One Income Household In Today's Economy

LVuittonLover · Jun 13th, 2008, 10:37 AM

I am single, and struggling with the downturn of the economy. A year ago, financially, I was fine. Fast forward to present day and I am struggling. With high fuel costs and groceries, I have had to tighten my budget. Even simple things like going out to eat, getting a manicure, and a hairstyle are becoming damn near impossible. This is so depressing.

Recently, I have cancelled some add ons I had with my mortgage (death insurance that would pay off the house in case I die, and an insurance on appliances) in an effort to cut my expenses. Now I am thinking about cancelling my health insurance at work to help make ends meet. This is so depressing.

Sorry for bringing gloom and doom to the board but I need to vent.

Swanky Mama Of Three · Jun 13th, 2008, 10:53 AM

I would find other things to cut. . . but NOT health insurance. Definitely good move on cutting appliance ins and other IMO though.

lorihmatthews · Jun 13th, 2008, 10:58 AM

I agree with Swanky, NEVER cut out health insurance. If anything happens to you it could be disastrous. I just tripped and fell and broke my wrist (it needed surgery to fix it) along with some other injuries that necessitated a trip to the emergency room. If I didn't have insurance the bill would have been over $25K. Thank goodness!

mmmpurses! · Jun 13th, 2008, 12:21 PM

Agree with the others! There is always something else that can be cut. We sympathize, these are super hard times. Look around your household there is always something we can part with. Do you have an extra room in the house? Consider getting a roomate. Or renting out your place and moving with family/or a friend at least until you can be stronger financially. If there any way you can work extra hours or get a 2nd job?

LadyLinda · Jun 13th, 2008, 12:51 PM

No, don't cut health insurance. I had an unexpected hospitalization a few years back that cost over $70,000, most covered by insurance. I didn't even know I was sick. A health problem could be disastrous. Surely you can find something else? If you have a PPO, maybe save by going to an HMO option, that sort of thing. Or, I hate to suggest it, if you contribute to a retirement plan at work, maybe scale that back instead, just for the time being.

deltacogirl · Jun 13th, 2008, 01:36 PM

I've started couponing to save money, and while its time and effort, it seriously works. I'm a Stay at home mom with an 8 month old, and my husband makes ok, but not great money, and I've already saved over $100 on groceries for 2 weeks with coupons and shopping sales. PM me if you need some tips for this.

socalgem · Jun 13th, 2008, 02:30 PM

If I only kept one thing it would be health insurance.

I feel so bad for those that are getting hit the hardest with the economy now. There are a few threads on here w/ helpful information on saving money.

Good luck!!

Texas Girl · Jun 13th, 2008, 02:47 PM

We used to be a one income household, but I am going back to work to help pay down debt and just give us a little breathing room. The economy isn't the only thing that has changed our financial picture, but nevertheless, one income households are becoming harder to find. Finding yourself a roommate might help you a whole lot and allow you to do the things we consider luxuries; like manicures, eating out, etc. But do not cancel your health insurance. I would do without air conditioning before I canceled health insurance. Good luck to you, things are bound to get better!

LVuittonLover · Jun 13th, 2008, 02:50 PM

Quote:

Originally Posted by LadyLinda

No, don't cut health insurance. I had an unexpected hospitalization a few years back that cost over $70,000, most covered by insurance. I didn't even know I was sick. A health problem could be disastrous. Surely you can find something else? If you have a PPO, maybe save by going to an HMO option, that sort of thing. Or, I hate to suggest it, if you contribute to a retirement plan at work, maybe scale that back instead, just for the time being.

Yes, I do contribute to my company's 401K. Cutting that may be my next move. I might take it down to the minimum just for now.

I see what everyone mean about health insurance. I do fear that the moment I cut it, someone will go wrong.

Thanks everyone for the advice. I will be so glad when we are out of this slump. Between gas, groceries, and utilities, I am at my wits end.

esiders · Jun 13th, 2008, 03:19 PM

Please do not cut your health insurance. Have you tried contacting your billers and see what they can offer? Alot of companies will work with you because they'd rather get some money from you, then to have you discontinue your service.

I'm the

for calling up companies with "times are financially tough for us right now...is there anything you can do decrease our monthly bill?". My monthly phone bill used to be $150; I worked with Verizon to get it down to $100 (for the same service!!). When my cable company offered voip for $40/month...I switched over, saving $60 a month off my phone bill. When my cable/cable modem/telephone bill was $175/month....I called them up and now I get all 3 for $130/month for the next two years.

What about your cell phone...can you switch to a less expensive plan or provider? Everyone in my family has Verizon Wireless so we can talk to each other for "free". Plus my company offers a 20% discount for Verizon Wireless. Are you a AAA member...they offer discounts on services. I use AAA for my home and auto insurance and I get a 20% every year + an extra 5% if I pay the bill in full. You've got to maximize your consumer power when you can.

~Fabulousity~ · Jun 13th, 2008, 03:24 PM

plenty are feeling the pinch right now but please whatever you do do not cancel your health insurance it is VERY important that you have this! I hope things get better for you soon

LVuittonLover · Jun 13th, 2008, 04:06 PM

Quote:

Originally Posted by esiders

Please do not cut your health insurance. Have you tried contacting your billers and see what they can offer? Alot of companies will work with you because they'd rather get some money from you, then to have you discontinue your service.

I'm the

for calling up companies with "times are financially tough for us right now...is there anything you can do decrease our monthly bill?". My monthly phone bill used to be $150; I worked with Verizon to get it down to $100 (for the same service!!). When my cable company offered voip for $40/month...I switched over, saving $60 a month off my phone bill. When my cable/cable modem/telephone bill was $175/month....I called them up and now I get all 3 for $130/month for the next two years.

What about your cell phone...can you switch to a less expensive plan or provider? Everyone in my family has Verizon Wireless so we can talk to each other for "free". Plus my company offers a 20% discount for Verizon Wireless. Are you a AAA member...they offer discounts on services. I use AAA for my home and auto insurance and I get a 20% every year + an extra 5% if I pay the bill in full. You've got to maximize your consumer power when you can.

My coworker was telling me that utility company's offer budget plans, so I will look into that.

guccimamma · Jun 13th, 2008, 04:09 PM

perhaps you could find a plan with a higher deductible? do not forgoe health insurance.

~Fabulousity~ · Jun 13th, 2008, 04:13 PM

Quote:

Originally Posted by LVuittonLover

My coworker was telling me that utility company's offer budget plans, so I will look into that.

Are you in Maryland? If so and you have BGE they do offer budjet billing

its something i've had since I got my own place years ago. I never had any problems with it my bill is always the same each month.

IntlSet · Jun 13th, 2008, 04:21 PM

I'm really sorry times are hard for you right now. We're in a scary economy, but of course, it will go back up... it's all cyclical...

Are there other things you can cut that aren't as essential as healthcare? For example, can you ditch your cable? That might save up to $150 a month, depending on what kind of cable plan you currently have.

Can you downgrade your vehicle?

Anyway, best wishes to you. It's tough having only yourself to depend on!

Jun 13th, 2008, 10:37 AM	#1
LVuittonLover Her Royal Flyness Joined: Oct 2006 Location: MD Posts: 942	I am single, and struggling with the downturn of the economy. A year ago, financially, I was fine. Fast forward to present day and I am struggling. With high fuel costs and groceries, I have had to tighten my budget. Even simple things like going out to eat, getting a manicure, and a hairstyle are becoming damn near impossible. This is so depressing. Recently, I have cancelled some add ons I had with my mortgage (death insurance that would pay off the house in case I die, and an insurance on appliances) in an effort to cut my expenses. Now I am thinking about cancelling my health insurance at work to help make ends meet. This is so depressing. Sorry for bringing gloom and doom to the board but I need to vent. __________________

Jun 13th, 2008, 10:53 AM	#2
Swanky Mama Of Three Joined: Jan 2006 Location: Dallas Area Posts: 30,457	I would find other things to cut. . . but NOT health insurance. Definitely good move on cutting appliance ins and other IMO though. __________________ Holy inappropriateness!!! - a la Bethenny

Jun 13th, 2008, 12:21 PM	#4
mmmpurses! Member Joined: Aug 2007 Posts: 1,433	Agree with the others! There is always something else that can be cut. We sympathize, these are super hard times. Look around your household there is always something we can part with. Do you have an extra room in the house? Consider getting a roomate. Or renting out your place and moving with family/or a friend at least until you can be stronger financially. If there any way you can work extra hours or get a 2nd job? __________________ I can't be good all the time.

Jun 13th, 2008, 02:47 PM	#8
Texas Girl Member Joined: Jul 2006 Location: Texas Posts: 2,512	We used to be a one income household, but I am going back to work to help pay down debt and just give us a little breathing room. The economy isn't the only thing that has changed our financial picture, but nevertheless, one income households are becoming harder to find. Finding yourself a roommate might help you a whole lot and allow you to do the things we consider luxuries; like manicures, eating out, etc. But do not cancel your health insurance. I would do without air conditioning before I canceled health insurance. Good luck to you, things are bound to get better! __________________ Melissa

Jun 13th, 2008, 03:19 PM	#10
esiders Fairy BagMomma Joined: Nov 2005 Location: northern NJ Posts: 1,698	Please do not cut your health insurance. Have you tried contacting your billers and see what they can offer? Alot of companies will work with you because they'd rather get some money from you, then to have you discontinue your service. I'm the for calling up companies with "times are financially tough for us right now...is there anything you can do decrease our monthly bill?". My monthly phone bill used to be $150; I worked with Verizon to get it down to $100 (for the same service!!). When my cable company offered voip for $40/month...I switched over, saving $60 a month off my phone bill. When my cable/cable modem/telephone bill was $175/month....I called them up and now I get all 3 for $130/month for the next two years. What about your cell phone...can you switch to a less expensive plan or provider? Everyone in my family has Verizon Wireless so we can talk to each other for "free". Plus my company offers a 20% discount for Verizon Wireless. Are you a AAA member...they offer discounts on services. I use AAA for my home and auto insurance and I get a 20% every year + an extra 5% if I pay the bill in full. You've got to maximize your consumer power when you can. __________________ "She's so anally retentive she wouldn't sit down for fear of sucking up the furniture." --- Patsy Stone

Jun 13th, 2008, 10:58 AM	#3
lorihmatthews Luv my Persian Joined: Oct 2006 Location: San Francisco Posts: 6,442	I agree with Swanky, NEVER cut out health insurance. If anything happens to you it could be disastrous. I just tripped and fell and broke my wrist (it needed surgery to fix it) along with some other injuries that necessitated a trip to the emergency room. If I didn't have insurance the bill would have been over $25K. Thank goodness!

Jun 13th, 2008, 12:51 PM	#5
LadyLinda Member Joined: Jul 2007 Location: Philadelphia Posts: 582	No, don't cut health insurance. I had an unexpected hospitalization a few years back that cost over $70,000, most covered by insurance. I didn't even know I was sick. A health problem could be disastrous. Surely you can find something else? If you have a PPO, maybe save by going to an HMO option, that sort of thing. Or, I hate to suggest it, if you contribute to a retirement plan at work, maybe scale that back instead, just for the time being.

Jun 13th, 2008, 01:36 PM	#6
deltacogirl Fueling the fixation Joined: Mar 2008 Posts: 114	I've started couponing to save money, and while its time and effort, it seriously works. I'm a Stay at home mom with an 8 month old, and my husband makes ok, but not great money, and I've already saved over $100 on groceries for 2 weeks with coupons and shopping sales. PM me if you need some tips for this.

Jun 13th, 2008, 02:30 PM	#7
socalgem Because I can... Joined: Apr 2007 Location: California Posts: 4,386	If I only kept one thing it would be health insurance. I feel so bad for those that are getting hit the hardest with the economy now. There are a few threads on here w/ helpful information on saving money. Good luck!!

Jun 13th, 2008, 03:24 PM	#11
~Fabulousity~ Yes we can! Joined: Jan 2006 Location: Creating my life... Posts: 4,818	plenty are feeling the pinch right now but please whatever you do do not cancel your health insurance it is VERY important that you have this! I hope things get better for you soon __________________ Every adversity, every failure, and every heartache carries with it the seed of an equal or greater benefit - Napoleon Hill

Jun 13th, 2008, 04:09 PM	#13
guccimamma guccimamma Joined: Aug 2006 Posts: 2,671	perhaps you could find a plan with a higher deductible? do not forgoe health insurance.

Jun 13th, 2008, 04:21 PM	#15
IntlSet Bonjour! Joined: Jan 2006 Location: Chicago Posts: 10,671	I'm really sorry times are hard for you right now. We're in a scary economy, but of course, it will go back up... it's all cyclical... Are there other things you can cut that aren't as essential as healthcare? For example, can you ditch your cable? That might save up to $150 a month, depending on what kind of cable plan you currently have. Can you downgrade your vehicle? Anyway, best wishes to you. It's tough having only yourself to depend on! __________________ http://drinkmorechampagne.wordpress.com/