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Money Question that is related to Mortgage Question but a bit different
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Anonymous
| Yeah, I'm working on that. Got my credit score last night! And am trying to input other categories. |
Anonymous
Have you simply just looked at your bank account records online? If you or your wife is spending money in nonsense areas...it will stand out immediately. I look at my husbands account regularly to make sure that he has enough money and I am always amazed at the nickle and dime purchases. |
Anonymous
| Yes. I downloaded our checking and savings account information. No red flags. |
Anonymous
None?? Ok..well, I need to tell you my experience then.... My husband and I make about $130K COMBINED...you make well more than we do and we have credit card debt, car payments, student loan, mortgage, electric, cable, internet, cell phones, gasoline, groceries, a baby...etc... We aren't strapped though. I mean yes, there are certain times of the month where we get low (like...right after our mortgage payment) but we are fine...we don't live outside of our means...I do budget everything though from an excel worksheet and I make sure that we don't have a ton of stuff due at the same time...could that maybe be your problem? Are you guys paying multiple bills all at one time? |
Anonymous
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I think she tries to pay as many bills as she can at one time but isn't always able to do so.
Is there really THAT MUCH difference between 130K and 150K? I don't view us that differently. I'd love to know how you do it. Our mortgage is 2K/m. I do not know what yours is. We have most of the fixed expenses that you do, minus the student loans, credit card debt, and an extra baby. One thing I have noticed is that a large sum of our money seems to go to doctors and medications. I mean, I have good health insurance and an FSA and we're still bleeding. I don't want to get too personal, but it seems like 3 out of 4 of us have some chronic health problems that can get expensive. I never considered that I might have to cut down in the "doctor" category! |
Anonymous
Well, I mean that's an extra $20K that we are talking about...I would love to have another $20K coming into my household  In any case...My mortgage is the same as yours....so we aren't different in that aspect. Now you say that you have medical issues...you aren't alone...we all do...but if you have good insurance then the most you are paying is co-pays and prescriptions correct? So what are your copays for dr's visits and prescriptions? Are you in the hospital a lot...like ER visits...and if so how often and how much for each ER visit?
About paying the bills at one time....DON'T!!! Do not try to pay your bills all at one time...of course you wouldn't have any money at the end of the week. You need to set up your due dates on your financial responsibilities to be due around the times that you get paid...Most organizations will work with you to set up a convienent due date that suites your needs. |
Anonymous
This maybe something to look at. Not that you have to compromise your health, but that you are going about it in the most cost-effective ways possible. First, check that if you guys take various medications, you are getting the generic versions wherever possible. Also you may find meds come cheaper if you can get them in a 90-day supply rather than a 30-day. (This is one I should consider). Also, if your company offers multiple plans, take another look at your health insurance to make sure you have the best plan. You may have missed the window for changing that this year, but keep it in mind for next. (I assume you already take advantage of the tax deduction for health expenses if possible). Oh and on the life insurance question, does your company offer employees coverage as part of the benefits package? DHs company recently increased the amount available for employees to buy with no questions asked. It may be a way to get at least some coverage regardless of your medical history. And while you said you saw no "red flags" in your statement, it's not just where the money is spent but also how much. I can typically spend $30-50 less a week on groceries than DH for the same general things. Little things like that can end up making a big difference to the bottom line. Good luck. |
Anonymous
You guys are doing great! You are willing to work together and talk about money; lots of couples can't even do that. Plus, you aren't in credit card or student loan debt -- count yourselves very unusual. People who have much higher salary than yours are in worse financical shape than you guys. I'm willing to be you do a great job in the next few months. Good luck! |
Anonymous
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Thank you both. With respect to the issues re: doctors, prescriptions, hospitals -- I am reluctant to share a whole lot of that information. I have good health insurance -- $15 co-pay for most doctors, and I take the full FSA deduction. Not all of our doctors participate on my plan and then the co-pay can be much more. We do use Merck and generic prescriptions. I'm not really sure what I am going to do to lower these expenses.
Re: Life insurance. When I was a bachelor, I decided I didn't need life insurance and waived it. It didn't seem to me that anyone needed any insurance on my life. My parents didn't. My sister didn't. And if I'm dead, I certainly don't need it. It is infrequently offered to employees, no questions asked, no health check -- but on a regular, infrequent basis. When we had kids, I realized I wanted life insurance. So I am waiting for it to be offered again. I've been waiting for years. |
Anonymous
Yes, I found this out about my credit card quite by accident. You can ask the company to give you another due date. Although as I recall, OP, you don't have credit card debt (you're way ahead of a lot of us there) so it may not be useful. |
Anonymous
Thank you. Yes, we're pretty solid. |
Anonymous
I go to a salon in Georgetown and have my hair colored and cut. Don't need lip or eyebrow waxing (I am one of those lucky women with perfectly shaped eyebrows and no facial hair )
Look, how you spend your money is your business. I guess all I am saying that if I did not make much, I couldn't imagine spending as much as $300 on grooming every month or two. But that's just my preference More power to you for wanting your wife to look as good as possible.
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Anonymous
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First of all, you sound like a nice guy and a good husband. I do the bills in our household and can get a bit defensive too, so I know how your wife feels. A couple of responses:
The note pad/expenses for a month or two is a great idea Quicken is good but we don't use it, many of my friends swear by it Your expenses don't seem outragous but I bet there is a lot of piddling away of money (starbucks, unneeded kidss stuff, etc.) that is where we found over 10K in savings last year. You may be amazed. Consider lowering your heat and/or sealing your house up for winter Vacation expenses? We did a staycation last year and loved it. Lined up sitters and had a ball for a fraction of an away vacation You need to get a handle on the medical stuff. No need to go into detail, but look hard at out of network and why needed and what you can negotiate if absolutely needed with your insurer. I am worried about lack of Life Insurance. A planner would tell you get it ASAP. Sorry, but it is just too scary with a family (even if your parents have money, which it sounds like they do). Please insure both of you. I just had a friend's husband pass away without it and they are in a terrible place. Breath a huge sigh of relief on the school/college fund part, but make sure it is actually in an account for college. My brother thought his inlaws had done this and turned out it was an investment account worth next to nothing now. |
Anonymous
| Hey, one more thing on life insurance. My financial planner absolutely said to insure me (I am a SAHM) for quite a bit. What will you do if she were, god forbid, to pass away? You would have to hire a heck of a lot of help. When you start adding it up it is staggering. Please do get the life insurance on her. If she is healthy should not be too much. |
Anonymous
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Don't forget disability insurance!
I'm a SAHM and we do not have disability insurance on me, because I'm not earning an income. But I always worry about it -- what if I do become disabled? Exactly how would I be able to do all those at-home frugal things, that I do now? And care for the kids, pick them up from school? Sigh -- but we really can't afford to add that to our costs right now. |