be something to look into as well.
Good for you for being so open to suggestions! A few things I was thinking:
- Would it be at all possible for you to be a one-car family? Even for a little while while you climb out of debt? Any public transportation? Working hours line up so that you can carpool with your husband?
- Is your son being treated regularly at a hospital? Do you have a social worker assigned to you? If not, inquire about that. They should be able to look into ANY program that you may qualify for to help with medical expenses.
panicfoot - have you checked to see if your insurance company will pay for a breast pump for you? If not, that could be saving you $75 a month for the rental fee!
Post by EmilieMadison on Oct 23, 2014 10:16:37 GMT -5
panicfoot- are you and your DH filing separate tax returns? If so, why? It's very rarely advantageous for couples to file separately. Married filing jointly is more beneficial for the vast majority of people.
@pancifoot- are you and your DH filing separate tax returns? If so, why? It's very rarely advantageous for couples to file separately. Married filing jointly is more beneficial for the vast majority of people.
No, we file together, it's just for the deductions on our paychecks, only one of us can claim the baby, right?
Ok, good. Yes, just one of you for your deductions.