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Payday

June 27th, 2008 at 01:31 pm

Today is payday:
My money went the following places:
$1192.00 gross
$23.64 Dental
$83.84 Medical
$23.84 401K
$4.17 Vision
$66.98 Social Security
$28.15 Federal Tax
$21.00 Colo. State Tax
$6.18 Life Ins.
$40.00 Savings #1

My Savings #1 balance is now $40
My 401K balance is $767.00

My rent is $625.00 + $62.50 late fee
$200 goes to a bill (7 more months)
I have a negative balance of $-8.97 left over.
This is a sad situation.

10 Responses to “Payday”

  1. Dave T Says:

    Nearly 10% of your salary goes to medical.

    Sad situation indeed.

    Good luck.

  2. saj Says:

    Gotta have insurance.

  3. Cindy K Says:

    I read your blog. Without knowing a lot about your situation, a couple of questions for you:
    Why do you have vision insurance? Sounds like you need the $4 more than the vision plan. Use coupons out of the newspaper for deals on exams and glasses. Sometimes that could work better than the $4 vision plan. Check your medical plan - does it include vision exam coverage? Also check to see if there are discounts on frames and lenses on the medical plan. Many medical plans offer vision discounts.

    Second - check with the state that you live in and see if they have a low income medical plan for single parents with children. Our State (WI) has Badgercare. Price will vary depending on what your income is and how many children you have. Could save you some money on those medical premiums. If not, does your employer offer more than one medical plan? Be sure to select the highest deductible plan that includes an office visit and Rx copays. Most people will see their physician for the office visit copay and have their prescriptions filled - another copay. Most people never touch their deductibles or spend less than $500 of a deductible in any given year. If you do incur expenses covered under the deductible, pay $25 on the medical bill every 30 days. As long as you make a payment every 30 days, the medical provider won't send you to collection. And, in most cases, it is an interest free loan. I incurred a $2500 hospital bill after surgery. Took me 2 years to finally pay it off - every 30 days I sent them anywhere from $25 to $100. Good luck.

  4. JanH Says:

    Welcome! I was wondering if you are a teacher and have one of those systems that makes you pay into a retirement plan. If not, you might discontinue that for the next several months until your 200 dollar payment is over. It might help just a little bit. Keep us posted on how things are going. Maybe, someone here will have an idea you haven't thought of yet. There are pretty savvy people on this site who always seem to come up with a fresh approach.

  5. sillyoleme Says:

    I feel for you, but you will make it! I was wondering the same thing as JanH... do you have to pay into retirement? If you could just keep that money instead (for now), maybe you could avoid the $62.50 late fee on your rent. After your $200 payments are over, maybe you will have more to contribute anyway?

    Also - is your son still in private school? Any particular reason, like the public schools are just not up to par? (Just wondering!)

  6. scfr Says:

    Welcome, Saj! As you may have noticed, you already have a cheering section rooting for you.

    I noticed $49.15 is going to income taxes.

    Do you usually get a tax refunds each year? If so, you might want to think about adjusting your withholding so that you take home more each month. It would mean no refund (which can be an adjustment psychologically), but it sounds like you need as much as possible each month in take home pay.....It will help prevent any more late fees.

  7. Ima saver Says:

    Glad you have joined us!!

  8. compulsive debtor Says:

    Welcome, Saj. I'm in Colorado as well.

  9. fruitbowlk Says:

    It could be worst.

  10. saj Says:

    I'm not a teacher (yet) I do administrative work. I still want to complete my degree, soon. I had my son in catholic school for 3 years (at the prompting of my mother) and the last year I fell really behind. He is now in a great public school. I guess I feel that paying for my medical insurance is the right thing to do. I don't want to be another person that has to depend on others tax money to get by in life. But, I might look into it for the mean time. I wonder if I should stop my 401K until I'm paid off with the bills.
    Thanks guys for all the support! It really helps generate new possibilities.

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