Financial Challenges Support Group
This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends meet to managing credit card debt to bankruptcy. Get support from others who are going through similar obstacles on the road back to financial stability.
I received my first medical insurance "explanation of benefits" notice last week. I owe $930.60
The first part to pay this is $637 from income tax returns. I put this in a separate checking account for "special" bills that I don't want to mix with my everyday checking account.
Today, I added another $50 from my paycheck to this account. So right now I have $687 and still need to come up with $243.60.
I won't pay anything on this until I get a bill from the hospital. Until then, I'll keep adding $50 or more to the checking account on my paydays.
When the bill does come, I'll pay it with a cash rewards CC... which will give me a discount on the bill and another couple of weeks to come up with the total amount due before the CC bill is due. The goal right now is to not use any of my emergency funds to cover this bill and in fact, hopefully continue to add to it.
Right now I am roughly $400 less this year then last February. Considering I spent over $5,000 with medical bills from September to November, I feel really good with rebuilding the fund this fast.
And starting to feel comfortable again that I can handle an emergency...
The first part to pay this is $637 from income tax returns. I put this in a separate checking account for "special" bills that I don't want to mix with my everyday checking account.
Today, I added another $50 from my paycheck to this account. So right now I have $687 and still need to come up with $243.60.
I won't pay anything on this until I get a bill from the hospital. Until then, I'll keep adding $50 or more to the checking account on my paydays.
When the bill does come, I'll pay it with a cash rewards CC... which will give me a discount on the bill and another couple of weeks to come up with the total amount due before the CC bill is due. The goal right now is to not use any of my emergency funds to cover this bill and in fact, hopefully continue to add to it.
Right now I am roughly $400 less this year then last February. Considering I spent over $5,000 with medical bills from September to November, I feel really good with rebuilding the fund this fast.
And starting to feel comfortable again that I can handle an emergency...
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I invited Bill to have dinner with me last Sunday. He wasn't willing to drive 7 hours to mid Michigan and teased me with his beautiful ribs!!! So, of course I ate alone and had cedar salmon
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check out that smoke ring. It tasted really good. I smothered it with Maulls BBQ sauce which is Local to St. Louis and one of the best I ever had.....
so it is ok for you to do this? I did not think you supported this idea?
By doing it this way, it gives me more time to collect all the money so I won't have to touch my savings account. AND in the end I will be saving money. Yes, I did say savings because whatever the cash reward will be I will put into savings.
Right now I have five major credit cards. One of each of the major cards and then "specialty" cards. One that gives go discounts on travel. Another gives cash back... each card has a purpose.
And I have never paid a dime of interest on any of them. My total credit is $16,000. So, by the credit counselors belief I should be able to use 30% of that without it affecting my credit score. That's crazy!!! That would be $4,800.
I ain't doing that. My goal is to stay under 10% which is $1,600. The reality though is I start getting really nervous if I go above 5%. Which this will be.
Before I had my operation I started using Toty's advice about paying everything with a CC and then at the end of the month pay the CC in full. This made every bill a little cheaper.
I quit doing it when I got sick because I did not have a steady income and I didn't want to get back into old habits of thinking I'd have money "tomorrow."
Now that I am working full time again, it is time to start using those CC's to the best of their ability and of course pay them in full every month.