Let's start with June, how did we do?
In spite of our out-of-pocket prescription medication costs increasing $350.00 per month starting in June, we managed to hold on and make some progress toward our targeted debt.
We made an extra payment on our targeted debt.
We were able to pay all of our bills on time.
We stayed under budget with our grocery budget.
We tightened our belts a little bit tighter!
What about a half-year summary, how did we do the first half of 2024. In January, February and March, we did amazing. We were laser focused and made some great progress towards our debt. April, May and June saw some serious health issues for my husband that stopped us in our financial tracks. The extra funds we were putting toward debt, went to paying doctor bills and added medicines. Consequently, we didn't make near the progress we did the first quarter of the year. However, we continued to chip away at our targeted debt. When all is said and done, the six months as a whole found us exceeding the financial goals we set for the first half of the year. We met our goal of paying off targeted debt and adding to our savings. This was made possible because we 'made hay while the sun was shining.' While things were going well, we put every cent we could squeeze out and or could get our hands on towards debt or savings. It paid off!
For July, we will continue to pay as much (yes, even small amounts) as often as we can towards our targeted debt and add something to savings.
That will look like:
Having as many no-spend days as possible.
Eating mainly out of our pantry and staying out of the grocery store as much as possible. (We eat really well out of our pantry, so no need for pity here!)
I also want to take another look at our expenses and see if we can find areas to cut further.
We are determined to meet our financial goals if at all possible.
That's it for this week, what about you, how did your week go and what financial goals are you working toward?
until next time,
mrs. patsi @ A Working Pantry
She looketh well to the ways of her household … Proverbs 31:27
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I have been following your blog for several years. Thank you for the work, and encouragement that you put into it. Through other blogs I have come across this information for reduced costs in medicines. It is costplusdrugs.com. From what others wrote they were able to receive medications at incredibly reduced rates. I hope this helps.
ReplyDeletePatricia
Patricia, thank you for being a long-time follower and thank you for the costplusdrugs link. We have not tried this particular one but have tried other similar type programs and the thing that keeps us from 'qualifying' is the fact that our health insurance is Medicare. For some reason that is the disqualifier!
DeleteYou are very inspiring and it is important that you acknowledge the positives and don't blame yourselves for unexpected medical bills - that could happen to anyone - although, being Canadian, it is less an issue for me. My monthly meds are covered by our provincial health coverage and I pay only $112 per month for some additional medical and dental insurance. I did have to pay $360 for a large filling that needed to be replaced but my insurance refunded 90%. I took that money and put half towards debt repayment and half towards various savings envelopes (my sinking funds for expenses that I know are upcoming). It is slow but it is progress and that is what we all have to remember. Good luck for July and I hope you had an enjoyable 4th of July.
ReplyDeleteMargie, any progress, no matter how slow, is better than no progress isn't it! If we remain steadfast, we will get there!
DeleteThank you for your encouragement!
$350 more? Will that be continuing in the coming months?
ReplyDeleteLee Ann, yes, for the rest of the year. Hubby fell into the 'donut hole' in Medicare so we have to pay more for his meds. The first of the year, if he continues on the same meds, Medicare will cover them until he falls in the 'donut hole' again and then they will increase substantially again.
DeleteI heard about the donut hole when we attended a seminar on Medicare. My husband turns 65 next June.
DeleteLee Ann, it's real and once you fall in, you're in for the rest of the year. It's really sad that the age that needs the coverage so badly are the ones that are being denied it.
DeleteWhen our youngest daughter finished college and started her first job at a Fortune 500 company, she informed us that we should have had our house paid off by then. We told her that she did not understand how life happens sometimes. Then she broke an axle on her expensive little sports car. She came back and said that now she gets it. All that to say, you have done so well that you can be proud in spite of life happening. I get it on the medication costs. It adds up fast.
ReplyDeleteLake weeks are odd times with the budget but we have learned to keep the brakes on here. We get in a holiday mood and it is easy to just throw caution to the wind. We have done well so far. In fact we only ate out twice all week which is rare here.
In June we were able to use the insurance funds to fix our van and it covered a good bit of new tires. We cashed out some stock and sold a larger ticket item and covered the $3K for a new power wheelchair for me No money out of savings. I often feel that some in our circle are jealous of what we have but like you said it is all a matter of self control. If we can't pay cash we don't do it. I think most would be shocked by how little we live on. Especially after hearing on the news this week that it takes $186K a year in income to feel comfortable. All I can say it with that amount of money I would be overjoyed to help some of our favorite charities.
Lana, I had to chuckle at your oldest daughter's expectations, sometimes we just have to experience things to understand them, don't we?
DeleteI can see how your weeks at the lake would put you in a 'holiday' mood. It's kind of like Christmas, isn't it? We have to plan and prepare for the financial aspect of it. I always feel like we've accomplished a great feat when we come back off of a trip and managed to stay within the budget we allotted for it.
$186K a year!!!! I would have to learn how to live on that much, we are way below that and feel like we have a pretty good life. I enjoy the creativity that living a frugal life calls for and has an added bonus, it helps keep me relying on God for what we can't provide for ourselves.
We are the same, if we can't pay cash, we don't buy it. If we want it badly enough, we save for it, if we don't want to save for it, then we didn't really want it as badly as we thought.
First of all, Patsy, thank you for being so open about your journey this year. It's helped me a lot. As I've mentioned before, my husband and I each get one prescription filled through Canada via mail order, 3 month supply at a time--in each case it's about 1/10th the price we'd pay locally *with* insurance, so the OOP savings is huge (in our case more than $1k per month). You might look into that. $35 is better than $350!
ReplyDeleteSo, where are we at? Life has thrown us several curve balls this year. I'm prone to stress. And (sometimes) complain. By sharing all you have this year, I reached mid-year with a changed attitude and perspective. We still have goals, but I've got to stop obsessing about money, money, money, money. Frugality can become an obsession, too. Maybe fear about being well stocked, what might happen down the road, etc. suggests one isn't sure God is taking care of us? Goals are good so long as they don't impede on our peace of mind.
From my devotional today (which says it perfectly)--"I have learned that to live a life of attentiveness and gratitude to God, we must choose to do so purposefully." Part of that for me means less time online. Hope you and everyone here have a great weekend ahead doing what you most love. --Elise
Elise, it's about balance isn't it! For us it's about doing what we can and relying on God to provide what we need that we can't. It's about letting go of what we can't control, too!
DeleteI have cut back on my online time as well and I have to tell you, I am finding that I am more peaceful. I don't have to know everything that goes on in the world or even in my small town. Sometimes, ignorance is bliss!
Late to the game, but wanted to say I can totally relate to the prescription debt. I am now on a high-priced Tier 4 drug, so not even half is covered by my prescription plan ($1900/6 weeks; about half covered by Medicare and the rest would be out of pocket). In researching this med and trying to figure out how I could pay for it, I called my Medicare navigator to see if there was a better plan I could switch to, when that became an option. He recommended a Foundation that provides support for prescription coverage for this drug; if I did not qualify, there were a couple of others to try if I was turned down. You may want to talk with your doctors and/or pharmacist about potential assistance programs. My grant has $2,500 a year, leaving me with needing coverage for dosage for only the next 3 months (about $600), and then I can apply again.
ReplyDeleteLori, we've already checked with our Medicare navigator and our pharmacist. So far, we're coming up with nothing, but we're still pursing all leads! Thank you for your suggestions.
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