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How to Save on Your Family’s Medical Expenses While in Debt

December 4, 2023 By Erin H Leave a Comment

Debt can be crippling at times, affecting things like your quality of life and even your ability to access the services that you need. One of these services is health care, which can be a necessary evil, especially for people with families. This is because healthcare costs are generally quite high, calling for measures to help make them more manageable whenever possible. It’s clear to see how much more urgent it could be to do this if you happen to be in debt. Here are a few ways in which you can save on your family’s medical expenses while you’re in debt so that you make the best use of your money.

Practice Prevention

Prevention is said to be better than cure, and this is even more true in this case. By working to prevent health issues from coming up in the first place, you can save a considerable amount of money. That said, there are several things that you can do to safeguard your health as a family, including going for screenings, regular exams, and vaccinations. Don’t forget that your oral health is also a part of your overall health, and in this case, you should maintain proper oral hygiene routines. One of these is knowing that if you use mouth rinses and fluoride toothpaste alongside regular brushing and flossing, you can lower tooth decay by as much as an impressive 40%.

Make the Best of Health Insurance

Another way in which you can save money on your family’s medical expenses is by making the best use of your insurance coverage. One way to do this is to only use health care professionals in your insurance provider’s network. This is generally going to cost you significantly less money than going to medical facilities that aren’t part of your insurance provider’s network. You can make use of it during screenings and tests meant to help you prevent health issues from coming up. On this note, it’s highly recommended for everyone, no matter their age, to have a physical exam done once every single year.

Learn to Negotiate

You should know that you can negotiate for better prices for treatment or other health care costs that you need. To have the best chance of being granted a discount, you could pay in cash. In this case, you’re going to benefit even more if you have a health savings account for your family where you can withdraw the money you need for treatment. As a result of this, you can avoid digging yourself even deeper into debt, something that may not even be an option if you’ve filed for bankruptcy in some cases. In this case, you may already know that Chapter 13 bankruptcy is sometimes called the wage-earner’s plan. It’s designed for people with a regular income and who would like to repay their debt, but need assistance in doing this.

Compare Different Health Care Providers

Last but not least, make comparisons between different healthcare providers and centers since each sets prices for its services independently. While doing this, make sure that you only compare between the most reputable names in health care. Seeking medical advice and assistance from someone without proper qualifications is a terrible thing to do. This is because they could worsen the condition and leave you with much higher costs than you may have initially had to pay.

By taking these steps and additional ones like making use of generic drugs instead of their original versions whenever you get a prescription, you can make savings while safeguarding your family’s health. Make plans for the future so that you can get access to the best health care possible in your situation while working on clearing your debt. This way, better financial times for you and your family may be ahead.

Our Favorite Small Ways to Save Money

November 5, 2023 By MelissaB 3 Comments

Even though inflation has tapered off a bit in the last year its long term impact is still being felt in households across the economy. We’re no different. Although we have improved our financial position over the last five years, we still aren’t where we want to be financially, so we continue to be cautious with our finances and not spend more than we need to. Lately, we’ve utilized small ways to save money that help us continue to improve our financial standing.

Let me clarify that we’re not saving a lot of money from any of these strategies, but, overall, they improve our finances.

Small Ways to Save Money

We try to save money in every aspect of our lives.

Discounts on Gas

We have a few ways we try to save money on gas. Some of these work better than others.

Use a Grocery Store Rewards Card

Our local grocery store gives us points for our purchases. We can then redeem those points for an amount off gas. Last month, I redeemed enough points to get $1.00 per gallon off gas, bringing my per gallon price to $3.49 instead of $4.49.

Use a Credit Card With Cash back Rewards

One of our credit cards is giving 5% cash back on gas purchases for April through June, so whenever my husband and I fill up, we always use that card, so we get some cash back that we can redeem later.

Using Cash Back Gas App

We haven’t used these as much, but there are least two good cash back app that work for gas stations. Upside is the number 1 in this space, followed by TruNow. The both work on the same model, you buy gas and scan the receipt, then you get credited for the purchase – usually pennies on the dollar. Of these Upside is probably the better choice – they’re actively expanding their offerings and improving the app incrementally. You can find them here.

Combining Errands & Staying Home

Not everyone has the luxury to stay home more, but we do because we both work from home. We try to limit our trips, but when we do make them, we try to combine errands so we’re not driving around multiple times per day or even per week.

Strategically Using Cash Back Credit Cards

I alluded to this above, but we strategically use our cash back credit cards to maximize the money we get back. We have three credit cards, all of which offer cash back. Every quarter, we opt-in for the cash back bonuses and utilize those categories for those purchases.

For instance, our Discover card offers 5% cash back for gas purchases from April through June, so we only use that card for gas. We use our other credit card that offers 2% cash back on all purchases for everything else.

Just as importantly, we also choose not to activate certain 5% cash back bonuses. For instance, one card is offering 5% cash back for dining out. We didn’t activate that one because we never dine out, and I certainly wouldn’t start dining out just to get 5% cash back.

Shopping Clearance Sales

I always like to browse the clearance section, but that’s more important now than ever. The trick to doing this is finding out when the store posts the clearance sales. Usually the good deals get taken fast.

Grocery Store Clearance

Recently, I have found some excellent grocery store clearance items. A week after Easter, I found a one-pound package of diced him on clearance for 49 cents. Yes, please! I bought two and used them as the meat in some soup recipes that I made.

Whenever I find clearance meat, I buy it and stick it in the freezer for later use. I also do the same with clearance dry goods, as long as they’re foods I know that we’ll eat.

Clearance Clothing

Small Ways to Save Money — Obligatory stock art showing a woman super happy with her clothes purchase after she used the methods in this article.

A few weeks ago, my daughters and I went to Kohl’s to shop the clearance winter clothes racks. We bought our clothes for next winter at a steep discount. We’ve packed them away and will take them out in a few months when the weather starts to change. To sweeten the deal, we received Kohl’s cash, which we redeemed to buy winter boots that were on clearance.

Incidentally, if you want a seriously good example of how to get discounts on clothing, read Lauren Bowling’s article on how she regularly gets 60% to 80% off designer clothing.

Canceled Excess Subscriptions

With two teens in the house and one pre-teen, we have a lot of streaming services. Most of these aren’t expensive–$5 to $10 a month. However, when you have several of them, the price adds up. I polled the kids to see what streaming services they use, and I cut the rest. That saved us $20 per month, or $240 a year. While this amount isn’t huge, why pay the money when the services weren’t even being used? That’s silly.

Waiting to Make Major Purchases

One of the biggest ways we’re saving money in this current economic climate is to avoid making major purchases. Our minivan is 18 years old and has 230,000 miles on it. We’d like to replace it, but new minivans are out of our price range, and used ones now cost almost as much as new ones. In addition, we don’t want to take out a car loan since the interest rates are increasing. Instead, we are waiting to buy a replacement vehicle.

That means we spent $1,500 recently repairing the van. My kids are constantly embarrassed about driving such an old minivan. (To be fair, I understand their feelings. The paint is peeling off, and the hubcaps are off. One passenger side door no longer opens.) However, we’ve decided, for now, that holding on to our current vehicle is the prudent option. Besides, driving around in such an old vehicle is character-building for the kids.

Saving on a Rental Car

We took a family vacation this month, so we opted to rent a car and saved two ways.

Use Our Costco Card

First, we used our Costco card to save more than 25% on the cost of the rental vehicle. We only book rental cars through the Costco travel section because the discount is enormous. Incidentally, if you don’t have a Costco membership, I recommend getting one. If you have a bigger family like mine the economics pan out. You can get it here.

Opted Out of Rental Car Insurance

We also opted not to purchase the rental car insurance. I called our insurance, and they confirmed that our insurance would cover any problems except for the rental car company’s loss of use charge should the vehicle be in an accident and unusable. We added a $6 rider to cover loss of use.

I also paid with our credit card that provides secondary insurance for a rental car. If we need to use our car insurance on the rental, this credit card would cover our deductible.

Final Thoughts

Living in a time of high inflation is difficult. We’re blessed that we’re both employed and are in a comfortable enough financial position that we can weather this current economic struggle. Even so, we’re taking these small steps to save money, so we can continue to improve our financial position.

The reality is that inflation will subside in the future, but if you’re able to consistently adapt these habits, you should save a ton in the long run.

Save Money with Buy Nothing Groups

Getting Back on Your Feet After a Significant Mental or Physical Ailment: A Financial Guide

October 17, 2023 By Susan Paige Leave a Comment

Life is full of unexpected turns, and often, these detours challenge our ability to bounce back. Experiencing a major mental or physical ailment disrupts our health and well-being and shakes the core of our financial stability. The road to recovery is multifaceted; while healing is paramount, regaining control of your financial life is equally crucial. For many, the aftermath of an illness can be laden with medical bills, missed workdays, and unforeseen expenditures. Yet, reclaiming financial independence is achievable with careful planning, determination, and the right resources. This article aims to guide individuals on navigating their finances post-ailment, offering strategies to rebuild and ensure a more secure financial future.

Assessing Your Financial Position

Understanding your current monetary situation is the first step in any financial recovery process. Start by reviewing your savings, recurring bills, existing debts, and any potential sources of income. Establishing a clear picture of your financial status will provide a roadmap for the subsequent steps. As you assess, it’s essential to keep a positive mindset. Remember, personal finance is as much about psychology and behavior as it is about numbers.

Communicate with Your Creditors

If you’ve missed payments or foresee challenges in cleaning up your financial history due to your ailment, it’s crucial to communicate with your creditors. Most institutions prefer cooperation and might offer flexibility in reducing interest rates, extending payment deadlines, or restructuring debts.

Explore Insurance Options

Investigate if your existing health or disability insurance covers some of the medical expenses or provides compensation for the time off work. Understand your policy’s terms and claim processes thoroughly. Additionally, if certain treatments or therapies crucial to your recovery aren’t covered, consider negotiating with providers or researching patient assistance programs. Watching for new policies or riders that cater specifically to individuals recovering from significant ailments is also beneficial. Seeking professional advice on potentially upgrading or changing your insurance to better cater to your current needs can be invaluable.

Understanding Social Security Disability Insurance and Disability Back Pay

One of the most reassuring safety nets for those facing significant ailments is the Social Security Disability Insurance (SSDI). It’s designed to assist individuals who, due to their ailment, cannot work for extended periods. Applying for SSDI is an intricate process and often involves waiting periods. However, a silver lining amidst this process is the concept of disability back pay. Once your SSDI claim is approved, the back pay compensates for the time elapsed since your initial application – potentially providing significant financial relief. This feature ensures that while bureaucracy might slow the approval, you’re not at a total loss for the waiting period. Viewing this back pay as a positive catalyst in your financial journey can reframe challenges into opportunities.

Budgeting and Financial Planning

Once you’ve identified potential resources and assistance, the next step is to reevaluate and adjust your budget. This involves meticulously categorizing your expenses and distinguishing between needs and wants. Consider adopting digital tools or apps that can help monitor and manage your spending patterns effectively. Cutting non-essential expenses and channeling resources towards immediate necessities and future savings is essential. Allocating funds for emergency savings becomes even more critical post-ailment. If possible, seek the guidance of a financial planner with post-ailment scenarios experience. Their expertise can offer personalized strategies, ensuring you’re on the right track toward financial recovery.

Emotional and Financial Support Groups

Beyond the tangible aspects of finances, the emotional journey post-ailment can be taxing. Connecting with support groups for emotional healing and financial guidance can be beneficial. Sharing experiences and learning from others can offer insights, resources, and a sense of community in challenging times. These groups often host workshops or sessions introducing members to financial counselors or therapists specializing in post-ailment scenarios. Engaging in these communities provides a cushion of understanding peers and bridges the gap between the daunting world of finance and the personal journey of recovery. By fostering connections in these groups, individuals can tap into a pearl of collective wisdom, gaining confidence in their financial decisions while also being equipped with the empathy and support required to navigate the emotional aftermath of their ailment.

Recovering from a significant mental or physical ailment is a journey of resilience, determination, and adaptability. While health remains the central focus, achieving financial stability and independence post-ailment is paramount. With the right tools, knowledge, and support, regaining control of your financial life is possible and can lead to a more empowered and secure future.