fbpx
:::: MENU ::::

Posts tagged with: living on last month’s income
Oct 25, 2024    |       10 comments

Costly Car Repairs

by

I bought my new-to-me (used) car in October 2021. I was so proud of myself when I paid off the car loan (originally about a $20,000 note) in two years! It was paid off by October 2023, almost exactly one year ago. And here we are now…. Only 3 short years with this vehicle and I’m considering replacing it. Let’s back up.

My Car History

I am not one to buy a new car every couple of years. I am 40 years old and have only owned 5 cars in my entire lifetime! My last vehicle I had for nearly a decade! I like to buy a car, treat it well, and hold onto it for a long time. I’d rather pay it off and have an older vehicle versus trading in for new and having a car payment.

The Story of This Car

With my last vehicle, I drove it until the metaphorical “wheels fell off.” No, the wheels never actually fell off. But that’s what I consider it when it got to the point of ownership that the car continued to break down and the repeated repairs cost more than what a car payment would cost. I had the car like that (with constant break-downs) for over a year before I finally bit the bullet and bought my current car.

The problem is, this was during the middle of the pandemic. Remember when everything was waaaaaay on backorder at that time? Used cars were selling for more expensive than new (this is not hyperbole! I test drove a used car priced for more than a new one because the new one was months and months on backorder).

I say all this to say that this car was never my favorite. It was the best vehicle available at the time that fit my must-have requirements. I insisted on a small SUV, something with 3rd row seating so I could taxi around my kids + their friends. But it was older than I liked (2017) with higher in mileage than I would’ve liked. And now it’s starting to cost a lot of money.

Routine Maintenance

For the past two oil changes now, I’ve been asked to do pricey maintenance. This is something I’ve always done in the past because I want my vehicles to last a long time. But this is a “luxury” vehicle (an Acura MDX) and the parts and labor and everything about it is EXPENSIVE!

I agreed to the 100,000 mile fluids flush (not cheap) two oil changes ago. But this most recent oil change, they also recommended replacing front shocks and struts and upper/lower control arms. The to tune of $1800/each. $3600 in routine maintenance!

That was a tough pill to swallow. I declined the work, came home, and started calling around to other shops to do some price comparisons. Turns out, that’s about the going rate. I found I could save a couple hundred going to another mechanic, but even the best price quoted was for $3300.

Decision Point

When I bought this car, my thought was that I wanted it to last long enough to be my girls’ first car. I would drive it until then. When the girls got to driving age, I would get myself a new car and gift this to them. But now with the cost of even routine maintenance, I’m not so sure that’s the best idea.

The girls are only 12 years old. My car now has over 105,000 miles. Is it going to last another 4 years until the girls turn 16? And then another 2 years or so past that, to get the girls through High School? That feels like a stretch.

So if this car isn’t going to last, should I consider making a switch sooner rather than later?

Current Plans

I don’t like car shopping. I don’t want a new car payment. None of this is because of vanity reasons of wanting a new car or anything like that. And my car is perfectly functioning right now, even without the routine maintenance being done (I’ve been advised the maintenance will make for a smoother ride, but it’s not a safety issue). So this is not an emergency. No decisions need to be made right now.

But just forecasting to the future….I don’t think my original plan of having the girls take this vehicle in 4 years is going to be realistic. I do plan on getting a vehicle for the girls to share when the time comes. And I do NOT want to end up needing to purchase TWO new-to-us vehicles at the same time (one for me, one for them).

I’m almost tempted to buy myself a newer vehicle in the next year or so, use this one as a trade-in, and then plan to get the girls something smaller and cheaper when they get to driving age? Another option is to buy myself a newer vehicle in the next year or so, keep this one but quit driving it, and still keep it for the girls to inherit in a few years? BUT that doesn’t solve the issue that this vehicle is very expensive to maintain. Even oil changes are nearly double what my old Explorer used to cost.

I’m crowdsourcing thoughts, opinions, etc. If you were in my position, would you do the expensive maintenance and keep this vehicle, hoping it will continue to last for another 6+ years? Would you start making plans to buy a new vehicle, and either use this one as trade-in or keep it for the kids in the future?

Oct 21, 2024    |      0 comments

Here’s How to Recover From Medical Debt

by

Medical debt can be a daunting challenge for many individuals and families. The cost of healthcare continues to rise, leaving countless people struggling to keep up with expensive medical bills. Fortunately, there are methods and resources available to help you manage and recover from medical debt, ensuring it does not severely impact your financial stability. In this article, we will explore various strategies that can be used to handle medical expenses, reduce financial strain, and eventually recover from the burdens of medical debt.

Understanding Untreated Issues

Many people overlook dental care due to financial constraints, which can lead to larger medical issues down the road. Understanding how untreated dental issues can affect overall health is crucial for both prevention and financial planning. By prioritizing regular check-ups and addressing cavities promptly, individuals can avoid exacerbating their medical debt caused by emergency dental procedures.

Preventive care can play a vital role in reducing medical debt over time. When dental issues are ignored, they can evolve into more severe conditions, resulting in higher treatment costs. This not only adds to an individual’s current debt but also compounds future financial burdens. Investing in regular dental visits can therefore serve as a preventive measure against mounting medical debt.

Balancing dental care with financial limitations is a common struggle for many adults. The Centers for Disease Control and Prevention (CDC) notes that a significant portion of adults ages 20 to 64 have untreated cavities, highlighting the need for affordable dental care. By adopting proactive financial strategies, such as dental savings plans or insurance, individuals can effectively manage their dental health and mitigate the impact of medical debt.

Understanding Financial Aid Programs

Insect bites and stings are unexpected events that can lead to costly medical bills if emergency care is required. Proactive education about prevention and first aid can help minimize these risks and potentially reduce emergency room visits. By being equipped with the right knowledge and tools, one can alleviate the immediate financial pressure that arises from sudden medical treatments.

Several steps can be taken to avoid emergency medical situations due to insect bites and stings, thus saving money and reducing unnecessary debt. Protective measures, such as insect repellent and wearing appropriate clothing, can significantly decrease the likelihood of severe reactions that require emergency care. In instances where medical treatment is unavoidable, understanding available financial aid programs can alleviate some of the debt burdens.

A staggering 500,000 people are admitted to emergency rooms annually due to severe reactions from insect bites, as reported by Business Wire. This statistic underscores the unpredictability of medical emergencies and the importance of having a financial plan in place. Creating an emergency fund or having access to affordable healthcare insurance can mitigate the immediate financial impact of such unexpected medical expenses.

Avoiding Medical Interventions

For many adults, routine dental check-ups are a neglected component of health care due to perceived costs. This oversight can lead to expensive medical interventions in the future, thereby increasing medical debt. Addressing this issue begins with understanding the financial benefits of regular dental care, which can prevent minor issues from escalating into significant, costly problems.

An alarming 12% of adults aged 20 to 64 have not visited a dentist in over five years, highlighting a significant gap in preventive dental care. Regular dental visits can prevent conditions that could potentially lead to high medical costs, such as untreated dental infections or periodontitis. Emphasizing the regularity of dental appointments can lead to long-term savings and a decrease in medical debt.

The cost of dental care can be daunting, but there are options available that enable individuals to maintain good oral health without incurring debt. By researching affordable dental plans and exploring community health programs, individuals can manage their dental care expenses more effectively. Balancing regular dental visits with a strategic financial plan can substantially reduce the financial strain of unexpected medical expenses.

Recovering from medical debt requires a strategic approach that encompasses both preventive and proactive measures. By prioritizing dental health and understanding the financial implications of untreated medical issues, individuals can minimize their risk of incurring debt. Additionally, by equipping oneself with the knowledge and tools necessary to handle medical emergencies, it is possible to reduce financial strain and regain control over one’s economic future.

1 2 3 4 5 6 … 1,918